It is not the beauty of a building you should look at; it's the construction of the foundation that will stand the test of time. -David Allan Coe
The blockchain in its current state as obtainable in a leading blockchain like Ethereum utterly falls short of the ideal standard of a good blockchain capable of acting as a strong, viable foundation for blockchain projects now being developed in numbers. These problems are encapsulated by Vitalic Buterin, who himself created the Ethereum blockchain as being a trilemma and including;
- Scalability
- Lack of real decentralization and;
- Problems with Security.
The GoChain: Going Hybrid, Staying Best.
sourceLike art, revolutions come from combining what exists, into what has never existed before. -Gloria Steinem.
Gochain understands well, this principle of revolutions. The Gochain is therefore a viable blockchain itself, built upon a very much improved codebase of the Ethereum blockchain. This combination of what already exists with new ideas has very much paved a way for what can be safely called a new dawn in the revolution of blockchains. This ultimately provides for the solving of the scalability problem which has been the blockchain's most active drawback, bringing with it other problems like the skyrocket of transaction and fees and in the final analysis, inefficiency.
Join the Winning Team Seamlessly: From Ethereum to Gochain
What if you are already barely making your DApp run on the Ethereum blockchain? What if you're just bracing the storms of insecurity and a pitiful lack of scalability? What if the effectiveness of your DApp and its use in general is being affected by ridiculously high transaction fees? You deserve better! Gochain recognizes that fact and is offering you just that.
Not only does Gochain guarantee scalability, it also enables DApps currently based on the Ethereum blockchain to be seamlessly and efficiently moved unto the Gochain, a rock solid foundation. This is infact done without any code changes and offers unbeatable advantages.
Excellent Pace: 100x Faster
Talking about the speed of transactions, Gochain is by far ahead of virtually all blockchains. Both public and decentralized cryptocurrencies suffer from acute lack of speed and so slow transactions and low transaction volumes. Ethereum currently can only process roughly 10-15 transactions per second while there are currently more than 1,500 DApps built on Ethereum. Now, what happens if just a thousand of those were to do some transactions at the same second when only about thirteen can be factually processed?
Well, the only realistic scenario is this;
Not too sure anyone would like being in this kind of situation even though its normal for smart contracts and DApps on Ethereum. ;-D
It however continues to happen with Ethereum because of lack of scalability and thus speed. Another attendant problem of lack of scalability is hiked transaction fees. In December 2017, CryptoKitties, an Ethereum based DApp single handedly overwhelmed the whole Ethereum blockchain and made transaction fees to skyrocket in addition to leading to slow transactions for all applications running on the Ethereum blockchain. Hardly desirable!
GoChain, through its utilization of trusted nodes, enables the quick verification of transactions enabling the number of transactions the network can handle to immensely increase by orders of magnitude. Such networks like Google and Visa handling thousands of transactions per second only do so because they "trust" the networks they run on.
Save the Energy.
Most blockchains, Ethereum inclusive rely on the consensus algorithm of Proof of Work (PoW) in the mining of blocks. This method is highly energy intensive. Consequently the amount of energy used to run both Bitcoin and Ethereum can power about 4.5million homes in the United States. That is probably the energy enough for more than a city. Incredible!
Gochain's use of trusted networks of authoritative nodes ultimately means there is no mining and so no battle between Super computers (from China) to win blocks and ultimately, no wasted energy. Thus, nodes would only require a small amount of energy to process transactions and run smart contracts.
Decentralized it is.
Gochain makes the blockchain decentralized in its true sense. The question that begs for an answer is, is there any decentralization where mining is done competitively and so Chinese companies ultimately emerge sole miners because of the cheap availability of power in China? Gochain through the use of trusted nodes, eliminates this threat to decentralization of cryptocurrencies.
Take Control of the Future, Flexibility.
While Ethereum does not allow for the upgrade of smart contracts run on its blockchain. Gochain is a direct antithesis hence it hopes to add features that would enable for the update of code run on the chain. This feature is an absolute necessity for the advancement of the blockchain. This is so because softwares almost always contain bugs which are only noticed after deployment and mass adoption. Smart contracts therefore have to be very much amenable both for security purposes and the general advancement of such projects. Gochain recognizes this most sacrosanct need hence millions of dollars have already been lost due to inflexibility.
