So far the blockchain technology has been improving, thriving and soaring but some problems in it seem not to go away despite several efforts. All public blockchain consensus models have a similar limitation problem and that is the fact that every node in the consensus must participate in processing every transaction because of the decentralization concept of the blockchain. The decentralization of the blockchain limits the number of transactions the blockchain can process to the limitations of a single participating node in the network, thereby creating the problem of scalability.
Scalability is due to the slow transaction processing rates of nodes and the limited number of transactions they can process in a given time. For example, Ethereum can only process 13 transactions per second and are slower during peak period due to traffic unlike instantaneous services like Visa or Square.
Only few nodes can actually afford the resources and energy to process these transactions or blocks and are forced to make a trade off between low transaction throughput and high degree of centralization. Most of them are centered in China, where electricity is cheapest. Statistics show that four companies in China accounts for 70%-80% of all mining activities in the blockchain. This increases the risk of centralization or government interruption, thus reversing us back to the problem of decentralization.
Decentralization of the blockchain is the main aim of the blockchain technology. Decentralized was visioned to eliminate insecurity and monopoly issues bugging the traditional real life systems through governments and some few powerful individuals. All this in an attempt to create a trustless and safe system where people can also do transactions(using smart contracts) safely without needing Escrows or third parties.
Obviously, this vision of decentralization is slowly fading away due to the enormous amount of energy needed to mine blocks in the current POW(Proof of Work) consensus model, slow transaction speed, mistrust of validators or nodes and the non–scalability of the system and the rigid nature of smart contracts also birthing insecurity.
But then, we all want a system that can process thousands of transactions per second with the same assurances of decentralization that then cryptocurrency promised to offer. In a nutshell, we all want a system where plenty number of nodes that can be trusted are employed into the system to decentralized it but still have a high throughput, standard security, are cheaper, have faster transaction rates while solving the problem of massive energy consumption.
Well, that’s what GoChain offers.
GoChain
Is a public cryptocurrency that is scalable, decentralized, cheaper and has higher performance. It supports smart contracts through Ethereum and other Ethereum tools and other distributed applications. It is 100% Ethereum compatible, 750 times cheaper, 100 times faster, 10 times more decentralized, 1000 times greener(uses less energy) than the current system. It has the capacity of processing 13,000 transactions per second.
GoChain aims at solving the three major problems of the blockchain which are
• Scalability
• False Decentralization
• Insecurity
It solves the scalability problem through the introduction of a new consensus model called POR(Proof of Work). Decentralization is eliminated by creating 50 different nodes in 50 different countries as transactions validators or signers. Also, smart contracts are made flexible to change in case the need arises or in case of an attack.
How does GoChain really eliminate these problems?
To understand the solution, we have to look back and probably go back a little to enable us understand the big leap to the solution.
The traditional POW(Proof of Work) is laced with problems like poor performance in terms of speed, no true decentralization and enormous energy consumption.
POS(Proof Of Stake) was introduced which helped reduce energy consumption and chose validators through their stakes in the network but it was still slow and lacked transparency.
Later on, POA(Proof of Authority) came but it was susceptible to bribery, network insecurity and there was no guaranteed for safety of validators.
GoChain uses the POR(Proof of Reputation) consensus model that relies on the reputation of participants(companies, validators) which are the authorized block signers to keep the network secure.
The reputation of the company must be important enough before it is validated as a block signer to prevent the company from cheating the system, which if they do, they stand to lose their reputation, market cap and integrity in the market. This consensus model makes it even harder for bigger companies to cheat than smaller companies, although smaller companies can hardly be a signer in this system.
The choice of the signers will be based on their market cap, brand significance, and if they are publicly trading
But why POR?
Reputation is almost everything to a business enterprise, once that is lost every other thing will literally crumble thereafter even though they may try to build back trust but we all know trust is the hardest thing to regain. This is why GoChain is exploiting this avenue in POR to solve problems by appointing companies as signers instead of using individuals as validators like the POW model.
However, GoChain recognizes the significance smart contracts play in the blockchain ecosystem by eliminating escrows. But then, these contracts are not really smart in cases of upgrading or making changes in emergency because of the rigid nature of the contracts written codes. This is unlike real life contracts.
GoChain aims to eliminate this scalability problem of smart contracts by building it network on Ethereum. But why Ethereum?
Ethereum accounts for 90% of all smart contracts in the blockchain. So, GoChain aims to redirect this problem through another channel while still improving the smart contract system through Ethereum. This will create a compatibility for already existing Dapps on Ethereum on GoChain . Developers will also have the liberty of transferring their applications to GoChain without writing any code.
