PREAMBLE

How decentralized is the blockchain technology when about 70% of its miners are concentrated in a particular location?

How fast is our transactions when ethereum processes just 13 transactions per second whereas there are about a million transactions pending on its blockchain?

How secured is our cryptocurrency when there is multiple occurrence of security breaches and cyber crime?

Why using enormous amount of energy to mine a coin when less than 0.001% of such can be used to maintain a node?

Have you ever thought of a blockchain where you'll experience.....

10x more decentralization
100x increase in speed
1000x improvement in energy consumption

INTRODUCTION

Yeah, it's high time we moved forward, it's time we progressed to another height. The blockchain technology no doubt is a laudable invention that is solving transaction problem and several other human problem. It has proven to be the the future of the digital world and holds more promises of a better future. In less than a decade of its existence, it has solved a lot of problems that we could ever imagine it will.
However, it's time to moved forward, it's time for improvement. Any technology that has no room for improvement is bound for extinction so let's move ahead of the existing transaction time, security measures, enormous energy usage and it's entire mode of operation.

THE PROBLEMS FACING TODAY'S BLOCKCHAIN

One may wonder why the pace toward the global adoption of blockchain technology has been slower than expected. The truth is that , present day digital world has set a benchmark of the minimum requirements every globally adopted technology should possess, so for global adoption, it has to surpass these benchmarks.
However, there are still several problems plaguing the blockchain of today, they are:

ENERGY CONSUMPTION: At present, the whole world especially the energy conservation and environment protection agencies are all frowning at the enormous energy used in mining cryptocurrencies. Digiconomist noted that bitcoin network is ran by the quantity of electrical energy that could be used to power more than 3.5 million US households. It was also noted here that ethereum also uses the equivalent power of 1 million household. A look at such value is not encouraging at all and this a growing concern in the energy industry as stringent rules has been metted by some countries to conserve the available expensive energy.
This enormous energy used in mining blocks is mainly seen in the consensus algorithm called Proof-of-Work. This requires non-trivial computational work by mining nodes which in turn makes it cost prohibitive for a bad actor to perform any form of malicious acts.

DECENTRALIZATION: The initial problem of enormous energy consumption breeds other problems of which one of such is fear of centralization. Cryptocurrency is a laudable project because of its transparency and decentalization features which makes it a trusted technology. But this trust is wearing out as centralization is slowly creeping in.
The problem of enormous energy consumption which pushes governments of several countries to met out stringent rules against the mining of cryptocurrency now results in the concentration of these mining companies in one location. China which has the cheapest electricity bill in the world has seen a surge in the number of mining companies as more than 70% of all blocks are mined in China. Imagine a situation where there is government or influential individual intervention leading to the privatization of the network, then how decentralized will the blockchain be?
Another scenario is the occurrence of attack which will see the technology creeping to the ground because of lack of trust in the technology.

RIGIDITY OF THE SMART CONTRACT : A smart contract is a computer protocol intended to digitally facilitate, verify or enforce the negotiation or performance of a contract. This contract allows the performance of traceable, irreversible and credible transactions without third party interference.
These smart contracts also allow users to write small, unmodifiable programs that ensure all parties involved keep to the end of their bargain with absolute certainty.
So far, ethereum has been well-noted for the provision of smart contracts which is why a greater percentage of ICO projects is running on ethereum blockchain.
But how smart is the smart contract when it cannot adapt to changes like real world contracts do?
Due to the rigid nature of these smart contracts, several successful attacks have been mounted in the blockchain and the parties affected cannot upgrade their contracts to fix bugs so as to prevent future occurrence of these attacks.

SPEED AND VOLUME : Visa Inc. is capable of processing more than 56,000 transactions per second in contrast to bitcoin which can only process 7 transactions per second and ethereum can only process 13 transactions per second. This is a proof that cryptocurrencies are too slow for real world processes due to slow and low transactions.

THE NEED FOR A BETTER-THAN-ETHEREUM BLOCKCHAIN

Every key player in the cryptocurrency world is hoping for a time when the blockchain will attain global adoption but how can this occur when there are severe challenges plaguing the blockchain from attaining such feat?
The following reasons calls for the need for a better blockchain:

1. Scalability
2. Easy integration of blockchain into the commercial sector
3. Flexibility of smart contract and the blockchain
4. Faster transaction
5. Low energy consumption.

However, the solution is not far-fetched as GoChain offers a better solution to the problem.

WHAT IS GOCHAIN

GoChain is a scalable, high performance, low cost next generation smart contract platform built on an improved ethereum codebase that solves the scaling problem with immediacy.