The Proof of Reputation Consensus Model
It takes twenty years to build a reputation and five minutes to ruin it. if you think about that, you'll do things differently.- Warren Buffet.
Instead of the energy consuming, not really decentralized Proof of Work consensus model, Gochain is utilizing a a Proof of Reputation (PoR) Consensus model. The Proof of Reputation depends on the reputation of users to stay secure. Larger companies are mostly relied upon to act as authoritative nodes and sign as well as validate blocks. This is because larger companies with greater reputations would ultimately have more to lose in terms of finance and brand name should they attempt to cheat the system.
Furthermore, there is a hitherto unforeseen added advantage of security inherent in Gochain's Proof of Reputation. This is obtainable in companies working together to keep one another true to the cause and honest.
The Proof of Reputation consensus model possesses another great adavantange in that enterprises will be more willing to work with such a network than that which is anonymous and insecure as obtainable in PoW networks. This is even more so because all companies running the nodes are known such that investing enterprises will have to choose whether they trust and would subsequently run their projects on such networks.
The PoR model is therefore fairly transparent, open and a ready tool for the transformation of smart contracts by increase in general and all round performance, speed, assurance of real decentralization and the security of networks.
On the whole, Proof of Reputation is a leap forward into the solutions of problems associated with cryptocurrencies and the blockchain.
Partnerships with the Reputable
Gochain aims to achieve at about 50 globally distributed nodes hosted by very reputable, large companies in accordance with its Proof of Reputation Consensus Model. Gochain has so far liased with 7 very reputable companies, Kucoin inclusive. Kucoin launched in 2017 as an exchange, distinguishing themselves as one of the best available. They have also built a state of the art asset market transaction with 24/7 support. Excellent reputation if you ask me. Exactly Gochain's spec.
Some of the other nodes yet available include:
- KcTest
- GOpath
- ICOsyndicate
- Procurious
- TheHim and;
- WarnerBP
Gochain anticipates more partnerships with well respected companies within the Cryptospace.
Goodnews! Gochain MainNet Live!!
In March 2018, Gochain had launched a TestNet which achieved the speeds of 1,300 transactions per second, about x100 of Ethereum's speed. A lot of work has ensured that the incredible 1,300 tps has been maintained in the MainNet. A whopping 100 times faster than Ethereum which only does about 13 transactions in a second.
Nodes running in MainNet. source-
Here's a fun fact that is really fun considering the hard work put in by the team;
T he GoChain testnet processes the same amount of transactions in one week as the lifetime of Ethereum transactions: 185,436,845. That’s all Ethereum transactions ever, in one week.-Gochain Medium
One word, INCREDIBLY GREAT!! (sorry two, one is just not enough :D)
An All Encompassing Use Case.
I wrote, and you have read something almost entirely theoretical. So let us walk through Gochain in its entirety practically.
My name is Ben. A software developer with passion for the blockchain because of what it stands or should in fact, normally insinuate, Freedom and Security.
I therefore rally funds and create my DApp called KnowTrade. KnowTrade is based upon the Ethereum blockchain and is a project involving the exchange of services for KnowT (my token). Sooner or later many people discover and start using my app for freelance services. It is then that the scalability problem finally set in.
With over 1000 tps from my app alone, can Ethereum probably keep up even when it only does just about 13tps an hour? Most probably not!
However, with Gochain's initiative of a total transfer from Ethereum, all i'd have to do is just move my project unto the Gochain which is in itself a stand alone blockchain. I'd do this because it would enable me enjoy the following as compared to Ethereum and indeed any other blockchain;
- 100x speed
- 10x more decentralization
- 1000x improvement in energy consumption and ofcourse;
- Much more less transaction fees, if any.
Gochain is therefore, absolutely, the go to blockchain for efficiency.
The Team.
A product of Gochain's quality could only come from a well experienced and goal oriented team Gochain boasts of. The team is led by Tim Dekker who is CEO and a serial entrepreneur with extensive experience to match. Travis Reeder is Chief Software Architect and i believe his ingenious enterprise is pretty much already evident in Gochain's quality.
