Ethereum in slow motion | GoChain's transaction speed

sciencevienna (59)in #gochain • 6 years ago (edited)

If you are doing crypto business and you want to act as professional, sticking to dates and deadlines is crucial! If you got angry once about slow ETH transaction, please read on.

These are the flaws of the past

This could be the future, it’s up to you if you will choose it

What are the benefits of existing crypto companies being able to easily transfer from the Ethereum network to GoChain?

Via GoChain’s Proof of Reputation (POR) mechanism ^{^[1]} companies strengthen their independence from Etherium’s Proof of Work mechanism and at the same time win back independence from government, particularly from miners which have their farms mainly in China. This decentralization process improves as companies change their algorithm and turn to Proof of Reputation (POR) which aims to connect 50 companies from different countries to create together a node-system.

Only publicly assigned ^{^[2]} companies will be able to participate within this decentralization mechanism with the criteria of transparency (bad behavior shall directly be linked to the stock price/or profits), size of the company (the bigger the company the wider the reach, which corresponds indirectly with reputation) and branding (companies with trustworthy brands going to think twice before pursuing the rogue path of scam). Not the staking of monetary amounts is in center but the network of trustworthy companies with high reputation. This involves a two way channel: On the one hand existing companies can push their business model to a higher level, benefit from being involved in a highly reputable network of companies (comprised entities like a chamber of commerce or unions will always be stronger than separated acting companies), on the other hand GoChain can grow to larger extend when positioning itself within institutions, like having a bird’s-eye-view and working at the same time within sorted and organized entities for a smooth implementation. The new wallet is already here

What is the potential impact of 100x speed and 7500x cheaper transaction fees?

We can act now! Companies are not forced to wait until Ethereum has updated its system. The compatibility of already existing DApps on the Ethereum blockchain is guaranteed by GoChain towards a better scaling, i.e., that innovation of a company is fueled. GoChain acts as a catalysator or a catalyzing blockchain to explore further possibilities within cryptouniverse:

_{“GoChain is live and ready to use. It is already delivering on it's promise and is able to process 1,300 transactions per second!”}^{^[3]}

Further calculations why GoChain is offering a cheaper alternative than Ethereum does, stems from the lower market cap and the worth of the GoChain token in relation to ETH.

Why is it important to cater blockchain technology to the commercial sectors and how does GoChain promotes mass adoption of cryptocurrencies?

If we can get visa speed into blockchain, we can bring blockchain technology into mainstream. GoChain assures flexibility by providing a tool which allows companies to update the code of Ethereum’s rigid smart contract system. Every developer will love to work on extended ground where she/he is able to fix bugs without a hardfork. To apply for becoming a node, you can find further details here

Happy to hear that the word has been spread and that there can be found several Crypto Evangelists like Sir_Giddy, Crypto Gurus, Big Crypto for the promsing enterprise GoChain. They help disrupting a system that was intended to disrupt in the first place: At first there was ETH smart contract system then GoChain got into place. The hardest thing for people is to break out of habits (even with the help of influencers!) if one is used to certain exchanges, systems or environments it will always be a tough job to convince humans of better solutions. The saying “time is money” I regard as wrong. When we consider certain scenarios within the commercial sector and compare time with money, I value my time far higher than money. It’s a different dimension to say “I am running out of money” or “I am running out of lifetime”! Apart from the fact that slow transactions in business are unnerving.

The realness of this twitter account ^{^[4]} remains to be seen. But, if “Richard” is real, he can be a lucky guy, because I waited for one ETH transaction for about 1 ½ hours and one nearly could get mad, when one compares Ethereum’s snail pace with transaction speed of Steem or LTC. Something must be done: GO Chain!

------------------- ⿻ -------------------

Picture Sources & Further Readings

[1] Proof of Reputation mechanism in detail
[2] Picture Source
[3] Quote
[4] Picture Source

More Information & Resources