What GoChain is all about!
The GoChain platform is a scalable intelligent contract built on the Ethereum blockchain. This platform has the capabilities to help DApp and smart contract developers go from the Ethereum blockchain to the GoChain blockchain, which is super faster than the Ethereum blockchain we are using. GoChain
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Why GoChain?
• Smarter, and the new generation blockchain.
• Better, saves energy, GoChain uses less fraction of energy to run other cryptocurrencies projects.
• Faster,
• Stronger, decentralized, GoChainforces nodes to be in different countries, run by unrelated people/companies.
Goal: 10x more decentralized
• 100% Ethereum Compatible, support previous ethereum wallet, smart tools and contracts too.
• 100x Faster.
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GoChain is live and ready to use. It is already delivering it's promise and it's capability to process over 1,300 transactions per second!
Proof of Reputation
POR is a key component of how GoChain works.
POW(Proof of Work):
has to do mainly with computing power in other to process transactions on networks such as Ethereum, GoChain utilizes POR (Proof of Reputation).
An arising issue surrounding Ethereum is that most miners are heavily centered around China. This boosts the likelihood of government intervention as well as collaboration and collusion. With a few large companies running more that half of the mining operations for Ethereum, it is not as decentralized as it could be.
Image Source: Medium, GoChain
Proof of reputation (POR) simply works by assigning of companies as authorized signers, more like division of labour. GoChain focus to have atleast fifty (50) companies from various countries all over the world which will now act as the nodes. spreading the nodes around the world tend to reduce government intervention and collusion.
GoChain will work with publicly traded companies. Some important criteria used in determining its reputation:
How big is the company? (What is their market cap? How much is their reputation worth?).
Is the company publicly traded? (This ensures the company has a certain level of transparency and governance obligation as well as immediate stock price repercussion as a result of poor behvaiour.)
How significant is branding to the company? (What are the impacts of ruining their reputation? Is the company heavily branding dependent?)
There are just some of the factors considered in the process of assessing whether a company is a good candidate of becoming a node.source
There is a great medium article with informative graphics about the benefits of POR
Ethereum DApp Compatibility
GoChain offers compatibility for existing DApps on Ethereum. Developers can migrate their applications without writing a single line of code. This allows existing Ethereum DApps that are struggling with the slower network speeds to utilize the 100x transaction speeds that GoChain is capable of processing. GoChain fees are also 7500x less expensive than Ethereum!
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GoChain Team
The GoChain team is generally made up of software engineers, technologists and businessmen and woman of high callibre. Some of the key members, directly from the CEO / founder, are the following names mentioned below:
• Jason Dekker - CEO - Widely level C with experience in finance, biotechnology, technology and the food and beverage industries.
• Chad Arimura - VP Cloud in Oracle
• Morgan Mackles - Vice President of Sales at X.ai
Road Map
