When I was introduced to the Cryptocurrency market last October 2017 and made my first ever transfer of Bitcoin funds from my local digital wallet to Bittrex, I remember how scared I was when it took hours before the transaction had finally completed. Waiting for my funds to be transferred from one wallet to another always gave me that mini-heart attack while constantly contemplating whether there was any mistake I did during the transferring process.
I am using Coins.ph, a Philippine-based digital wallet for converting my fiat money into bitcoin. Since Coins.ph only caters BTC that time, I had no other choice but to accept the turtle-like transaction time plus the painful TX fees I have to pay.
Such setup went on for a while and it even got worse when bitcoin reached its peak last December 2017. Hours of waiting turned into days. The worst I had ever experienced was 3 days of waiting. This happened mainly because of the unforeseen transaction congestion happened within the network.
Now, if this problem continues in the long run, I honestly believe that the mass adoption of cryptocurrencies will be heavily affected. As more users bring about more transactions, the congestion takes more time for verification, with holding up times expanding pointedly at top circumstances.
The scalability issues or the ability to verify transactions within the Bitcoin network has always been a great problem. With only 7 transactions it can accommodate per second, it will surely take you hours or even days of suffering from the agony of waiting.
When Coins.ph started integrating Ethereum in their system, I automatically shifted into it. So far, my experience with ETH is far better than my previous experiences with BTC. Transaction time is a lot faster while the TX fees are significantly cheaper than that of BTC.
However, Ethereum, the second cryptocurrency having the biggest market cap next to bitcoin, also faces the same problem which can only accommodate 13TPS. Considering the countless Ethereum-based projects surfacing at the moment, it will never be long before ETH will experience the same scalability issues as bitcoin.
Ethereum has become one of the most promising blockchain technologies present on the entire digital ecosystem which is popular for the creation of smart contracts. Currently, countless DApps are relying on its network, thus, these apps will be heavily affected once the Ethereum Network encounters serious scaling problems.
This is the current queing transactions of the ETH Network with around 20k-80k transactions per minute. This is approximately 300-1300 TPS, which is very far from ETH's 13 TPS capacity.
Considering the bearish market we are experiencing at the moment, this queing might even rise once the market recovers anytime soon which will of course lead to scaling problems.
One great example was last year when some applications like Cryptokitties and other big ICOs became popular, which caused the ETH Network to slow down in processing transactions. Gas prices that time was raised considerably just for the transactions to be completed.
For the same reason, different altcoins have surfaced to aid the scaling problems major cryptocurrencies are currently facing. However, there’s this one network that uses a very unique proof algorithm solution that would solve the scalability issues in modern blockchain networks, and this is the GoChain Network.
The GoChain Network
GoChain is a decentralized network that aims to solve not only the scalability issues but also the cost and energy problems being experienced by different digital currencies and DApss transactions. With GoChain, current ETH transactions will speed up a hundred times, catering 1,300 transactions per second.
This will be made possible by incorporating their very own concept of PoR or Proof of Reputationas a better solution than existing proof algorithms to verify transactions – making transactions faster, cost-effective, and more environment-friendly.
Proof of Reputation and how it differs from other Proof Algorithms
Currently, proof algorithms such as PoW (Proof of Work), PoS (Proof of Stake), and PoA (Proof of Authority) are used in verifying transactions across different blockchains. However, these algorithms have their respective loopholes that could negatively affect the blockchain ecosystem as a whole, and GoChain aims to eliminate such gaps through integrating PoR.
General differences between PoW, PoS, PoA, and PoR | by @smaeunabs
GoChain’s Proof of Reputation mainly targets in assigning 50 reputable companies across different countries that will act as nodes in verifying transactions. By doing this, the verification process will become more diversified, making the network less likely susceptible from government’s interruption and centralized entities’ conspiracy.
Compared to the current crypto mining activities which are heavily concentrated in China, PoR will make verifications approximately ten times more decentralized.
The companies will be chosen based on reputation to ensure that such companies will not compromise their dignity in exchange for possible exploitation. GoChain has set its own criteria depending on how big, transparent, and heavily branded the company is.
And since transaction will be verified by these trusted companies, costly mining processes can be surpassed, which could lead to 1000X lesser energy consumption than mining major cryptos through PoW.