Ethereum users on GoChain using Ethereum Dapps will enjoy 100 times better speed than in Ethereum and 750 times less transaction fee charge.
With this amazing 750 times less charge and 100 times more speed features, it will usher in an influx of more users into the blockchain than were on Ethereum. This speed will match real life situations and the cost might even be, thereby encouraging more integration of commercials companies into the blockchain.
Moreover, the scalibility and flexibility of smart contracts will encourage a lot of people in the real world to embrace the cryptocurrency as a secured means of doing transactions. People are usually afraid of smart contracts because of its rigid and complex nature of the blockchain. But with GoChain , the codes used in wiring the transactions can be easily changed using the code change method adopted by the participants. Developers too, will have options to change the codes and fix bugs even when it has been launched without much ado and this will also eliminates the alarming rate of hacking of smart contracts on the blockchain.
Hacking has been the waterloo of smart contracts with the hackers claiming legality over these acts. Thus, companies in the real world shy away from the blockchain thereby resulting to the relatively low busniess activities in the blockchain. GoChain offers flexibility of smart contracts which will solve the smart contracts insecurity problem.
According to the THE WALL STREET JOURNAL”, although companies ranging from healthcare, life science and financial companies recognize their need of adopting blockchain technology into their businessess, they still opt out of the idea due to their shallow knowledge of the blockchain. Also, amonst other factors cited as reason for commercial companies slow adoption of the blockchain is their rejection of the current POC(Proof of Concepts) models as stated by Eric Piscini, a principal at Deloitte Consulting LLP.
GoChain features, tools and implementations makes blockchain easily adoptable and scalable to commercial companies even in the real world.
Possible Use Case
When Ethereum users are experiencing difficulties with the slow and costly problems of the system but can’t find any better place to run their smart contracts in the system. They can switch over toGoChain , a place where they get cheaper, faster and better services. Maybe although being happy for the emergence of a possible solution, they still frown at the task of writing codes for transferring their applications to GoChain . But then, they don’t need to that: the network is 100% etheruem compatible. Along the line, they may also need to add a feature or two into the contracts they had in Ethereum for some reasons like a breech threat but are sad when they remember the rigid nature of blockchain smart contracts, GoChain eliminates that problem for them with it scalability feature. They can also be assured of the true decentralization and safety of the system through the better POR consensus concept.
GoChain processes 13,000 transactions per second. GoChain is 100% Ethereum compatible, 750 times cheaper, 100 times faster, 10 times more decentralized, 1000 times less energy consumption and the list goes on. GoChain is the solution to the scalabilty, false decentralization and insecurity problem of the blockchain. GoChain integrates with Ethereum to upgrade and secure smart contracts while still making all DApps and tools on Ethereum compatible on GoChain . It builds on Ethereum because it delivers one of the best smart contracts services and 90% of all smart contracts on the blockchain are Ethereum based.
GoChain solves false decentralization problem by a new and better consensus model called Proof of Reputation(POR) and creating 50 different nodes in 50 different countries to enable total decentralization and avoid government intervention, thereby making the system truly decentralized.
The insecurities of contracts are eliminated because in POR, companies are signers instead of individuals being validators, and the companies' reputations are at stake if they try to cheat the system.
Therefore solving the three problems of the blockchain which are; scalability, decentralization and insecurity.
GoChain offers completeness to the cryptocurrency world.
Watch my video about GoChain below
GoChain MainNet
The MainNet has been launched and it's live.
This is their List of Nodes
The GoChain network is functional and can be seen through this Link.
Token Graph
GoChain has it own token(GOC) that will be used to power the network.
GoChain will reward the authorized nodes that create blocks with GOC tokens for each block that they have signed. Their speed of validating will be proportional to the amount of token they will be rewarded with.
The RoadMap
All pictures or media used herein were gotten from the sites of GoChain and are licensed for this contest.
Click here to check or join the contest
Watch GoChain video here for more information
•GoChain Whitepaper
•GoChain Telegram
•GoChain Telegram Announcement •GoChain GitHub
•GoChain Reddit
•GoChain BitcoinTalk
•GoChain Twitter
•GoChain Facebook
•GoChain Medium
•KuCoin joins GoChain as a node
•GoChain supported by BlackFolio
•How to use GoChain with MediaMask
The Team
Led by Travis Reeder
The Advisors
Partners
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