When someone talks about a transaction, it refers to the transaction between two or more parties and involves the exchange of goods or services in exchange for the corresponding capital. We all know that it can be applied to many situations and areas of daily life, usually used to signal economic operations that involve the use of capital or money to pay the cost of the goods or services purchased. One of the elements that most clearly characterizes the notion of transaction is the idea of mutual agreement between the parties carrying out the transaction, so that there are no problems in the near or distant future. One of their main characteristics is how simple they can be, since only with a little practice, someone is able to make one without the help of a third party. Seeing how popular the transactions have become has motivated many companies to create their own platforms to make your life easier for users and get benefits from it, especially if it includes new technologies, such as cryptocurrency.
The cryptocurrency, although they have been around for a long time, are not known to everyone. They are a type of money, which cannot be regulated, digital, issued and usually controlled by its developers, to secure transactions and control the creation of new units.
Today, transactions are gradually becoming more and more important in our lives, to the point where we consider discarding the use of cash — the downside of living under a transaction policy? How slow they can be if the platform they use does not have the necessary capabilities to carry the amount of movements that are usually performed daily by each of the registered users, not all platforms have the necessary resources to keep a good control of what goes in and out, besides that not all are able to detect if something is illegitimate or not.
The desire of these companies is to make their users feel safe and comfortable when making transactions while using the platform of their choice, so they are always trying to make the best possible changes to their platforms to make them as perfect as possible for the user, but, not all companies have access to the resources needed to improve their platform or the capabilities or control necessary to make these changes on it.
This is where our guest of honor, GoChain, comes bashing in, whose goal is to provide a scalable, low-cost platform that works efficiently and extraordinarily well for digital currencies and decentralized applications, thus eliminating the insecurities of companies when making changes to their platforms, as it will allow them to make changes to it in an easier and more practical way in order to offer their users the trading platform they deserve.
What it does?
GoChain uses a consensus algorithm called POR which is the acronym of Proof of Reputation. Consensus is in a way a fundamental problem that occurs in distributed computing and multi agent systems to try to achieve an overall system reliability in the presence of a number of faulty processes, what makes this kind of algorithm proposed protocols for solving this whole ordeal.
Giving that Ethereum, the open source, blockchain based-distributed computing platform and operating system featuring smart contracts, is used by many blockchain companies including the new ones, are limited so far to 13 transactions per second. Having a huge user base, is safe to say that 13 transaction per second is kind of downfall, this can be translated to obviously slow transactions speeds, frustration of the user, and affects the capability of the system to handle the growing amount of work, all resulting in simple ineffectiveness.GoChain is capable of handling 1,300 transactions per second, being 100x faster, and giving rest to this problem but that´s not all!.
GoChain is 100% ethereum compatible meaning that it's also compatible for DApps (decentralized application) based on ethereum, which’s fights again the same limitations previously remarked, but thanks to this impressive compatibility there is no need to write more lines of code, migrating your application on the spot. Giving the applications the 100x transaction speed edge and GoChain fees are far less expensive, a 7500x less expensive to be exact.
Proof of Reputation
Proof of reputation is like it name suggest: “A consensus model that depends on the reputation of its participants to keep the network secure.” Giving that GoChain aims to work with a lot of different companies, 50 or so. The reputation system works perfectly in this case, because the world of business is all based in reputation. For example: the large chain food companies like MacDonald’s, Burger King and KFC just to name some, had a lot more of clients that the low or middle companies, also that makes them the companies with more to lose when working in an unethical level, making loses in revenue, loss of confidence in the brand, decrease of their actions, and disaster in public relations.
“GoChain uses this model to allow companies to keep each other in check and keep the network secure.” When say companies have proved their reputation, they pass to be an authoritative node, and they are the one that can sign and validate blocks.
The reputation will be determined by:
- Market cap: The global price of all the shares of a listed company.
Publicly traded: Level of transparency with the customers.
Brand Significance: Dependency to its brand and if the company can be ruined by it.
Benefits of GoChain
The companies will surely get benefits from the 100x speed and 7500x cheaper transactions that only can be traduced to more monetary liquidity and more profitability. Which is fundamental to the development of a company, because it gives us a measure of the need for things. In a world with scarce resources, profitability is the measure that allows the company to decide between several options. It is therefore essential that a country's economic policy should promote profitable sectors, those that generate income.
GoChain also brings a more ecologic way into the game “Using a trusted network of authoritative nodes means that there will be no mining. No mining means there will be no battle between computers to win blocks and therefore no wasted energy. Nodes will only require a small fraction of this energy to process transactions, run smart contracts, and verify blocks.” the high consumption of mining facilities still needs to be reduced to make them more profitable and more environmentally friendly. According to the same estimates by BNEF, Bitcoin mining consumes the same amount of fuel as 30 nuclear reactors at full capacity each day.
Punctually, it is in China that the mining of cryptocurrency is really attractive due to its low cost, although electricity is generated in an old, obsolete and highly polluting way: using coal as fuel. However, the Asian giant is seeking to change a reality that affects the health of its inhabitants by forcing the various industries to reduce their emissions of environmentally harmful gases.
GoChain also have the function to update your code and how to do it, that is up 100% to the company. Meaning that you could fix all the bugs in the system, in your pacing and everything that works in ethereum will work on GoChain or vice versa.
In conclusion, if you want to improve your transactions platform while having a better and efficiently decentralized application, providing the best security out there with a low cost, so your company will have the best development, GoChain it’s your best choice to improve your future with transactions and cryptocurrencies.
- GoChain Website
- GoChain WhitePape
- GoChain Telegram
- GoChain Telegram Announcement
- GoChain GitHub
- GoChain Reddit
- GoChain BitcoinTalk
- GoChain Twitter
- GoChain Facebook
- GoChain Medium
Thanks for reading.