Introduction
GoChain is a blockchain solution built over Ethereum, drawing on Ethereum’s benefits and yet being better than Ethereum. One of the main concerns of the Ethereum blockchain is its scalability. GoChain attempts to solve this issue with immediacy.
Blockchain solutions, including Ethereum work on the popular, Proof of Work (POW) concept and hence mining of blocks is extremely energy intensive. Energy needs mean that the work will automatically migrate to countries with least cost of power. Hence the mining activity itself is concentrated in few countries. This is contrary to the concept of decentralization on which blockchains are built.
GoChain is truly decentralized by moving to the concept of Proof of Reputation (POR) and thereby spreading such nodes across 50 different countries. Not only that but also GoChain is 100 times faster and 1000 times greener than current Ethereum based Network.
Take a look at the video summing up the points discussed so far:
Video Explanation
This video depicts the fact that GoChain is decentralized in a truer sense, greener and much faster than the current Ethereum based blockchain. The dynamic pictorial presentation tries to represent this point and showcases how GoChain will become the Go-To blockchain solution in the near future.
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Smart Contracts
Much like Ethereum, GoChain offers the use of Smart Contracts but with an improvement. The Ethereum smart contracts cannot be modified and therefore, real-life scenarios are difficult to replicate on an Ethereum blockchain. Whereas GoChain offers users to modify and change smart contracts based on consensus and therefore, mimics the real-life needs of a contract.
Take a look at dynamic image (GIF) depicting this reality:
GIF Explanation
Here we are depicting more of a real-life situation. Good and Services will be transported by Seller while the seller would be paid by the Buyer in cryptocurrency or FIAT. In case of Ethereum based smart contracts, there is no possibility of modifications despite business needs (either seller or buyer initiated) and that could lead to failure of a transaction.
Whereas, the GoChain based smart contract can be modified, as per business needs, and hence real-life businesses will find it easier to use these solutions and still continue with physical and virtual transactions.
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Comparisons
GoChain and Ethereum are two distinct blockchains with multiple commonalities. The same is enumerated below.
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It is also recommended that readers understand more about GoChain through any of the following informative resources.
- GoChain Website
- GoChain WhitePaper
- GoChain Telegram
- GoChain Telegram Announcement
- GoChain GitHub
- GoChain Reddit
- GoChain BitcoinTalk
- GoChain Twitter
- GoChain Facebook
- GoChain Medium
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This article is written in response to @mediaworks’ call on authors’ thoughts on GoChain. It can be read here.
Image Courtesy: Oivas
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