The cryptocurrency with a difference : GoChain

gidolee (51)in #originalworks • 6 years ago

go chain.png

GoChain is a blockchain which aims at solving the issues pertaining to Ethereum. It is built on the Ethereum codebase and also improved by it.

The mission of GoChain is to provide a scalable platform for users, low cost and energy efficient for digital currencies and decentralized applications. The GoChain platform is based on an Ethereum fork and supports all Ethereum open source wallets and other tools, making it easy for users to start with GoChain.

It is an intelligent contract blockchain platform, which they say work better than Ethereum since they provide benefits such as:

1000x less energy consumption
10x more decentralized
100x faster

Proof of Reputation

GoChain implements proof of Reputation(POR) consensus model which depends on the reputation of its users to promote increased and better security.

A participant or a block signer must have a reputation large enough to be able to deal with financial bets and significant brands. PoR adds greater protection than ever before and that makes companies work together to keep each other honest.

The reputation is measured based on the following decision.

Market Cap
Publicly Traded
Brand Significance

How does GoChain promote mass adoption of cryptocurrencies?

GoChain is a platform for scalable blocks and scalable smart contracts built on an enhanced Ethereum code base. The objective they have is to solve the problem about Ethereum scaling with immediacy being 10 times more decentralized, 100 times faster and 1000 times more ecological. So all current Ethereum users can upload and download as it were, to make a transition without any problem to GoChain without changes in the code. They are interoperable with Ethereum.

The GOC tokens will work in exactly the same way that Ethereum works on your platform. So this will serve exactly the same utility: gas to execute smart contracts. It is needed as gas / tariffs to power computers that execute smart contracts and dApps. This is a great way to call the massive adoption of cryptocurrencies, to see that they have a higher performance, speed, ease and confidence.

How does giving companies the ability to change their code open the doors for more businesses to get aboard?

In a technical report the Reputation Test is explained and how the first 50 "signatories" will be selected, a diverse set of companies that will then have self-government in the future. GoChain initially seeks out which companies will apply to them to run a node. They can also approach some companies too. Ideally, GoChain would like to partner with companies that have a mission similar to theirs to make the world greener, more decentralized and connected. They do not anticipate any problem finding node partners.

Some ideas about its governance model and its aspirations for greater scalability, speed and energy efficiency just to name a few. It makes one come to remember other projects, such as EOS. Thinking like a company, why should I choose GoChain over the alternatives?

GoChain says that the reason to choose them over any other platform is because they are interoperable with Ethereum. So all current Ethereum users can simply pick up and switch to GoChain without code changes. And, anything written in GoChain will also work in Ethereum.

Incentives and rewards received

Each authorized GoChain singer will receive a coin with a GOC symbol each time a lock is signed. In the initial part of this process, this rate will remain up to 5 percent of the total tokens. However, this rate will continue to decrease with the passage of time. In addition, the amount per block will depend on the block times completed.

Now we understand all this through an example: if there are 10 seconds configured for exact blocking times, the node will obtain an average of 15.9 tokens per block signed in the first year. However, the node has to pay the predefined transaction fees that will be maintained by the authoritative node that signs the block.

Meaning of GoChain GOC token?

GOC is the short form of the GoChain ICO token, it is a standard ERC20 token based on Ethereum, which can be used to take advantage of the services of the GoChain platform.

6 percent will be distributed to partners / advisors with a blocking period of 6 months
10 percent will be held in reserve with a 12-month lock-out period.
10 percent will be for equipment with award period of 24 months.
4 percent will be distributed for marketing / legal.
50 percent will be distributed for the sale of chips.
10 percent will be for foundation / rewards.
10 percent will go to the GoChain fund.

You can watch this short video below for more information

Team GoChain

Unlike other ICOs, the GoChain team is made up of software engineers, technology founders and business leaders. Some of the key members, directly from the CEO / founder, are the following:

Jason Dekker - CEO - Widely level C with experience in finance, biotechnology, technology and the food and beverage industries.
Chad Arimura - VP Cloud in Oracle
Morgan Mackles - Vice President of Sales at X.ai