INTRODUCTION
This is an entry to the @originalworks contest
What is GoChain?
Providing a scalable low-cost energy efficient platform for digital currency and decentralized application on the blockchain
Gochain is a digital currency like no other; it strives to be 10times more decentralized, 100times faster and 1000times greener than its counterparts.
GoChain is a scalable ethereum based smart contract blockchain that is fast, secure and green. It enables DApp and smart contract developers to lift and shift from Ethereum to GoChain for 100x increased performance.
Since the GoChain platform is based on a fork of Ethereum, it will support all open source Ethereum wallets and other tools, making it easy for users to start with GoChain .
GoChain use the same fee structure as Ethereum to make things easy for everyone to transfer to Gochain.Futhermore, the energy used to run the Ethereum network could power over 1 million U.S households and that used to power Bitcoin could power over 3.5 million U.S household this is not acceptable and sustainable considering the world economic and climatic conditions. Consequently Gochain uses a fraction of what is used by Bitcoin and Ethereum to run. Hence a transfer to GoChain will be a transfer to speed, cost-efffectiveness and a greener society
1. What is the Potential impact of 100times speed and 7500times cheaper transaction fees?
The best and most remarkable thing about the GoChain transfers is the g time, that helps a lot to make it a better option because it's 100x more transactions per second.
Many new Blockchain companies are built on top of Ethereum. Ethereum transactions are restricted to 13 transactions a second!.
This can cause slow transaction speeds due to the huge user base associated with Ethereum. GoChain has an initial target of 1300 transactions per second making us 100x faster
The GO tokens are cheaper for two reasons:
- The market cap is a lot lower than Ethereum.
- It's one billion tokens outstanding vs Ethereum’s 100 million tokens.
This will definitely make a big impact around the cryptocurrency world, because obviously you will choose something chaper and faster, and that it's what GoChain offers.
2. How does giving companies the ability to change their code open the doors for
more businesses to get aboard?
In a technical report the Reputation Test is explained and how the first 50 "signatories" will be selected, a diverse set of companies that will then have self-government in the future.
GoChain initially seeks out which companies will apply to them to run a node. They can also approach some companies too. Ideally, GoChain would like to partner with companies that have a mission similar to theirs to make the world greener, more decentralized and connected. They do not anticipate any problem finding node partners.
3. Why is it important to cater blockchain technology to the commercial sectors
such that they can easily integrate?
The blockchain technology it's really important right now because it's the future, that's why it's so useful that commercial sectors make an union with it. Networks like GoChain make the commercial life easier and better with, everything that it offers.
Right now the world it's all about connections so everyday there are more and more networks trying to do it, GoChain improve the concept, because it offers a cheaper, greener, easier, decentralized and more important faster, all those components make it really attractive to the commercial sector, they can integrate really easy.
4.How does Gochain Promote mass adoption of Cryptocurrency GoChain helping the cryptocurrency ?
GoChain is on a mission to fix some of the fundamental issues that plague existing cryptocurrencies, namely speed/volume of transactions, decentralization and energy consumption.
The objective they have is to solve the problem about Ethereum scaling with immediacy being 10 times more decentralized, 100 times faster and 1000 times more ecological
So all current
Ethereum users can upload and download as it were, to make a transition without any problem to GoChain without changes in the code.
GoChain's line of time it's really useful to understand how does it has been working,
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 conect the commercial sector around the world with it's blockchain, smart contracts and business benefits.
Finally GoChain it's
an amazing option to everyone that want to be in the cryptocurrency world. For more information about GoChain, visit their site here
.