GoChain - Bringing speed and decentralizing blockchain

uraniumdavid (48)in #originalworks • 6 years ago (edited)

Thanks to @originalworks for this great opportunity to write on GoChain.
GoChain was born out of the current challenges faced by the blockchain due to inability of some cryptocurrency like Ethereum to process more transaction within a short time, causing congestion in the transactions carried out.

What is GoChain?

GoChain is a network that solves congestions in transactions of day to day activities experienced by blockchain networks.

Most blockchain companies are built on top of Ethereum. Ethereum is currently limited to 13 transactions per second. Given the huge user base, this results in slow transaction speeds and limits the scalability of the network itself as well as DApps that are built on it.

This inability of Ethereum to process more than 13 transaction per seconds have been a big issue in the blockchain industry, GoChain have come with a promising transaction of 13,000 transactions per second with a lesser price which makes it affordable by any blockchain that's coming up to the company.

GoChain solves this issue by introducing a new consensus algorithm called POR(Proof of Reputation). It is faster, cheaper and easy to implement.

GoChain is real and ready for implementation of service. It is already giving it's promise for the 1300 transactions per second which will make the blockchain industry much more faster and easier to use.

Proof of Reputation

It's also called POR in short. POR is a key component of how GoChain works.

This POR is different from the popularly known POW(Proof of Work) which relies on computing power to process transactions on networks example is Ethereum, GoChain is utilizing POR (Proof of Reputation)for it's own transaction.

Another problem with Ethereum is that, it's miners are centered around China. Increasing the likelihood of government intervention as well as collaboration and collusion. Few large companies runs more that half of the mining operations for Ethereum, it is not as decentralized as it could be.
GoChain is decentralized and can be mined by anyone in any part of the world making it cheaper and easy to access.

This Proof of reputation works by assigning companies as authorized signers.

GoChain aims to have 50 companies from various countries act as nodes. By spreading the nodes around the globe, it lessens the chance of government interaction and collusion.

GoChain is going to work with publicly traded companies, as one of the main criteria used in determining reputation.
Other criteria include:

How big is the company? (What is their market cap? How much is their reputation worth?)
Is the company publicly traded? (This ensures the company has a certain level of transparency and governance obligation as well as immediate stock price repercussion as a result of poor behvaiour.)
How significant is branding to the company? (What are the impacts of ruining their reputation? Is the company heavily branding dependent?)
There are just some of the factors considered in the process of assessing whether a company is a good candidate of becoming a node.

There is a great medium article with informative graphics about the benefits of POR

Ethereum DApp Compatibility

GoChain is able to work will other existing DApps on Ethereum. Making it easier for developers to migrate their applications without writing a single line of code which saves time and prevent loss of any relevant information, allowing these application work with the 100x transaction speed of the existing Ethereum DApps that are struggling with the slower network speeds. >

GoChain fees are also 7500x less than Ethereum!

GoChain Flexibility

GoChain is working towards mass adoption of blockchain on a commercial level. So GoChain is a blockchain that caters to needs like, the current blockchain technology does not allow developers to fix bugs and change code once it has been launched. GoChain will to add features that will allow companies to update their codes as time changes.

For example, a company may set a required number of votes, or agreement from specific individuals before any change to their code can be made.

GoChain MainNet Live

Since the close of their ICO, GoChain has kept up with their roadmap.

MainNet is live.

GoChain Explorer
GoChain Wallet
List of Nodes

Users can create an account and start using GO tokens.
Feel free to join the GoChainTelegram group if you have any questions to chat with the admin in person!

GoChain News & Updates
GoChain has been actively developing after its mainnet launch.

KuCoin joins GoChain as a node

GoChain supported by Blockfolio

For more information watch this short introduction: