GoChain: A faster, better , stronger and greener platform for blockchain business

akpomedaye (43)in #graphics • 6 years ago

My entry to @mediaworks for the graphic contest : GOCHAIN

Since the invention of Cryptocurrencies , the shift from traditional market system to a digital market has been rapid. Blockchains have offered participants the ability to trade digital currency and partake in smart contracts.

Decentralization of economy is the main purpose of any blockchain but sadly no true decentralization has been achieved since the invention of Cryptocurrencies and blockchains.

Other problems facing the current system includes:
1.. Speed/Volume:
the transactions are very slow owing to verification of users before completing transactions. Number of transaction(per second) is still very small. Bitcoin has a 7 transaction pee second and Ethereum is 13 transactions per second.

2..Energy Consumption:
Most of the current chains use algorithm that require large computations to accrue wealth on the platform and this leads to an incredible amount of energy being used up. Energy (electrical) is expensive.

3... Smart Contracts
A misnomer I must say having considered the problems arising from smart contract. The contracts cannot be modified once they are set. So much for "smart".

4.. Storage
Large computations leads to large amount of data being accumulated. Ethereum on a node accumulate up to 40GB of data every year.

Gochain is a company set up to tackle these problems.
Risk of fraud is averted since they will be employing a new consensus algorithm: Proof of Reputation (PoR). Instead of individuals staking identity, companies with large reputation are used as validators on the network. They have more to lose if they are caught in any shady business.
Checkpoints will help solve the storage problems because creation of a new node will be as easy as resuming from a saved state of the blockchain.
The algorithm is PoR and not PoW sonno large computations are required and thus energy is saved.
The contracts will be smart-er since they will be easy write and modification will be allowed on the platform.

Graphic 1 : LOGO

the logo mostly, are the letters G and C combined together to form some kind of chain. The main services offered by the GoChain is listed on the design.

Graphic 2: Proof of Reputation

This is a graphic that shows main reason why participants will trust the new blockchain. The proof of reputation. The shield symbolizes "customer protection". The companies' reputation is the shield that protects the customers from any shady business. The background is the ethereum token which signifies that the platform will start on the background of ethereum