GoChain blockchain uses an entirely new and effective consensus algorithm called PoR( Proof of Reputation) to solve the major problems plaguing blockchain technology. This consensus model depends on the reputation of its participants to keep the network secured.

Participants are highly reputable firms that would lose more if they are caught cheating the system. Once the firms submit the application for the running of a node and pass all the test, they will be voted into the network as an authoritative node.

MISSION STATEMENT

To provide a scalable, low cost, energy efficient platform for digital currency and decentralized applications.

UNIQUE ADVANTAGES OF GOCHAIN

The following are the unique advantages of GoChain:

1. Fast transactions and contract execution
2. Flexible smart contract which support decentralized applications (dAapps)
3. Fully compactible with existing ethereum wallets, smart contracts and other tools.
4. Next generation decentralized applications platform better than ethereum smart contracts.
5. A secured and reliable public cryptocurrency.

THE FUTURE OF BLOCKCHAIN : PROOF OF REPUTATION WITH GOCHAIN

Proof-of-Reputation is an upgraded, stronger and more secured form of Proof of Authority (PoA).
In proof of authority, the transaction and blocks are validated by approved accounts known as validators. These validators are individuals whose identities are publicly disclosed and at stake. In exchange for staking their identities, they are rewarded and monetarily incentivised to process transactions. With the individual's identity disclosed, any bad/fraudulent act will damage their reputation.

However, the growth of the network will increase the incentive to cheat, that is why proof of reputation requires the individual with highly reputable companies( example : Microsoft and Apple) whereby their brand name is their life-line of the business.

Reputation is critical in business as a loss of it through unethical act may cause loss of revenue, fines, decrease in market capitalization, decrease in patronage, bankruptcy, decrease in valuation, branding and public relations.

So far, PoR is the best alternatives to the broader business community than untrusted networks based on PoW or PoS. Risk-adverse companies can rely on known brands the same way they trust world- reputable companies. In PoR, the identity of the person / company where transactions data is entrusted is not hidden.

Rating Reputation

Market Capitalization : The higher the market capitalization of a company, the more the financial loss, this is why GoChain is using such to disincentivise cheating in the network

Brand Significance : GoChain also considers the significance of the brand name to the company. For a company's application to be approved, they must be a credible brand that is well known in the business world.

Publicly Traded : GoChain by all means is trying to avoid the problem of operating a semi-decentralised blockchain where there are elements of centralization in terms of using a private company as a node operator. The company approved must be publicly traded in the stock market to qualify.

Benefits Of Using PoR

1. It can performance mush faster transaction due to the removal of heavy calculations required for PoW and having a known number and size of nodes.
2. A more secured network free from hackers and cheaters
3. Energy-conserving as there is no need to consume large quantities of electricity in order to secure a blockchain
4. A very transparent and trusted consensus model as everyone knows each company running each node and where the nodes are ran from.
5. It is extremely decentralized as each company is a Publicly Traded Company located in a distinct location. This is the true decentralization.
   

POTENTIAL IMPACT AND FUTURE IMPLICATIONS

10x MORE DECENTRALIZED : Due to the enormous energy used in mining block, more than 70% of the mining companies have relocated to China where electricity is cheaper. Increase in number of mining companies in China threatens the decentralized nature of the blockchain and puts the credibility of the blockchain at stake.
With GoChain, through the use of proof-of-reputation, the blockchain will be more decentralized as nodes will be ran by 50 highly reputable public traded firm in 50 different countries whereby it will be impossible to centralized the blockchain.

HIGH SPEED AND INCREASED VOLUME OF TRANSACTION : Similar to everyday system like google search which handles high transactions because of trusted server and network, GoChain is running on trusted nodes where transactions can be verified very quickly and the volume of transactions that the network can handle increases by order of magnitude. Also, the block times and the block size are greatly reduced due to the relatively small set of signers(vs the number of miners in PoW) with known capabilities. This brings an exponential increase in the number of transactions per second.

REDUCED ENERGY CONSUMPTION : In order to conserve energy and remove the limitation of global adoption of blockchain technology, there will be no mining on GoChain blockchain as trusted network of authoritative nodes will be used to run the system which only requires a small fraction of electrical energy to process transactions, run smart contracts and verify Blocks.

ETHEREUM DAPP COMPATIBILITY :
GoChain also offers compatibility to existing DApps on the ethereum blockchain. This compatibility enables developers to migrate their application without writing a single line of code to a faster network where they will pay less for a better service.

