Gochain: Improving on the strides made by Ethereum blockchain

Ethereum has come a long way, since inception. However, a time comes when change is needed, and we need to seek better ways to carry out tasks, else all round development will stall.

As at the time of writing, Ethereum can only process 13 transactions per second (TPS), leading to a very slow and painful process, when it comes to carrying out transactions. With Ethereum being the industry standard with regards to Decentralized Apps (DApps), this is really bad.

GOCHAIN: SMARTER, FASTER, STRONGER!
There are a number of onchain and offchain solutions that are in development, but hardly are there any that are ready to solve the problem immediately.

GoChain is a scalable, high performance, low cost and decentralized cryptocurrency and blockchain that supports smart contracts and distributed applications.

GoChain is looking to tackle the problems Ethereum blockchain faces, and improve on them. Some of these problems are:

Transaction Fees
Energy Usage
Transaction speed.

Transaction Fees: Transaction fees on Ethereum are unrealistic sometimes, and they are prone to fluctuations. When transaction fees are high, it becomes a problem because it deters some people from coming on board, and also chases away some users. This also affects businesses, seeing the fees involved are not steady.

With GoChain, transaction fees are greatly reduced. Infact, being Gochain based ensures that transaction fees are 7500x cheaper than what is currently obtainable on Ethereum. Seeing GoChain can handle processing 100x the amount of Ethereum, prices will not need to be raised. In that case, being GoChain based will be 15,000-30,000 times cheaper, than on Ethereum!

These speeds will ensure that onchain businesses become more efficient, and can scale rapidly. They will have a big reason to adopt GoChain. It should also be noted that Gochain has a very easy process to migrate to their ecosystem. This will also help to increase adoption, because businesses put their customers first, and won’t want to experience any downtime, or loss or information while carrying out migration.
It’s a solution built on Ethereum, and it is compatible with all Ethereum wallets and development tools.

Energy Usage: GoChain doesn’t support mining, so it uses less energy when compared to Ethereum.

Transaction Speed: As said earlier, Ethereum can only process 13 TPS, whereas GoChain processes 1300 TPS, and can go as high as 2400 TPS. This shows that GoChain is at least, 100x faster than Ethereum blockchain.

Traditional organisations are able to carry out transactions at greater speeds. Take for instance, visa being able to handle 56,000 TPS. Why will Ethereum blockchain be attractive to them? Offering solutions that are better than what is currently obtainable, is the only way to get their attention. These speeds will ensure that onchain based businesses will be eager to migrate to GoChain, and in time, as GoChain’s TPS improves, more traditional businesses will be happy to come on chain, because they have better solutions. This will massively boost the cryptocurrency and blockchain sector, getting the blockchain closer to mass adoption.

Smart contracts allow users to users to write small unmodifiable programs that ensure all involved parties are committed to a set of rules with absolute certainty.

Smart contracts as we know them today are rigid, and cannot be modified if the need arises. If there is a vulnerability in the system, then anyone can use it to their own advantage.
GoChain ensures that smart contract can truly act in a smart way, and they can be modified, paused, edited or canceled as the need arises, just like in the real world. This will ensure that businesses are not turned away by the lack of flexibility, and they do not need to start from scratch, if any errors are found, or there is a need for modification.

A problem decentralized solutions on the blockchain face is a tilt towards centralization, where a few players control majority of the stakes. This is everything decentralization is not, and it is part of the reasons the blockchain was conceived. In China for example about 75% of all mining activities are carried out by just 4 companies!

There is also the problem, where nodes are concentrated in one country. Assuming the government of that country decides to shut it down or take over, the ecosystem will be thrown into jeopardy.

GoChain has put some measures in place to fight against this. Rather than have a situation where nodes are centralised within one country, GoChain intends to use 50 different well known/solid companies from multiple industries in 50 different countries to act as validators. This is where employing the Proof of Reputation (POR) model comes into play. Large corporations have a lot to lose, if their reputation is tainted. Imagine what will happen to Pepsi, if they were embroiled in a case of fraud. It will affect the CEO, board, and their stocks. If it were small company in Kansas, they will most likely not be bothered, because they do not have much to lose by their reputation getting soiled.

These companies will be selected by criteria, which will consider factors like: If they trade publicly or it’s a privately held firm; their market cap, and also the significance of their brand.

Seeing they will be very important partners, they will be thoroughly screened through a series of validation processes that will be carried out with the help of smart contracts.

Spreading out the nodes will also ensure that a 51% attack on the system will not be possible. Moving to a Proof of Reputation (POR) model also impacts positively on transaction speeds. It also assists in decentralization, because it is a more advanced version of Proof of Authority (POA).

GoChain also uses less energy, because there are no mining activities, as mentioned earlier. This ensures that energy is 1000-10,000 times greener.

CONCLUSION
Sometime in the second quarter of 2019, GoChain is poised to increase transaction volume to 13,000 TPS. This will add one more reason for off-chain businesses to come on-chain.

GoChain is a service that will be beneficial for crypto companies, and exchanges such as Binance, Bittrex, and Blocktrades will have a lot to offer their customers, by moving to Gochain. This will ensure that costs will go down, while speeds and efficiency will go up, directly leading to a better user experience.

Also, such companies will be able to instigate a transfer from Ethereum to Gochain, without having to touch any code. This is important, because it is a huge problem for companies to make such massive migrations. Think of how difficult it is at times, to swap BrainTree for Swipe. But seeing the process is seamless, it will encourage more companies to take the leap, and won’t act as a hindrance. This is the perfect use case scenario.

Speaking of hindrance, as traditional companies see more positive reasons and less roadblocks, they will be more likely to take a leap of faith and come on chain. This is to go along with other factors, such as security, efficiency, lower transaction costs, better speeds and flexibility.

By removing the hurdles as explained above, businesses will be able to come on chain more easily, and as mass adoption occurs, the blockchain can only hit the stratosphere. In so doing, this will ensure that cryptocurrencies will be adopted widely, and they will thrive.

Improvements have been made in the time, since we last reviewed them. Their service is now live, and KuCoin has come on as a signing node on the network.

They are also now listed on Blockfolio and are on schedule, with respect to the roadmap displayed on their website.

These are signs of a company that is serious and truly cares about solving the problem.

TEAM