Gochain The Smarter, Better, Faster, Stronger Blockchain
“GoChain brings to the cryptoworld the concept of Smarter, Better, Faster and Stronger blockchain.”
When we read this the first thought that comes to mind is another blockchain? do we need it specially when we have ethereum and so many projects are being built over it? or What does GoChain offer what ethereum cannot.
To answer these queries consider this
Etherium is 13 transactions per second blockchain and this makes it really slow. When so
many projects are being built on top of ethereum platform they are bound to inherit the slowness of the underlying ethereum platform and all of them try to use the available bandwidth to
carry out their own transactions. This leads to the ethereum network being overloaded and
getting even more slower.
Besides slowness of speed there are other issues as well. Ethereum works on POW or proof of
work and mining ETH requires spending a lot of energy. So to validate the transaction on the
ETH blockchain you would have to spend a lot of energy as well so the who process gets slower, energy guzzler and you are running your project on a resource that is already overburdened and over strained.
(The Current state of the ethereum blockchain)
The Gochain Advantage
So to give relief of speed, lower power consumption,better scalability comes in Gochain.
The Gochain blockchain is 100% compatible with ethereum so you can simply take your
ethereum based project and run it on the gochain blockchain without making any changes or rewriting the code.
The first thing it offers is a much faster processing speed and when your transactions get
processed at 13000 tx/sec you would be runnig your projects at 1000 times faster then while
running on the ethereum based blockchain.
Looking at the testnet results
one can clearly see that Gochain is all set to deliver what it is promising.
Addressing the issues faced by the Ethereum network
The energy required to run these transaction would be considerably lower energy consumption.
So basically the idea behind the Gochain blockchain is to solve the 3 biggest problems of
Ethereum that is
Scalibility
Decentralized
Security
Gochain offer an alternative that results in
10x more decentralization
100x increase in speed
1000x improvement in energy consumption
That too without having to rewrite or change any code.
I know this sounds a bit too good to be true solution. however if we delve a bit deeper and look at the ingenuity of the approach adopted by the Gochain network then you would see the approach to solving the biggest problems of the ethereum network are here and would become a reality in just a few months from the time I am writing this post.
A point to be noted is that 70-80% of mining activity pertaining to the cryptocurrencies is being performed by 4 companies in China. So the concept of a decentralized system is far from true in the current day scenario.
POA instead of POW
Gochain is taking a very different approach to solve these challenges
Gochain is based on proof of reputation algorithm POR instead of Proof of Work (POW). The POR approach is an advanced version of Proof of Authority (POA)
In POA the transactions are approved by approved accounts known as validators.
This concept has been used in private networks and in this model individuals are assigned to work as validators. The identities are publicly disclosed and at stake.
The reward of staking their identities and validate the transaction is a monitory incentive.
Since the identities of the validators is publicly disclosed thus it would help remove the bad actors form the system as doing something wrong would affect their reputation.
However there is a slight drawback in this system. When the value of the network grows so would be the the incentive to cheat.
to put a plug into this possible leak the proof of reputation POR users companies as validators.
Since for a company the reputation is very important.
If a company cheats its reputation gets tarnished and it loses business.
So a company has a lot more to lose if its loses reputation as compared to an individual.
To make the system even more efficient the GOchain system would use 50 companies of repute in 50 different countries.These 50 validators would work in tandem and not only validate the transaction but also keep a watchful eye on each other.
The validating nodes being present in different demographic countries would not be vulnerable to governments pulling down the entire network by compromising 51% of the nodes.
Since there is no physical mining involved in this type of validation thus this method is very energy efficient.
The selection of the validators would be initially carried out by Gochain but later on this selection process would be given to the network.
The moving to the POR model would help speed up the transactions from 13 transactions to 13000 transactions per second. This is achived by the new algorithm for transaction validation and dealing with the challenge of storage of data associated with 13000 transaction per second which amounts to 0.7 gigabyte of data per hour.
In addition offchain solutions such as Plasma and Raiden can be used to run over GoChain to make things run over Gochain and further boost the transaction speeds.
Moving to POR means no active mining involved thus this soulution is 1000 to 10,000x greener in terms of energy utilization.
The reason to feel confident about this peoject
The team behind this project consists of a development team lead by Travis Reeder who is the former founder of Iron.io.
Even Romana Kononov the former Director of Engineering of Iron.io is part of this team.
To their credit is the achievement of pioneering Serverless Cloud computing to 1 million tx per second.
Another person on the team is ben Johnson the author of Boltdb. This makes the team well equipped to solve the scaling problem of ethereum.
Their approach is to make smart contract actually smart
Gochain heralds the advent of a new smart contracts that have the ability to be changed, altered, paused and/ or terminated over time as conditions and/ or agreements change. Just as is done in the real world.
As per the Gochain project roadmap the MainNet is scheduled to be launched by the end of May 2018 Thereafter there would be a smart contract upgrades. Then the further network speed would be increase by 2018 end.
In 2019 the network would be upgraded to exceed 13000 tps or 1000X the speed of Ethereum network.
This is how the detailed roadmap looks like
The Token Sale
The token sale starts May 1st 2018
More Information & Resources:
gochain2018
Ask @banjo and @cleverbot
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