The world has evolved in the aspects of cryptocurrencies and its likes. Money now can be transferred globally without stress and almost at the cost of nothing. We have gotten this far but imagine a scenario where payments for services rendered has to be made as soon as possible but you get restricted just because there are limits to transactions that can be performed in a second. You must agree with me that’s bad market. Well a solution for that is already at hand, am talking about GOCHAIN.
Allow me feed you with more information.
What is GoChain
GoChain, as the name implies “chain”, it is a blockchain network aimed to solving the scalability issues affecting other blockchain networks. Many blockchain companies are built on Ethereum but GoChain is built upon improved codebase of Ethereum also having a smart contract platform. When I say “improved” am talking about a blockchain (GoChain) that is able to process over 1300 transactions in a second ongoing with stability and can also go as high as 2400 transactions per second unlike being limited to 13 transactions per second on the Ethereum network; also considering its huge user base, slow transactions are inevitable. Well let me throw this in, GoChain is live and ready to use.
As earlier said that GoChain will solve the scalability issue affecting blockchain networks, well this issue will be solved by introducing a new consensus algorithm called Proof of Reputation (POR) which is faster, cheaper and easy to implement.
Benefits of existing crypto companies being able to easily transfer from the Ethereum network to GoChain
Well it is seamless for existing crypto companies currently using Ethereum network to easily transfer to GoChain without having to make any code changes.
They get to benefit;
- 10x more decentralization,
- 100x Faster (resulting in 100x more transactions per second),
- 1000x less energy consumption.
What is Proof of Reputation?
Let’s review the previous work done;
It all started with Proof of Work this was invented as a way of tackling spam, and it was adopted in cryptocurrencies to prevent malicious actions by making it prohibitively expensive to modify the blockchain. As the work progressed Proof of Stake surfaced. A consensus algorithm which pseudo-randomly chooses validators based on their stake in the network, therefore those with most coins in circulation have the most to lose, so they are positioned to work in interest of the network. Moving onward Proof of Authority was next and it was a consensus algorithm where a trusted set of individuals provide all transaction processing, allowing transaction processing speed to improve significantly by skipping the Proof of Work hash computation.
Proof of Reputation
This is the main element of GoChain, it is a consensus model that depends on the reputation of its participants in keeping the network secure. For a participant, they must have a reputation that is high enough to face great consequences if they were to cheat the system be it financial or branding. For a business to face serious consequences that would not only crumble them but also the officials would not play with their reputation. Larger companies with more reputation and more to lose obviously would be chosen over smaller company with less to lose.
For a company’s entry, after proving its reputation it is voted into the network (GoChain) as an authoritative node and at this point, it operates just like a Proof of Authority network (PoA).
We might wonder why reputation?
Reputation is very essential to a business. Imagine a company you have been patronizing for over 12 years to purchase electronics, they become the first company you think about whenever you want to buy any electronic device without thinking twice. If one day information of the company goes viral that they have started selling fake products made out of substantial materials. Next time you won’t make the mistake of buying from them, bringing loss of customers and patronage, infact that might be the end of the company. Therefore a business on the network (GoChain) that acts in an unethical way suffers a lot; fines, loss of revenue, decrease in valuation, branding and public relations. “Trust is a cornerstone to a successful business and once a brand loses trust with their customers, it can take years repair” if not forever.
What is the potential impact of 100x speed and 7500x cheaper transaction fees?
100x speed coupled with 7500x cheap transaction fee is something no one (companies inclusive) can ignore. Speed in making transactions is very important because nobody will want to wait so long to get transactions done that’s one of the reasons online transfers are always chosen over the regular going to the bank to wit on a queue. Transaction fees play a great role as nobody would embrace paying so much just to make a transaction. GoChain has these all checked on the blockchain.
How does giving companies the ability to change their code open the doors for more businesses to get aboard?
As we know technology evolves every day, new innovations are being realised therefore a need to upgrade. With the ability for companies to change their codes will help a lot and save the stress of starting from scratch, as some implementations of new ideas might need a build from scratch just to offer what other competitors might be offering. With GoChain offering the ability to change codes easily, more businesses would migrate as it would be of great help to them saving them the stress, extra cost and probably the loss of users.
How does GoChain promote mass adoption of cryptocurrencies?
Cryptocurrencies have not been adopted completely mostly because of security risks (fear of being defrauded) as a numerous amounts of people have been defrauded on the blockchain. But GoChain implements a PoR eliminating security as a draw back as it is also backed with smart contracts, thereby encouraging more businesses to come aboard.
The GO token
GoChain has its token that aids activities on the blockchain, also bringing about stability.
GoChain MainNet is Live
GoChain is live and ready to use, as users can create an account and start using GO tokens.
GoChain Explorer
GoChain Wallet
List of Nodes
KuCoin joins GoChain as a node
GoChain supported by Blockfolio
Meet GoChain Team & Advisors
Team Members
Advisors
Partners of GoChain
GoChain’s Roadmap
This is a roadmap showing how far GoChain has gone and what they intend to achieve.
Check out this video of GoChain;
A short text Animation I made
This is an 
For More Information & Resources;
• GoChain Website
• GoChain WhitePaper
• GoChain Telegram
• GoChain Telegram Announcement
• GoChain GitHub
• GoChain Reddit
• GoChain BitcoinTalk
• GoChain Twitter
• GoChain Facebook
• GoChain Medium
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