"GoChain" - A SMARTER, BETTER, FASTER AND STRONGER BLOCKCHAIN NETWORK

ozurumba (7)in #crypto • 6 years ago

Here's a video of me making a concrete summary and explanation of GoChain Blockchain Network.....

ISSUES ENCOUNTERED BY THE BLOCKCHAIN

The cryptocurrency market is almost a decade old and interestingly it had the attention of few people when it all started, compared to the daily dose of people who use it currently, the number of transactions being done on the blockchain are numerous and tends to be very slow in the sending and receiving of transactions, there is an out-cry by the Blockchain for a higher and bigger storage system, a less expensive system, a more decentralized system and very flexible system and there’s no other network that can do these if not the GoChain Blockchain Network.. Let’s now take a leap into what GoChain has for the universe.

A BRIEF ON THE BLOCKCHAIN

Information	GoChain	Bitcoin	Ethereum
Founder	Jason Dekker	Satoshi Nakomoto	Vitalik Buterin
Release date	Dec 2017	Jan 2008	Jul 2015
Release method	Pre-sale	Genesis Block mined	Pre-sale
Blockchain	Proof of Reputation	proof of work	proof of work
Usage	Smart contract	Digital Currency	Smart Contract
Cryptocurrency	GOC coin	Bitcoin/Satoshi	Ether
Algorithm	Ethash	SHA-256	Ethash
Block time	Micro Secs	minutes	secs
Mining	GPUs	ASIC miners	GPUs
Scalable	Yes	Not now	No
Speed	1300 tx/ sec	7 tx/ sec	13 tx/ sec
Security	Very High	High	Minimal
Decentralization	50 Authoritative nodes	72% of mining = 4 Chinese companies	Minimal
Energy Consumption	Minimal	Could power 3.5 millions US household	Could power 1 millions US household

INTRODUCING GoChain

GoChain is a Scalable, Ethereum based Smart contract blockchain that is fast, secure, and green. It enables DApp and smart contract developers to lift and shift from Ethereum to GoChain for 100x increased performance. This blockchain network, also solves the problems faced by other blockchain networks like scalability, decentralization, security, Gochain network has the special qualities of smarter, better, faster, and stronger.

OUTSTANDING QUALITIES OF GoChain

• A public cryptocurrency
Build decentralized applications and rock solid smart contracts.

• Fully compatible with existing Ethereum wallets, smart contracts and other tools.

•Fast transactions and contract execution
Next generation decentralized app platform goes beyond Ethereum smart contracts.

GOALS OF GoChain

GoChain’s mission is to provide a scalable, low cost, energy efficient platform for digital currency and decentralized applications.

10x More Decentralized:
Open decentralization did not work as intended, as more than 70% of mining is in China and the majority of that is runned just by a few companies. GoChain forces nodes to be in different countries, run by unrelated people/ companies.

100x Faster:
GoChain will support very high transaction volumes with fast verifications. Ethereum can only process 13 transactions per second. GoChain will initially target 1300 transactions per second, and this hasn’t been done by any other blockchain, i think this is awesome.

1000x Less Energy:
The energy used to run the bitcoin network could power more than 3.5 million US households. 1 million to run Ethereum. GoChain thinks this is completely unacceptable and unsustainable. Gochain will use a small fraction of the energy used to run other cryptocurrencies. Gochain has very less energy consumption.

SMART CONTRACTS = SMART WORLD

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Cryptocurrency and smart contracts are changing the world’s economy.

"Smart Contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation, or performance of a contract"

GoChain has shown all readiness to change the world of smart contracts and DApps by using PoR to drastically increase performance, massively decrease energy consumption, and keep the network secure and decentralized. We believe Proof of Reputation is a great step forward in solving the inherent issues of existing blockchains and cryptocurrencies.

MYSTERY BEHIND THE PROOF OF REPUTATION (PoR)

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The blockchain has taken a series of improvement from:

The Proof of Work → The Proof Stake → The Proof of Authority → The Proof of Reputation

GoChain uses a Proof of Reputation (PoR) consensus model that depends on the reputation of the participants to keep the network secure. A participant (a block signer) must have a reputation important enough that they would face significant financial and brand consequences if they were to attempt to cheat the system. This is a relative concept as almost all businesses would suffer significantly if they were caught attempting to be deceitful, but larger companies will typically have more to lose and thus are chosen over companies with less to use (smaller businesses).

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Reputation is Everything

Reputation is critical to a business and also in life. A business that acts in an unethical way suffers on many levels including financial (fines, loss of revenue), valuation decreases, branding (distrust) and public relations. Trust is cornerstone to a successful business and once a brand loses trust with their customers, it can take years to recover if ever.
Let’s use the a pharmaceutical company for example, the pharmaceutical company produces drugs which it uses some hard drugs to produce, if the staff of the smuggles the hard drug outside the company and they are caught by drug regulation companies, then the reputation of such company will be at stake, such company could be shut down or face huge loss. Its very important to guide on reputation, every company is known by their level of reputation.

Security Of PoR is Validated

PoR adds a layer of protection that may have never existed before and that is having companies working together to keep each other honest. Imagine if Volkswagen worked with Ford, Toyota and others to validate and verify their emissions tests. It is extremely unlikely that Volkswagen could have even attempted to cheat the system when their competitors are performing tests on each other’s vehicles. And even if they attempted to act in a nefarious way, knowing the risks, once caught, they would quickly be voted out of the consortium and lose their rights to be a part of the network.

Rating Reputation

There are a few factors to take into account:

Valuation — the higher the value of a company means the more financial risk.

Brand -companies like Coca Cola or Apple are very high on the brand scale, almost to the point where you could say brand is everything to them. A coal mining company does not have the same kind of brand risk.

The benefits of Proof of Reputation:

•It’s green... No need to consume large quantities of electricity in order to secure a blockchain (Bitcoin and Ethereum are estimated to burn over $12 million worth of electricity costs per day as part of their consensus mechanism).

•It’s secure (see above).

•It can perform much faster due to removing the heavy calculations required for PoW and having a known number and size of nodes.

•It’s as decentralized as the companies are decentralized.

USER CASE SCENARIO

With time I’ve actually come to realize a lot of things I don’t know and any random person might not be careful enough to pay attention to the details of how the blockchain works, and it’s when I started paying attention to the details was when I began knowing a lot about the blockchain, I’ve been mining bitcoin for close to two years now, not only do I do hardware mining, I’m also engaged in software mining with phone and I’ve had a lot of issue with my phone or laptop hanging, and it poses a serious problem to working of the laptop.
Making transactions has also been a problem for me and my friends, because of the high cost of transaction fees, and still on top of that transactions take close to 24 hours before it reaches the receiver, sometimes I feel like the money is lost or I’ve been duped, lets imagine if I had a serious issue that needed urgent transaction, it won’t be favourable.

PARTNERS / INVESTORS OF GoChain

TOKEN SALE

TEAM

ROAD MAP

CONCLUSION

GoChain is the future of Crypto, with their solutions for real world problems of the digital market. Their awesome ideas to overcome major problems of scalability, decentralization and security they will have a huge impact for cryptocurrencies becoming mainstream. Solving real world problems and making cryptocurrencies being used in daily lives, easily, and less expensively.

Image sources

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