GoChain is live and ready to use at 1300 transactions per second. Deploy your DApps and smart contracts today and get 100x the performance of Ethereum.
Problem with current Blockchains
The current consensus mechanisms with Proof of Work and Proof of Stack face the matter of being too slow. Ethereum’s thirteen transactions per second and lack of scalability make its uneconomical use questionable in the future. Alternatives like NEO and EOS exist however bring on their own disadvantages. Currently, most businesses run their platforms on Ethereum and changing to a special blockchain is tough.
GoChain Resolve the Problem
Gochain is a decentralised cryptocurrency and blockchain that's compatible with Ethereum, but faster. you can use it with current Ethereum wallets, smart contracts and decentralised applications.
To allow one hundred times additional transactions per second, it depends on Proof of reputation to achieve agreement, which is a stronger and safer version of Proof of Authority. This algorithmic rule are going to be much more energy efficient, needing about 0.001% of the power used to presently mine Ethereum. Also, the nodes will be unfold geographically, to stop them from being taken over by governments or, like presently, being pseudo-decentralized with the bulk of the miners being in China.
Difference from Ethereum
Proof of Reputation
Once an organization or firm proves reputation and passes the verification process, they'll be voted into the network as an authoritative node and at this point, it operates sort of a Proof of Authority network (POA), where solely authoritative nodes can sign and validate blocks.
Is Reputation EveryThing?
People want info so as to make opinions about a business, and they want opinions so as to choose the way to relate and move with it. Having no reputation is simply as dangerous as having a nasty reputation. After all, at least businesses with a nasty reputation still have a presence. Your business needs a reputation and as a result it puts your business on top the map, it helps to face aside from the competition, and provides individuals a start line for participating with it.
Benefits of Good Reputation
- A Good Business Reputation Facilitates Engagement
- A Good Reputation Mitigates the Impact of Bad Reviews
- A Good Business Reputation Gives You a Competitive Advantage
- Distinguishes it from competitors
- Attracts supporters
- Builds resiliency with respect to non-supporters
- Creates opportunities for growth
Is Proof of Reputation is Secure
Proof of reputation adds an additional layer of protection that may have never existed before which has companies operating along to stay one another honest.
Also, since these companies are rewarded with native GoChain tokens for running nodes and signing blocks, it's in their best interest to be honest and keep the network safe and trustworthy.
And finally, it might still take 51percent of the businesses within the network to collude at the same time to perform the notorious 51 percent attack. This might mean risking the reputation of twenty six companies.
Chief solution architect Travis Reeder has over twenty years of expertise developing high-throughput, high scale applications and cloud services and has founded prosperous technology companies and has raised tens of millions in funding from a number of the top VC corporations in geographic region.
Summary in bullets
- A public cryptocurrency
- Fully compatible with existing Ethereum wallets, smart contracts and different tools
- Building decentralised applications and rock solid smart contracts
- Next generation decentralised app platform goes on the far side Ethereum smart contracts
- Fast transactions and contract execution
GoChain's mission is to produce a low cost, scalable, energy efficient platform for crypto currency and decentralised applications.
Learn more here
This is my entry for @originalworks contest
Contest Link: https://steemit.com/crypto/@originalworks/640-steem-sponsored-writing-contest-gochain