Ethereum is a great project that has revolutionized blockchain technology by introducing smart contracts. But the Ethereum blockchain is facing a lot of problems.
Transaction fees are at $0.50, and at one point cost $4.00! And right now, the blockchain is at 100% capacity, just barely keeping up.
Ethereum is a great project that has revolutionized blockchain technology by introducing smart contracts. But the Ethereum blockchain is facing a lot of problems.
Transaction fees are at $0.50, and at one point cost $4.00! And right now, the blockchain is at 100% capacity, just barely keeping up.
Ethereum has a total capacity of only 13 transactions per second, and already it is almost full. But Ethereum is nowhere near its goal, of bringing DApps and smart contracts to the masses. It's obvious right now that Ethereum has a big problem.
Many developers have proposed various scalability solutions such as Loom Network, Raiden Network, Plasma, and Sharding, but all of these are either very limited or nowhere near ready.
Why try to save a sinking ship when you could build a new, improved one?
That's what GoChain is all about. Gochain is very similar to Ethereum, but with a few improvements. GoChain is 10x more decentralized, 100x faster, and 1000x greener than Ethereum. And plus, any developer can switch to using GoChain instead of Ethereum without having to change a single line of code.
Ethereum runs off of a block confirmation system called proof of work (PoW), which involves miners competing to solve mathematical problems. These problems require a lot of computing power, so whoever has the most will solve them quicker and confirm more blocks.
But this is very centralized, as explained in the GoChain whitepaper:
... 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 means that just 4 companies confirm the majority of blocks. It would be simple for them to team up and do a 51% attack, where they can basically mint money. This is another major problem with Ethereum and other cryptocurrencies.
To solve all of these problems, GoChain has created a new method of confirming blocks, called proof of reputation (PoR). PoR involves having designated validators, chosen at the launch of the blockchain or voted in later on, who are the only ones allowed to confirm blocks. These are companies who have a reputation at stake. If they try to attack the network, they will use their reputation, which will severely damage their future. There are 50 validator companies, chosen across 50 countries, so that if either a government or validator company tries to attack the network, it will be very difficult for them.
This PoR solution is much more decentralized than a PoW method, uses less computing power, requires many times less energy, and allows for more transactions to fit into a single block because of the low computing power requirement.
GoChain can support over 1300 transactions per second, 100x faster and cheaper than Ethereum:
Here is the roadmap:
As you can see, the testnet is already launched, and the mainnet will launch at the end of May. Not mentioned in this roadmap, the GoChain blockchain will be powered up 10x to have a capacity for 13000 transactions per second in Q2 2019.
GoChain's team is fabulous, full of people with lots of experience in their fields:
The GoChain ICO is coming soon and you should definitely look into buying some GOC. The token distribution:
I'm looking into buying into the presale and you should too. The presale starts on May 1st, and ends on May 15th. If you buy it then, you will be able to get GOC tokens 25% off. And if you miss that, the main tokensale will start on May 16th and end on May 31st.
GoChain is a very interesting project and I highly recommend that you check out it out. You can get to their website here, and read their whitepaper here.
This is a submission to the OriginalWorks GoChain contest
gochain2018