GOCHAIN: BETTER, IMPROVED AND SUPERB TRANSACTION SPEEDS FOR ETHEREUM

solpaman (38)in #crypto • 7 years ago

Ethereum stretched what the blockchain can be used for, by extending it from just a financial sense, to the deployment of applications on the blockchain.

This new extension of what can be achieved on the blockchain still has some lapses, and chief among these are transaction time, scalability, costs, a shift towards centralization, and energy consumption.

Having a solution that is ready to solve this problem immediately has been a problem. Until GoChain that is.

WHAT IS GOCHAIN ALL ABOUT
GoChain is built on the foundation laid down by the Ethereum blockchain. It ensures that DApps deployed on its blockchain have the merits of the Ethereum blockchain, while the flaws are done away it.

Gochain makes use of a Proof of Reputation(POR) model and smart contracts to achieve this.

Proof of Reputation is a more secure and advanced version of the Proof of Authority (POA). Here, individuals stake their reputation, and they act as validators and have a huge role to play in the scheme of things.

Having nodes spread in different countries, ensures that a hostile takeover by a government cannot occur, thus taking the whole network out. GoChain ensures that 50 companies of very high reputation in 50 different countries work as a unit to enforce decentralization. These companies will have to be publicly traded companies that have a lot to lose, if their reputations are tainted. These companies will also be in different industries, and will be rewarded with GoChain Coins, for their activities.

Smart contracts are contracts that bind parties to agreement, without the need of a third party, ensuring that the instructions put into the contract are followed and automatically executed. As it is now, smart contracts cannot be altered and they are rigid.

GoChain has decided to ensure that smart contracts can be paused, edited, modified to suit new conditions or canceled. This will ensure that companies will not have to start from scratch when trying to effect changes, and it will also ensure that smart contracts are truly smart, and are flexible.

Having the ability to modify smart contracts ensures that companies can operate more efficiently, seeing they won’t have to start from Level 0 and build up from there. This is also important because it can be a huge reason why cryptocurrency companies currently on the blockchain switch to GoChain, and also why traditional companies bring their businesses on chain.

Gochain is currently able to process 1300 transactions per second, and has the ability to do 2400 per second. This cannot be compared with Ethereum, which currently processes 13 transactions per second. On Ethereum, transaction costs are really high, and this has been a problem complained about by many stakeholders.

GoChain ensures that transaction costs are vastly reduced. It achieves this, by making use of a proof of Reputation model. Transactions on GoChain are 7500 times cheaper than on Ethereum.

CONCLUSION
The implication of all these is that more companies are now provided with a better solution, while still retaining the great things that Ethereum blockchain has to offer. Faster speeds means more transactions will be able to be processed, and this will ensure that the end users will have better services. As transaction speeds improve traditional companies will be interested in coming on the blockchain, seeing GoChain has aided its development. As a result of this, cryptocurrencies/the blockchain will be the better for it, seeing they will be needed for transactions, and in so doing will lead to mass adoption.

Moving from Ethereum to GoChain is a hitch-free process, and doesn’t require any complicated procedures. This is important, because it might be a hindrance for already established firms. The fear of suffering losses or complicated processes can prevent a host of companies for enjoying better services.

Traditional companies will also be looking on with keen interest, and knowing that GoChain has it all figured out will push them towards coming on the blockchain.

Note

GoChain is poised to get that up to 13000+ transactions per second in 2019.
GoChain would also use less energy to remain operational. This would actually translate to being a thousand times more efficient energy wise, compared to Ethereum.

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