GoChain is that rare innovative blockchain that proposes a practical solution that the world dierly needs. Below are the key points and highlights behind the ripples that GoChain is causing throughout the cryptocurrency market, blockchain development, and in the overall adoption of this technology.
adapted from GoChain whitepaper
Blockchains found much favor because they promised to remove all the obstacles that third parties presented. Some of these include:
- Centralized authority
- Slow transactions
- Too big to fail institutions
- Bribery
- Privacy
- Lack of transparency
- Limited participants
Proof of Work (PoW) blockchains were the first to exist. This is how Bitcoin and Ethereum, the top two blockchains, began.
Proof of Stake (PoS) followed. Its popularity has cause Ethereum to change its approach. But, PoS, while faster and more efficient than PoW, is not perfect. PoS is still too slow to be a practical solution for digital transactions.
Proof of Authority (PoA) sought to be the practical blockchain that the world needs. Unfortunately, it has bribery and privacy issues.
GoChain introduces Proof of Reputation (PoR). It solves all of the aforementioned problems. Take a look at the graphic below to find out:
- What the GoChain has that is absent in other blockchains?
- How GoChain achieves a practical blockchain solution?
Adapted from GoChain Medium image
A Solution for Practical Applications
GoChain makes use of a large established network. It advances upon current Ethereum applications.There is a lot of foresight in GoChain . It is not another ICO or novel blockchain. Its plans begin with practical applications.
Faster Digital Transactions
Transaction speeds have limited the practical use of blockchains. GoChain speeds both allows for growth and reduces inefficiencies. It does not need powerful hardware to achieve its ends. Speeds are 100 times faster than Ethereum. Its fees are 7,500 cheaper.
GoChain Provides Benefits for Business Now
Adaptability is fundamental to business survival. The team at GoChain recognize this fact. It is why companies have the ability to readily change their code. As innovation and new businesses enter the market, those companies on GoChain will be ready.
The Future of Business
Many crypto experts believe that there remains a specific hurdle that blockchains need to overcome. Mass adoption won’t be achieved until then. Media coverage of cryptocurrencies as a financial instrument has kept the market in the eye of everyday investors. More and more large companies and industries have come to recognize that blockchains can transform databases. They can no longer deny the efficiencies and applications that open up from implementing an inhouse blockchain.
GoChain caters to the easy integration of blockchain technology. This encourages mass adoption in many ways. Purchasing goods in crypto is identified as the main hurdle by crypto experts as the breakout point for blockchain entering the lives of everyday individuals. GoChain provides this opportunity, as well as, the adaptability to meet an increasingly innovative world.
I would like to thank GoChain for sponsoring this contest hosted by @OriginalWorks. More detailed information can be found in the whitepaper. For up to date information, visit its Telegram, Twitter, Facebook, Reddit, BitcoinTalk, and Medium.
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