Imagine a blockchain platform without the need for an annoying wait to process transactions, lesser power consumption with a respect for a green energy, and an endless list of possibilities. Then, welcome to the reality of GoChain.
“GoChain, a standalone blockchain, is a next generation smart contract platform. It’s built upon an improved Ethereum codebase that solves the scaling problem with immediacy.”
Smart contracts nowadays, are mainly Ethereum based and this poses a scalability threat. GoChain proposes a solution to this threat using Proof of Reputation (POR) which uses companies as validators not individuals, also fixing the rigid structure of smart contracts with an applied idea that smart contracts should be “smart”. GoChain plans on launching smart contracts that would have the ability to be altered, changed, paused and or terminated as the need arises just like in the real world, hence, “smart” smart contracts.
Starting at a speed of 1,300 transactions per second which is 100x faster than Ethereum’s 13tps, GoChain seeks at increasing the volume of transactions being handled by a network hereby attracting a wider audience to the use of blockchain. GoChain with a view of “blockchain at scale” places blockchain at the spotlight, hereby encouraging its use within industries, institutions and the like.
Ethereum is currently being widely used by companies globally, this poses an issue of companies not willing to migrate to GoChain. GoChain respect and believes Ethereum to be “the best cryptocurrency and blockchain on the market today”. As a starting point, GoChain is built on the Ethereum network ensuring compatibility with Ethereum. So, companies currently operating on Ethereum will enjoy a seamless integration into GoChain as all Ethereum wallets and development tools will be made compatible with GoChain. This migration to GoChain will have a huge impact on companies’ hereby improving the speed at which projects and all other company related activities are carried out.
GoChain is introducing the Proof of Reputation (POR) protocol, which aims at providing a solution to the challenges faced by blockchains since its invention, these challenges are; scalability, decentralization and security. This POR model aims at making companies verify and validate transactions rather than individuals, these companies, having more than their reputation at stake makes it more secure unlike the other protocols being used which were prone to hacks, life threats, individuals profiting through cheats and bribery, and the high-power consumptions.
With the GoChain network decentralized among 50 companies (also called nodes) across 50 countries, it ensures no one company or government can influence the network. Also, this decentralization capitalizes on each companies’ resource to improve the speed at which transactions are handled, verified and stored. POR reduces energy consumption, as the only energy required will be to process transactions, run smart contracts and verify blocks. A reduction to energy consumption will prove to be more cost efficient for nodes and as such, it will tend to be more sustainable for these companies.
GoChain is revolutionizing blockchain forever, breaking boundaries that would seem an impossible feat for others to realize.
For more information check out:
GoChain Website
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