FLEXIBILITY : The present rigid nature of the blockchain has cost developers and users a huge sum of money as it does not permit developers to fix bugs and change code once it has been launched without performing something along the lines of a hard fork.
GoChain also allows developers to update the code that cater for their needs. They can decide on the nature of the rule they will use when a change in code is required.

FUTURE PROSPECTIVES : The following are the future plans for the GoChain blockchain:

1. To upgrade the smart contract system to make it less prone to error and easier to fix bugs which were unknown as at the time of the launch.
2. To make writing smart contract easier and less complex so as to create room for amendment, termination and better safety measures to prevent the re-occurence of theft and cyber crime on the platform.
3. To add standardized rulesets to contracts to define how and when contracts can be modified so as to facilitate in the global adoption of blockchain technology by the broader business community using familiar contract terms.
4. To protect access to contracts through the use of whitelists.

MY CRYPTO STORY

I first heard of cryptocurrency around June 2016 when bitcoin was about $600.I was so passionate about it but due to academic commitments, I couldn't really focused in it. However I didn't fail to tell anyone who cared to listen about cryptocurrency. But to my surprise, it didn't intrigue them the way it did to me, they didn't really see the need to have a second thought about it. This line of thought germinated from the fear of ponzi scheme which was so prevalent as at then. They never believed in the security of the platform.
After my graduation from the University late last year, I dedicated all my time, resources and energy into cryptocurrency and blockchain technology, got to meet many faces and personality in the crypto world, most of them have sad tale of huge loss of money in the system due to security breaches .
A friend of mine had his wallet hacked and loss over 5ETH to the perpetrators of the crime, at that moment I wished the smart contract was flexible enough to allow for reversibility of transactions. The worst was that he isalso expecting some tokens to be air dropped into his wallet which is estimated to be about $1000. Right now, he is so helpless he has to be monitoring his wallet so as to withdraw the token the minute they are deposited into his wallet.
More so, lots of big investors who I've been privileged to meet personally expressed fear concerning the speed of transactions of ethereum which may not meet the expected demand in the nearest future.
However, with the emergence of GoChain and the launch of its mainnet, the problem of security and speed of transaction will be solved making investment in blockchain technology safe, fast and secured.

INVESTORS FREQUENTLY ASKED QUESTIONS AND THE ANSWERS

Question 1

What are the benefits of existing crypto companies being able to easily transfer from the ethereum network to GoChain?

Answer

As stated above, the benefits of existing crypto companies being able to easily transfer from the ethereum blockchain to GoChain are:

1. Higher speed of transactions
2. Cheaper transaction fee
3. Highly secured network
4. Flexibility in smart contract
5. Transparency
6. Low cost of maintaining the network

Question 2

What is the potential impact of 100x speed and 750x cheaper transaction fee?

Answer

The potential impact is a timeless system that will facilitate the global adoption of cryptocurrency as the primary monetary unit for payment of goods and services.

Question 3

How does giving companies the ability to change their code open doors for more businesses to get abroad

Answer

Different businesses in the world has unique mode of operation with distinctive code of conduct and rule of governance. Having a rigid smart contract only drive these companies away as then cannot bend their age-long tradition and firm foundation on which the business was established upon.
To open doors for more businesses to get on board, these companies should be given the right to change their code to suit their rules
of governance and management principles.

Question 4

How does GoChain promote mass adoption of cryptocurrencies

Answer

GoChain will promote mass adoption of cryptocurrencies in the following ways:

1. Increasing the transaction speed to meet and exceed the real world digital transaction speed
   2.Ensuring a cybercrime-proof system where there will be no occurrence of theft or any form of cyber-crime
   3.Improving on the flexibility of the smart contract
2. Running a truly decentralized blockchain
3. Operating a greener blockchain

PROJECT ROADMAP

The project has really recorded a huge success as the main net is live and delivering on the promises made.

The blockchain is offering timeline solution to the slow network as users are already applauding the project in different social media platform.
Richard Andrews tweeted about his experience with GoChain on twitter. Check out the post here

Due to to viability of the project, several companies have partnered with GoChain to achieve their goals and objectives. They are:

for more information, you can watch this video

GoChain Team

For more information and Resources :
GoChain website
GoChain whitepaper
GoChain Telegram
GoChain Telegram Announcement
GoChain Github
GoChain Reddit
GoChain Bitcointalk
GoChain Twitter
GoChain Facebook
GoChain Medium

Source

Unless otherwise stated, information here are sourced from GoChain public domain and other public domain

This is an entry to @originalworks contest which can be accessed here

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