GoChain’s Infographic is a total jam-pack of how PoR will resolve other issues concerning the decentralization, energy consumption, transparency, and security of existing proof algorithms. You can see the full infographic HERE.
Compatibility and Flexibility of GoChain
One of the best features of GoChain is its 100% compatibility with existing DApps based on Ethereum. This implies that Ethereum-based DApps can utilize the 100x network transaction speeds using Gochain. On top of that, DApps will be able to enjoy 7,500X much lesser fees than that of Ethereum.
Because of the great advantages GoChain offers, businesses will be more encouraged to integrate the digital technology in a faster and cheaper manner – leading to the mass adoption of the blockchain ecosystem.
GoChain also offers the flexibility features to fix bugs and change several codes of the smart contracts. Currently, smart contracts are so rigid that it is close to impossible to be able to modify its coding after it has been established. With GoChain, such agreements can be modified depending of on several factors like a predefined period wherein the codes are allowed to be altered.
GoChain Network’s Project Milestones
The GoChain network has been very transparent about its activities and achievements both on and off the virtual world. The team isn’t just good in promoting the great potential of the network, but also in making impactful developments come to life. Now, let us review the project milestones GoChain achieved over the past months.
GoChain’s Testnet and MainNet
GoChain Testnet final results | Coin News Telegraph
During the Testnet, GoChain was able to sustain 1100-1500 transactions per second, averaging to its promised 1300 tx/sec! What’s even more amazing is Gochain was able to process 185,436,845 transactions during the testnet process – equivalent to Ethereum’s transactions ever made. Could you believe that? Well, there’s no wonder why most people consider GoChain as Ethereum’s killer.
GoChain also launched its MainNet last May 2018. At this time of writing, GoChain is already running with 13 active nodes. Transactions are very transparent and can be seen HERE.
KuCoin Exchange is Now Hosting a Node on the GoChain Network
GoChain (GO) Gets Listed on KuCoin | KuCoin Announcement
KuCoin, an exchange that was established in 2017, has quickly established a good reputation in the cryptocurrency world. This exchange is having its own exchange token (KCS) with excellent key features, which made some people call it as the next Binance.
I actually did a few research about this exchange and was surprised to find out that KuCoin has already been establishing its roots through researching the blockchain technology since 2011. Since its launch, KuCoin provided an excellent customer service, a powerful API interface, and an established financial security system. These are just few of the key features KuCoin provides. You can read more of it HERE.
Choosing KuCoin as one of the GoChain Network’s nodes just proves how proficient GoChain is in picking the most suitable companies that have an outstanding reputation. Currently, Gochain’s token (GO) can now be publicly traded in Kucoin Exchange.
Gochain on Blockfolio
GO tokens are now supported and can be tracked on Blockfolio, the world’s most popular cryptocurrency portfolio management app. At present, real-time prices of GO tokens from KuCoin exchange can be seen. Because of the positive feedback GoChain has been receiving these past few months, we can expect GO tokens to be listed in huge exchanges as well.
GoChain on MyEtherWallet
GoChain just announced recently that its network was added on MyEtherWallet's officially supported blockchains! We can now enjoy the ease of setup by directly switching to the GoChain network. This will definitely help in eliminating many of the vulnerabilities that come with storing your funds online.
In the next few months, we can expect GoChain to experience mass adoption from several Ethereum-based DApps. We can also expect the most awaited features of smart contracts to be experienced in an easy, accessible, and upgradeable manner.
The Future of Scalability
The Cryptocurrency world is still in the stage of correcting the unforeseen consequences of being a decentralized system. There are many ideals aiming to provide solution or prevention from possible system exploitation in the long run.
But if cryptocurrency is being integrated to exceed the limitations fiat currency, it must be set up for the billions of transactions that will be added in the upcoming years.
With GoChain, scaling issues will slowly reduce over time without taking too much expense at the cost and the environmental effects of embracing the financial technology.
More Information about GoChain:
Disclaimer: This is not a financial advice. Readers are encouraged to conduct their own research with due diligence into the company, product or service mentioned in the content above.
Posted from my blog with SteemPress : https://pinayteenvestor.com/2018/07/03/the-gochain-network-and-its-recent-developments/