Hi guys, I'm pleased to inform you that GoChain has launched their mainnet!!!

I wrote about them 2 months ago and it's exciting news that they have proven themselves to be legitimate.

Why am I so excited about GoChain?
Well let me reintroduce you to the next level in blockchain transactions.

If you're reading this you are probably familiar with Bitcoin and Ethereum.
You probably know Bitcoin for its high value and high transaction fees. You know Ethereum for smart contracts and for hosting various erc-20 tokens as well as Dapps.

But let's break down the vernacular.

A Smart Contract is computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract.
_Wiki

Dapps are Decentralized applications that run on the blockchain.

ERC20 Tokens are tokens designed and used solely on the Ethereum platform.
_{CoinTelegraph}

Now according to Etherscan.io and Eidoo, there are currently 534 legitimate ERC20 tokens in circulation(17,724 if you include the scam and troll projects). Each of these has its own ecosystem and ledger of transactions!
All these are based on the Ethereum blockchain.

But did you know that the Ethereum blockchain can only handle 13 transactions per second? So what does this mean?

Erc20 Token Transactions

The sad truth is Ethereum is by design unscalable and thus unable to handle all the transactions run on it quickly. This is a big issue on multiple fronts.

• Users cannot conduct business quickly.
• Miners take advantage of the situation and charge high fees to "fast track" transactions.
• Ethereum uses Proof of Work to verify transactions. This basically means different miners use large amounts of electricity and computing power to compete to be the first to solve an algorithm. Only the first gets rewarded meaning the rest wasted their resources.
  In the end you get slow transactions, big fees, wasted resources - all leaving the average user frustrated and greatly discouraging cryptocurrency adoption.

This is where GoChain comes in.

WHAT IS GoChain?

Let's watch their Introduction video.

GoChain is a scalable, Ethereum-compactible smart contract blockchain that is fast, secure and green. It enables DApp and smart contract developers to lift and shift from Ethereum to GoChain for 100x increased performance.

100 TIMES BETTER?

Well... Actually more. Apart from scalability issues, it is a well known fact that majority of the miners in the world are based in China. This doesn't align with the concept of Decentralized currency as they can all decide to work together and perform a 51% attack on the blockchain.
GoChain improves on all the faults and weaknesses of Ethereum to provide a superior and more robust framework that can not only handle more transactions at faster speeds, but will do it with significantly less power and lower fees.
GoChain also aims to restore decentralization to the Ethereum ecosystem.

Let's look at the improvements.

GoChain is Faster

Compared to Ethereum's abysmal speed of 13tx/s, GoChain was designed to handle an initial 1,300 transactions per second with a planned upgrade to amplify it's capability to 13,000 transactions per second by the second quarter of 2019. The Mainnet is live now and true to their word it is operating as fast as promised!
How did they accomplish this?
GoChain dropped the Proof of Work validation method(which involved many miners hashing to solve an algorithm and then syncing) and replaced it with a simple and effective Proof of Reputation system which involves a few selected reputable nodes signing off on transactions.
GoChain is also using Off Chain Cloud Storage for data not currently needed to optimize storage space required to run a node.

Speedy Transactions

GoChain is Green

By removing Proof of Work(PoW), GoChain ensures less waste of electricity and computing power which is better utilised and favours the environment as less heat is produced by the nodes.

Green World

GoChain is Cheaper

GoChain promises fees as low as 1/7500 what users would pay on the Ethereum blockchain. Enough said!

GoChain is more Decentralized

GoChain plans to implement it's Proof of Reputation (PoR) system by using 50 well known and brand-dependent companies from around the world as nodes or signers. The logic behind this is that the companies will value their reputation far too much to conduct or support any illegal transaction as they have a lot to lose as a repercussion of bad publicity. The companies will also be spread around the globe to minimise or eradicate the possiblity of a conspiracy to commit a collaborated attack. The public identity of these Signers will encourage users to use the nodes of their favoured corporations and boost user adoption.
Top blockchain asset exchanges like
Kucoin and Blockfolio have already signed on to be nodes.

Interested? You can apply to be a block signer.

Big corporations

GoChain is Flexible

Remember when I said Ethereum was unscalable? Well what that means is that the source code cannot be modified to make accommodations for new technologies or improvements. Even to fix mistakes!
When a massive hack happened after Ethereum's code was exploited the only fix was to rewind the blockchain. This caused it to split into two currencies. One with the history of the mistake and one where the mistake never happened. This is why we have Ethereum and Ethereum Classic today.
GoChain comes with a feature that will allow developers to modify and update their code to fix bugs without having to perform hard forks. All that would be required will be a majority vote or agreement between voted reputable individuals.

GoChain IS LIVE!

Following steadfastly to their roadmap, GoChain has launched their mainnet and operations are taking place smoothly.
You can view their explorer here.
See the list of running nodes here.

The Go wallet is also online.
Users can now create accounts and start using their Go tokens.

GoChain is already trading on Kucoin.

User Case Scenario

Charles is a member of a tech team that has designed a dapp that allows users to scan QR codes of their shop purchases and pay for goods using cryptocurrency.
After launch they get a lot of complains from angry users concerning the slow nature of payments. Some of them even had to pay with cash and come back later for their refund. This causes them to lose many users and get a negative review.
Charles finds out about GoChain and the team decide to move their dapp from Ethereum to GoChain.
After a little rebranding and advertisement, they get users to test the new update.
They now receive positive response from users who are shocked at the blistering speed of their transactions. The users give higher ratings and more users download the app leading to greater adoption of Cryptocurrency as payment method.

How Do I Receive A Token Based on GoChain?

GoChain is now working with Myetherwallet. You can now switch your wallet view from Ethereum to tokens hosted on GoChain blockchain.
To do this,
Simply select GO in the list and MyEtherWallet will switch to the GoChain network.

NOTE: Be sure to switch back to an Ethereum network when you want to send ETH or interact with ERC-20 tokens on Ethereum.

Source

To transfer a token from Ethereum to GoChain, developers can follow these steps

MEET THE TEAM

The Gochain team is spearheaded by CEO Jason Dekker and comprises of Chief software architect Travis Reeder, Software engineers Ben Johnson, Guilherme Mezende, Jordan Krage and Roman Kononov and the lovely Social media director Brooke Hansen.
The team boasts a plethora of experience in diverse fields ranging from hedge fund management to software development to cyber security.

You can visit the GoChain site for more information and read their whitepaper here.

You can also reach the team on any of their social media channels.

Facebook | Medium | Twitter | GitHub | Reddit | BitcoinTalk | Telegram | Crunchbase | YouTube

The GoChain project is already beating expectations and will only get stronger as user adoption rapidly increases. This isn't financial advice but I would say if you were looking for the next big thing, this is it. There are simply too many advantages for you not to get involved.

Thank You for reading.

This is a submission for the @originalworks contest hosted here.

gochain2018