have you heard about GoChain, a faster and more efficient way to transact in the blockchain
Good morning great steemians, its your steemit babygirl @steemcenturion.
Today i bring you good news, uhm, No! i bring you Great News!
We are going to be discussing about GoChain.
WHAT IS GoChain?
GoChain is both a Cryptocurrency and a Blockchain, targetted at building scalable, low cost and highly efficient smart media contracts that are as efficient as 100x faster than the speed of transactions utilized on the ethereum blockchain as at this time.
from their website, I gathered that
GoChain is a scalable, high performance, low cost, and decentralized cryptocurrency and blockchain that supports smart contracts and distributed applications.
GoChain is a
A public cryptocurrency
GoChain will be used to
Build decentralized applications and rock solid smart contracts
GoChain is
Fully compatible with existing Ethereum wallets, smart contracts and other tools
GoChain Offers 100x
Fast transactions and contract execution
GoChain is undoubtedly the
Next generation decentralized app platform that goes beyond Ethereum smart contracts - coming Q4 2018
Basically,
GoChain is here to solve the real-time problem being faced on the Ethereum blockchain and they are not relenting in achieving this. The way GoChain is being designed, developers can move their projects from any place into the GoChain Blockchain and receive immediate Integration.
The prototype currently handles 1300-2400 transactions per second.
HOW DOES IT WORK?
GoChain is targetting to solve the issues facing the ethereum blockchain by utilizing three major areas.
Energy Consumption: Most Proof of Work blockchain are energy consuming, GoChain plans on bringing in 1000x less energy consuming and effective transactions t their blockchain.
Speed of Transaction: You will bear witness with me that the speed of transactions in the ethereum blockchain is relatively slow as users are most times required to increase gas and gwei to fasten up the process. GoChain is aimed at producing 100x faster transactions, this would be a milestone in the blockchain industry, not only enabling faster adoption by old projects, but also opening the way for brand new innovative projects to be carried out on the blockchain.
decentralization: I was shocked when i found out that
'' 70-80% of all the mining activity for all the major coins/tokens including Ethereum are run by 4 companies in China''.
GoChain seeks to ensure effective decentralization of the blockchain technology.
HOW IS THIS POSSIBLE?
GoChain team plans to achieve this using a very wonderful Algorithm they have created called
POR (Proof of Reputation), which is based on POA(Proof of Authority).
You might be asking what Proof of Reputation (POR) is...
Normally in the blockchain technology, we have Proof of Stake and Proof of Work, which are the two major types of Algorithms used in confirming blockchain transactions, GoChain has introduced Proof of Reputation Algorithm, which is a situation whereby
COMPANIES STAKE IN THEIR REPUTATIONS TO CONFIRM ANY PARTICULAR TRANSACTION.
(isn't that Awesome!?)
In otherwords, transactions are confirmed speedily based on the amount of trust a particular company has around the globe. To ensure adequate efficiency of ths system,
''The companies chosen to play the roles of validators will be distributed across 50 different countries to ensure a form of decentralization that is not dependent on any given countries agenda or regulation policies."
The GoChain private sale commenced in February 2018, and it was very successful, from the donations, the GoChiain Testnet was built.
GoChain MainNet launch and Public Sale is scheduled to commence by May 2018.
LEADERSHIP AND TEAM
GoChain is Led by Jason Dekker who is the CEO with a stunning portfolio,
''Jason is a serial entrepreneur, former hedge fund manager managing in excess of $250 million, angel investor, board member and advisor with an exit to a public company. He has extensive C-level experience in finance, biotech, tech, and the food & beverage industries.''
The GoChain Team is made up of excellent software engineers, tech gurus and business investors who have been in the industry for a number of time and has several projects attributed to their names. You can check them out HERE
For more information about GoChain blockchain you can go to their website, or follow any of the links below.
This is my entry to Original Works GoChain Writing Contest
gochain2018
Wonderful analysis by @steemcenturion. Keep it up dear
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This is really a good news oooo
Gochain is the best...nice post dear