I remember my first transaction through coinbase more than a year ago, it was excruciating. After the process had completed I had to wait about 2 days for the process to complete, and began thinking to myself that although the technology is gonna take over the world but will it be useful in such slow transactions. The wait was unbearable as I was eager to see my wallet full of the cryptocurrency. I did the research and came to know about the process of mining through which the transactions are processed and rewards given to the miners. This is known as Proof of work which has benefited many people, but now has left the currency such as ethereum not totally decentralized as a few miners in China have most of the mining farms and can totally control the statistics and transactions of the currency.

Scalability:

 What the major Crypto lack today is the scalability issue, until the issue is solve I doubt the cryptocurrency can be used in daily lives. Ethereum is the core currency in the market many new Crypto's are based on the ERC-20 network, the scalability issue in using Ethereum is a major problem. Visa has about 24,000 transactions per second around the globe if Cryptocurrencies will take over fiat the transaction numbers should come close to their number. At the moment Ethereum uses 13 transactions per second which is nowhere near the numbers required. This is where the GoChain network comes in the testnet which is working can transact 1300-2400 transactions per second which is a major upgrade in technology and solves the issue of scalability.  For example, people who live and learn through the cryptocurrency will fing it very difficult to use these currencies in a grocery store or at a barber shop which could take hours to transact through the bitcoin or ethereum currency. In the end they might need to use fiat which is a loss if our influencers can't properly and fully use the cryptocurrency. GoChain by solving the scalability issue can make these currencies easier to use in practical life.

True Decentralization:

What the Gochain will work on decentralizing the blockchain network is by working on the proof of reputation. In China the miners control nearly 70-80% of the mining process which makes it more of a centralized currency,Gochain will assign more or less 50 companies all around the world which will help in making the transactions. This will make the transactions faster as well as cheaper who doesn't want their transactions to be cheap. The true reason for me to join the crytpo world was in revolt with the banking system which profit from us and take advanyage of our money in their banks. Now even in the crypto world making a transaction and giving heavy fees is a big no from many users, GoChain offers 7500x cheaper transactions than a normal transaction today. Another issue with proof of work is the pollution created from these machines which is basically contributing to the global warming and destroying our nature. This is unsustainable and the  GoChain technology will only use a small amount of energy used currently.

 

Ethereum DApp Compatibility and Flexibilty:

GoChain offers compatibility for existing DApps on Ethereum. Developers can migrate their applications without writing a single line of code. This allows existing Ethereum DApps that are struggling with the slower network speeds to utilize the 100x transaction speeds that GoChain is capable of processing. Along with cleaner and cheaper transactions. Another feature that the blockchain is bringing is after a code is published a developer can edit it and fix any bug on it without going to the complications of a hard fork which a relief for developers. Companies can also choose their own ways to change codes whether they want the opinion of the community through votes or another way. This benefits companies in a commercial level. The smart contracts on the Ethereum network aren't smart at all as they are completely rigid and cannot be adapted with passage of time unlike the blockchain of GoChain.

Conclusion:

GoChain  is the future of Crypto, with their solutions for real world problems of the digital market. Their sleek ideas to overcome major problems of scalability, decentralization and security they can have a huge impact for cryptocurrencies becoming mainstream. Solving real world problems and making cryptocurrencies being used in daily lives.

https://steemit.com/crypto/@originalworks/640-steem-sponsored-writing-contest-gochain

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