During the onset of the blockchain technology, as Satoshi(bitcoin founder) introduced bitcoin, the internet and global technology was shaken and open to lot new opportunity of possibilities, yet while the number of users and services processed on the platform increased, performance decreased, the following are the problems currently plaguing the current blockchain platforms:
Scalability
what does it mean to be scalable?
Scalability is a measure of the amount of transactions per second that can be executed at the same time on a platform, it implies how adaptable a platform is. It has remained as a major challenge to existing blockchain platforms ranging through Bitcoin, Ethereum etc. Let's take an example, a ethereum-based exchange platform with 1000 users, trying to exchange at the same: this transaction will be difficult to be executed due to the limited 13tps( Thirteen transactions per second) limited bandwidth of ethereum. Bitcoin has a scalability of 7tps.
complete Decentralization
Although decentralization is a major promise of the blockchain technology, but in reality it doesn't seem like it.
Info from the GOchain whitepaper carries it that 70-80% of all the crypto mining Activity for most major coins/token, are controlled by 4 companies in China as a result of electrical energy availability at very low cost, but this in anyway doesn't completely show a significant degree of decentralization.
This companies are opened to government activities, which influence the blockchain network positively or negatively, this in turn is responsible for crypto appreciation, depreciation and transactional speed of such platforms.
Security
Most blockchain platforms use individuals as validators, this has lead to many cases of cheating, the reputation of a single individual might not really mean anything to him, hence high rates of deceit, posing great set backs to the platform. Since ethereum platform is Non-scalable it poses a great problem as it smart contracts are irreversible and Non-adaptable, hence in cases of malfunctions in programs and codes, it is difficult or impossible to bring in upgrades or updates to the platform.
The need to address this challenges have lead to the introduction of GOchain.
GOchain
This is a ethereum-compatible blockchain network that offers solutions to the problems of the current blockchain situation. This that implies that scalability is at immediacy for blockchain apps, Projects and systems, yet there is no change in program codes of such projects.
What does GOchain have to offer?
GOchain offers the blockchain network a new era of internet services, more better, 100* faster, 10* more decentralized, uses 1000* less energy resources and 7500* cheaper transaction fee, than the Ethereum platform.
How is this possible?
The difference begins with the algorithms used in GOchain, this lessens energy consumption and increases processing speed: This evolution is based on a reputation factor called Proof Of Reputation.
This new feature allows optimal solution to the already discussed problems by: stopping Great amounts of mining, let's not forget that mining is a battle between many computers for blocks, which is a process that requires a great amount of energy, hence by reducing this process to be done only by few trusted nodes, energy cost is reduced 1000* as compared to the ethereum blockchain.
Currently most platforms use alternatives of POR, like proof of stake, proof of authority** and proof of work algorithms, their demerits are explained below:
POA
- A large number of the internet population possess inadequate experience and skills to direct the affairs of a second system, this opens the platform to hacks and threats.
- susceptibility to bribery due to instability in net or overall worth against digits on their market cap.
- Individual validators, who must make their real world address public, are open to physical attacks.
POS
- This is mainly known for its poor performance
- Inefficient transparency
POW
- this algorithm is mostly associated with poor performance, like ETH 13tps, BTC 7tps, hence verification duration takes longer
- incomplete decentralization as discussed already
- High energy consumption.
But the POR algorithm used by the GOchain platform will use companies as validators instead of individuals, this innovation plans to establish 50 companies (tested through some criteria) as nodes around the globe. Hence resulting in a more decentralized network, In this case, Government and individual influence eliminated in its operations. With users being allowed to access which companies are validating, any company cheating is doing that at the detriment of its reputation, that of its stakeholders and the companies overall market cap.
In the case of power consumption, since mining is curtailed and is limited to a set of validators, then energy cost is reduced and energy is conserved.
This system ensures low energy cost, secured network ensured by this large companies, ensures that vulnerability to bribery and physical attacks is reduced. And all this are accompanied with greater speed transactions.
Another important feature of GOchain platform is the super smart contracts
The platform ensures a rebranded tech. Of smart contracts, this version allows reversibility, updates, upgrades, haults, and even pause and resume of transactions as agreed to by involved users.
GOchain tokens
This is used to run the activities on the platform, it is rewarded as incentives to viable companies (nodes) for every block validated and the amount is a function of validation duration of a given node.
Token Economics
Use case
Cryptotrading
Let's assume crystannson is a digital trader and trades mostly on an ethereum-based platform, when his merchandise finally gets popular and there is increase in number of clients, he needs to move to a blockchain platform with greater scalability, security and speedy transactions, that's where GOchain fits in.
Concluding thought
The internet, its activities and users are In need of a more scalable, adaptable, flexible, less power consuming and high speed platform and GOchain has proven to stand in as the only inevitable solution, GOchain is the right choice for your blockchain projects and DApps.
My Video
giving a pictorial representation of the problems of current blockchain platforms
Added info:
The team
Advisors
Road map
For more findings:
GOchain website
GOchain whitepaper
GOchain telegram
GOchain facebook
GOchain twitter
GOchain Reddit
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