GoChain Faster, Better, Stronger

hasbydiaz (51)in #graphics • 6 years ago (edited)

Blockchain is a revolutionary paradigm to enable a network of possibly insecure computers that together work as a trusted source. The best known application of blockchain to date is Bitcoin, the cryptocurrency that is not backed by the state, in which the transfers are public, but the identities of the people behind the transfers are hidden. However, there are many other blockchain applications, including intelligent contracts and the management of digital assets.

Positioned as one of the driving technologies of digital transformation in the coming years, blockchain has several problems ranging from compromised security, high transaction rate, small network size and slow transaction speed.

Faced with these problems, GoChain is a decentralized cryptocurrency, which also acts as a chain of blocks capable of admitting intelligent contracts and distributed applications.

Among its main strengths that make it more attractive compared to Ethereum we can mention:

• Faster and smarter (100x)

It has a transaction speed 100 times higher than that of Ethereum and this will greatly improve both existing services and new types of projects.

• Much less energy (1000x)

While Ethereum consumes up to three times more energy, GoChain presents its concept of energy efficiency, and ask how this work does? Well, most of those that operate using the PoW (Power of Work) algorithm consume a lot of energy and others use PoA (Proof of Authority), in which transactions are validated mainly by approved accounts known as validators.

Recall that mining requires highly specialized computer hardware to execute complicated algorithms. The costs are unmanageable. Mining is available only for special mining groups. These specialized machines consume large amounts of energy to operate that increase costs. The large costs threaten the centralization of the system, since it benefits. However, to counteract these problems GoChain adopts the use of PoR (Power of Reputation). And what will we achieve with them? In the first place, a more dynamic and secure platform will be achieved before any person or company that tries to defraud any user. That is why GoChain will be a decentralized platform and that brings us our next item.

• Decentralized (10x)

GoChain will select 50 companies from 50 different countries that will be allowed to confirm transactions. This idea allows incentives to selected companies to act responsibly and also do a good job for the benefit of everyone in the chain. With this, monopolized mining and manipulation will be impossible.

• 100 percent speed

When we talk about speed in the chain of blocks, we must mention the transaction speeds, but these at the same time depend on the bandwidth and the speed with which the cryptocurrency is created within the chain of blocks. GoChain with this increased speed will increase bandwidth and avoid any delay associated with traditional block chains such as Ethereum. In turn, this high transaction speed will allow supporting high loads in the distribution of tokens. What do you prefer an Ethereumblockchain capable of making 7 to 15 transactions per second, or betting on Gochain, and its 1300 transactions per second?

• Compatible with Ethereum

GoChain is superior in many aspects but it will not forget the technologies that preceded it, that is why it will be compatible and will allow an easy transition from the EthereumBlockchain to the GoChain.

MainNet

In May, GoChain launched its mainnet, which has shown similarly fast verified transactions per second. The goal in the coming months is to increase tx / sec to 13,000. While 1,300 tps is already much faster than Ethereum, 13,000 will be innovators opening the blockchain to the possibility of general adoption.

The GoChain team said that a lot of work was done to create a stable network that can support the same number of transactions in a week as the lifetime of Ethereum transactions: 185,436,845. Those are all Ethereum transactions, in a week. Wow, that's a lot to process.

New alliances

• The Kucoin Exchange is one of the new additions in this world class asset exchange; they now host a node in the GoChain network. Recall that KuCoin was launched in 2017 and has built a platform of transactions of assets of last generation with exceptional service and support 24 hours a day, 7 days a week.

• Another important addition to this project is Blockfolio. The world's most popular cryptocurrency portfolio management application allows you to monitor and manage all your cryptocurrencies in one place.

Why use these designs?

I decided to keep the information provided by GoChain simple and direct, your message is clear and I hope it will be understood by everyone. It goes without saying that GoChain came to solve the problems of scalability, costs, speed, and energy presented in Ethereum. This is the future of transactions, so sit back, relax and live a life without complications.

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