Hello Steemians!
Today I would like to share a new blockchain project, GoChain which they say will offer a smarter, better, faster and stronger blockchain and smart contract platform.
What is GoChain ?
If you ask the developers what GoChain is, their official response should be what they have written in their whitepaper :
GoChain, a standalone blockchain, is a next generation smart contract platform. It’s built upon an improved Ethereum codebase that solves the scaling problem with immediacy.
Essentially GoChain is a scalable, high performance, low cost, and decentralized cryptocurrency and blockchain that supports smart contracts and distributed applications. The GoChain platform is based on an Ethereum fork and supports all Ethereum open source wallets and other tools, making it easy for users to start with GoChain.
As everyone knows some of the constant negativity in the media for cryptocurrency derives in great part from the perception that mining is a waste of energy that could be put to better use. With GoChain this argument becomes invalid.
It is an intelligent contract blockchain platform, which provide benefits such as:
1000x improvement in energy consumption
100x increase in speed
10x more decentralized
Fully compatible with existing Ethereum wallets, smart contracts and other tools.
The Problem
The promise of a truly decentralized network and the currently reality are two dramatically different things. Bitcoin was called to solve the common problems which our banking system currently faced - privacy, security and the speed of transactions. At the time of this writing 4 companies in China account for 70-80% of all the mining activity for all the major coins/tokens including Ethereum. That is about as far from true decentralization as you can get. If this continues in that way, we might see the whole network controlled by a single or a couple of corporations, which is not better than the current banking system.
We all worry about lower energy consumption in the world, but if you think of Ethereum and Bitcoin, electricity is huge. Being ecological is something positive for the environment and Gochain uses a small fraction of energy to execute other cryptocurrencies.
Energy consumption is way to high. As of today, 3.5 million US households could be powered with the energy used to run the Bitcoin network, while Ethereum uses the equivalent power of 1 million households. This unacceptable and unsustainable.
Quote from GoChain's whitepaper
GoChain's Solution
GoChain solves the existing problems by creating a system of nodes or authorized companies scattered in various parts of the world, making a more decentralized and reliable network that is also capable of processing 1300 transactions per second. The companies that will act as nodes will be selected under strict criteria to determine their reputation (Proof of Reputation) and GoChain will start with 50 companies as nodes, ensuring excellent performance in their operations.
In short, they are going to build a smart contract platform based on Ethereum, but secured with PoR (Proof-of-Reputation) consensus algorithm. This will allow us to reach 10x more decentralization, 100x faster transactions, and 1000x less energy consumption.
Proof-of-Reputation
Before talking about PoR, we should understand what Proof-of-Authenticity is:
Proof-of-authority (PoA) is an algorithm used with blockchains that deliver comparatively fast transactions through a consensus mechanism based on identity as a stake.
POR is a key component of how GoChain works. The main difference is that the validator is not an individual but a company. GoChain's team explains their decision by the fact that companies, especially popular ones, are less likely to harm the network since they'll have much more to lose. GoChain uses a consensus model of reputation test (PoR) which depends on the reputation of candidates to maintain better network security. A participant or a block signer must have a reputation large enough to be able to deal with financial bets and significant brands.
Here are 3 main metrics in which company's reputation stake will be calculated:
Market Cap
Publicly Traded
Brand Significance
As we all know, Ethereum currently uses proof-of-work (might be shifting to proof-of-stake in the future, but there is no definite date yet). The main downside of proof-of-work has always been the amount of energy required to achieve consensus. GoChain on the other hand is proposing to use the Proof of Reputation consensus model.
GoChain Token Supply
Road Map : Past / Present & Future
Conclusion
GoChain can change the cryptocurrency world, it's making a difference. Offers several benefits that are really attractive, like be descentralized, faster and greener. This plataform can connect the commercial sector around the world with it's blockchain, smart contracts and business benefits.
According to increasing users daily on blockchain network, network like GoChain was needed. GoChain is also flexible as compare to other as it allows changes at any time in your codes while others don’t. GoChain is faster than others and their transaction fee is less than other ETH networks.
GoChain says that the reason to choose them over any other platform is because they are interoperable with Ethereum. So all current Ethereum users can simply pick up and switch to GoChain without code changes. And, anything written in GoChain will also work in Ethereum.
More Information & Resources:
GoChain WhitePaper
GoChain Telegram
GoChain GitHub
GoChain Reddit
GoChain BitcoinTalk
GoChain Twitter
GoChain Facebook
GoChain Medium