GoChain, A next generation scalable blockchain

jadams2k18 (64)in #originalcontent • 6 years ago

At first, the money we normally use to buy goods or pay for services, which economists call fiat, represents a value equivalent to gold or other valuable minerals held by banks. However, the economies of the countries are affected by the values of the price of the dollar or the euro. The most incredible thing of all, is that the dollar value is not backed by any valuable metal for a long time ago, its value is based on the faith or trust of the community.

This concept of economy is centralized, since the power of the currencies is in the control of the banks.

But the world economy is changing with the emergence of the cryptocurrency concept. A digital currency created through cryptographic calculations by means of computers interconnected with each other, using a decentralized, secure and distributed platform called blockchain.

A concept that came to stay. Its decentralized nature will allow no entity to have control over this currency. Today there are many establishments that are accepting cryptocurrencies as an exchange currency.

Initially it was the Bitcoin, the first of the cryptocurrencies created, the best known and most used. However, there is a platform called Ethereum powered by its own cryptocurrency called Ether, which has become the second most popular virtual currency. Even though Ether represents a very small percentage of the value of a Bitcoin, the Ethereum platform is designed to be more efficient than Bitcoin.

However, these platforms suffer a series of problems when generating transactions and currencies. Among them, the speed to create transactions, for Bitcoin you can only do 7 transactions per second and Ethereum 13. But the verification period of these transactions can take from minutes to hours depending on the volume of them.

The second problem that these platforms present is the excessive consumption of energy. All those interconnected computers, running 365 days a year, 24 hours a day generate millions of watts of consumption.

Another problem is decentralization, even though there are no entities that control the transactions to generate the cryptocurrencies, the majority of the generation process or what is called mining, is done in China, where electricity is cheaper. Statistics indicate that 75% of transactions are mined in that country. We all know that it is a communist country and that it could destabilize the value of cryptocurrencies if they wish.

This is where GoChain comes in

GoChain is a next generation scalable blockchain and smart contract platform built upon an improved Ethereum code base. Our aim is to solve the Ethereum scaling problem with immediacy by being 10x more decentralized, 100x faster, and 1000x greener. Any current Ethereum users will be able to “lift and shift” to seamlessly transition to GoChain with no code changes. We are interoperable with Ethereum.

This new system will present solutions to all the aforementioned problems.

100x Faster

GoChain will support very high transaction volumes with fast verifications. GoChain will initially target 1300 transactions per second.
Goal: 100x more transactions per second

10x More Decentralized

GoChain forces nodes to be in different countries, run by unrelated people/companies.
Goal: 10x more decentralized

1000x Less Energy

The energy used to run the Bitcoin network could power more than 3.5 million US households, 1 million to run Ethereum. We think that's completely unnacceptable and unsustainable. GoChain will use a small fraction of the energy used to run other cryptocurrencies.
Goal: 1000x less energy consumption

To encourage the use of this platform and to generate transactions in the blockchain, users will be rewarded with GOC tokens.

With the value of 1 ETH you can buy 16,000 GOC

The main ICO will begin on May 16, 2018 and will end on May 31, 2018. There are a total of 200,000,000 GoChain tokens (GOC) available during the main ICO, representing 20% of the total GOC supply. A hard cap of 26,500 ETH is set for the combined Pre-ICO and main ICO.

For the future, GoChain plans to improve the Ethereum smart contract system, one of the advantages of this platform. Allowing contracts to be modified, paused or terminated in an efficient and safe manner.