GoChain emerges fundamentally as a platform with the main objective of solving common problems in the most known blockchains today, especially the one that has Ethereum with the scalability, which GoChain in their whitepaper explain as a problem divided into other 3 fundamental ones (scalability, centralization, and security) that need to be solved simultaneously, according to Vitalik Buterim, co-founder of Ethereum, in order to move forward and make it a thing of the past.
POR (Proof of Reputation)
POR is nothing more than the POA (Proof of Authority) system but taken to a higher level that allows for more transparent, secure, decentralized and successful relationships with those who have the potential to run the nodes and become the block producers of the blockchain .
Improving the network security
The POR system maximizes the effectiveness of the POA system, since it has certain very strict parameters, which will determine that those who are block producers have to be big and important companies, listed on the stock exchange or publicly traded and also have sufficient reputation to preserve the safety and success of the network, to put it another way, they would have to face catastrophic branding and public opinion consequences if they make a misleading move against the network.
The parameters that are taken into account by this system have to do with the capitalization of the company on the market, the higher it is, the more eligible it will be since there is a greater financial risk and therefore greater commitment to the blockchain. The same criteria apply regarding the company's dependence on its brand and public reputation.
All right, we'll have big and excellent companies as block producers, and where ends the problem of centralization? They are planning to solve the problem of centralization by broadening its horizons and including 50 large companies in 50 countries around the world.
GoChain has implemented a two-phase voting process. For the initial rollout, the GoChain Foundation will add the first 50 signers to the authorization list.
These original 50 signers will be companies from multiple industries and spread out across multiple countries. This will help ensure forced decentralization and avoid interference by any single government.
Once 50 authorized signers have been established then voting control will be handed over to the signers to govern themselves. GoChain Whitepaper, page 14.
And this is where the great advantages of GoChain come over.
How GoChain promotes the massification of blockchain technology?
One of the things that continue to obstruct blockchain from becoming a global phenomenon so far its because their problems with scalability and flexibility.
GoChain has proven to be able to deal with the problem of scalability, processing between 1300 and 2400 transactions per second, with commissions 7500 times cheaper than Ethereum and consuming 1000 times less electricity.
With regard to flexibility, GoChain will provide a mechanism for companies in itself to vote in order to make a possible change in the code without having to make a hard fork, this has many advantages, it will solve possible bugs in a faster and more effective way, and it could also make the implementation of smart contracts to replace conventional contracts more viable.
- Let's make a small example:
Suppose that Maria wants to buy John's house, and they decide to use a smart contract, which will force Maria to pay an X amount of money each month because if she does not pay, the door will be locked. John, for his part, made it clear in the contract that once the total value of the house is reached, the smart contract will carry out a scheduled action which will make Maria the owner of the house.
And what if Maria gets sick or can't keep working to pay for the house?
In the common case, nothing could be done, because the smart contracts are irreversible and immutable. And that's where GoChain's possible solution comes in, the ability to partially edit the blockchain without the need for a hard fork, would make this technology more embraceable by the commercial sector and the masses.
GoChain is a platform which offers many solutions, however, all great power carries great responsibility, which is why all this can only be achieved through tireless and committed teamwork.
This is my entry for the @originalworks contest:
More related information about GoChain:
Posted from my blog with SteemPress : http://joedukeg.vornix.blog/2018/07/04/gochain-the-search-for-real-decentralization-and-global-massification-of-blockchain-technology/