GOCHAIN: OVERWHEEL OF ETHEREUM

The financial operations worldwide have been overturned to the blockchain and the mining of cryptocurrency or cryptocurrency. This is an indisputable reality. The Blockchain appeared in 2009, allows securely, the financial exchange based on cryptocurrencies, in a decentralized and public manner, which generates greater confidence and eliminates the possibility of harmful interventions to the process. It is a chain of blocks or set of notes that are in a shared database on-line in which operations, quantities, dates and participants are registered by codes. When using cryptographic keys and being distributed by many computers (people), it has advantages in security against manipulation and fraud. A modification in one of the copies would not do anything, but you have to make the change in all the copies because the base is open and public.

One of the first blockchain platforms in Ethereum, was created in 2015 by the programmer Vitalik Buterin, with the perspective of creating an instrument for decentralized and collaborative applications. With a programming language that allows developers to create software through which manage transactions and automate certain results, in financial instruments or smart contracts. With its own cryptomoneda, the Ether (ETH) a token that can be used in transactions that use this software. Like bitcoin, ether exists as part of an autonomous financial system of peers, free of government intervention. Also as bitcoin, the value of ether has been triggered in a short period of time. In January 2016, ether traded around $ 1. In September 2017, this price was over $ 290 - although its value has been shown
to be volatile, with frequent fluctuations. Therefore, although this is only one of hundreds of cryptocurrencies, it is also one of the few that have a significant market capitalization, along with its two major rivals, bitcoin and bitcoin cash.

Current Reality of Ethereum

Due to the great support of companies in the world who entrust their digital transactions to the ethereum platform, their processing capacity has been limited and has become inefficient in the number of operations, response times and consequently in the consumption of energy. . Currently Ethereum only processes 13 operations per second.

Gochain, The Solution

We believe that Ethereum is one of the best blockchain protocols nowadays, due to the support of intelligent contracts. Smart contracts will have a great impact on so many industries. And although we love what the Ethereum organization has done, they are progressing on their way, and we would like to take it in a different direction. We believe that we can improve some basic aspects (speed, energy, etc.) and we also intend to improve the smart contract system to make it easier to use and less likely to fail. Vitalik Buterin, one of the founders of Ethereum, has described the scalability of a trilemma where the 3 problems must be solved simultaneously: Scalability, Decentralization and Security.

With Gochain not only will we solve Ethereum's scaling problem with immediacy, but anyone who is using Ethereum will be able to make transfers to our network without making any code changes by opting for:

• 10 times more decentralization

We are changing the consensus algorithm from Work Test (POW) to Reputation Test (POR). POR is an updated, stronger and more secure form of authority test. POR, use companies as validators and not as individuals. We plan to use 50 companies in 50 different countries as validators to force decentralization. By spreading the validators in 50 different companies with reputations at stake you should create an almost perfect decentralization and make the network very difficult to compromise. When using companies there is a great incentive to maintain network integrity to protect your market capitalization and professional integrity.

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• 100 times speed increase

Our MainNet will be launched at the end of May 2018. Followed by smart contract updates and the additional network speed increases by the end of 2018. In 2019 we plan to upgrade our network to a level of 13,000 tps or 1000 times the speed of Ethereum. We are solving this partially by moving to POR and dealing with large amounts of data in a way that allows much faster speeds. Again, this is not an easy problem to solve. The problem of data storage alone at 1300 transactions per second produces 0.7 gigabytes per hour. It should be noted that any out-of-chain solution such as Plasma or Raiden can work on GoChain to do this even faster.

• 1000 times improvement in energy consumption

Currently the Bitcoin network used the energy it could benefit 3.5 million American households, this is unacceptable and unsustainable. With GoChain Ethereum I would use the equivalent power of 1 million homes.

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