Introduction
Most times I love to picture this fast growing age of ours as an electric powered train moving at maximum speed, heading to a virtual destination of limitless possibilities.
We live in a phenomenal era with a mile aging, super colossal plethora of technological gratification, appreciation and maximization. In today's world, recent trends of digitized transaction ledgers, smart contracts and nodes have integrated the networking and transactions of Cryptocurrencies, application development and peer to peer encryption void of retroactive alterations.
Ethereum, a once sought after, but gradually declining blockchain based distributed computing platform that featured smart contracts catalyzed by its operating system in the year 2014(upon its inception) was a smash and a "big bang" in the innovation of fascinating scripting language for application development. This advancement brought clamor and use of the networking system by various blockchain start-ups, application developers, research groups and Fortune 500 companies.
With preceding vast praise and confetti raining accolades, ethereum began to wane, this gave the public a reason to question its security, scalability and protocol functionality. This gave rise to the creation of the GoChain network.
What is GoChain ?
Conceived in the womb of an audacious hope to defy the odds of digitized transaction barriers and shortcomings, GoChain is a top notch, scalable, high performance, low cost and decentralized cryptocurrency and blockchain that supports smart contracts execution and distributed applications.
What does GoChain offer ?
GoChain offers an open decentralized networking in several countries run by unrelated people/companies. Prior to the GoChain appearance, ethereum promised a decentralized networking with respect to applications and portfolio management for developers, commercial industries and technology lovers. But recently, due to the advent of the major concentration of about 70% mining activity of Bitcoin in China, monopoly has set in, restricting access to a few high net worth individuals and financial agents. Thus giving rise to government interference and collusion.
GoChain intends to reroute the nose diving scalability of decentralized apps, ensuring that all eggs are not confined to one basket and that every potential investor, company, developer and net worker should have a free and healthy access to smart contracting, application development and digitized stable transactions.
Why GoChain is dynamic.
A flash of smile and a sigh of relief are some of the expressions that defines the countenance and reactions of people when they find out that GoChain offers a total upgrade. Not to put you in the dark, an upgrade simply denotes that existing users of ethereum wallets, smart contracts and application softwares can easily crossover to GoChain network without having to loose previous data.
Ethereum DApp Compatibility
GoChain is dynamic and passionately considerate in offering compatibility for existing DApps on ethereum. Thus helps developers to migrate their applications safely without having to write a single line of code. This feat is is super amazing and thrilling.
Technological Advancement
GoChain is a next generation decentralized application platform that supports very high transaction volumes with fast verifications. Unlike ethereum that can only process 13 transactions per second. GoChain intends initially targeting 1300 transactions per second which is 100 times faster than ethereum.
GoChain through its subsidized cost efficiency offers lesser and cheaper transaction fees which is 7500 times cheaper than the ethereum network.
Energy consumption
GoChain has weighed all the odds and has so many futuristic prospects to accentuate itself beyond mediocrity. One of the many amazing feats it tends to access is the consumption of less energy. Statistics reveal that the energy used to run the bitcoin network could power more than 3.5 million households in the United States and 1 million to run ethereum. GoChain intends using a smaller fraction of energy to achieve better results void of colossal power consumption.
GoChain and Proof of Reputation
With ethereum we saw the use of POW(Proof of Work) which is only hinged on computing power to process transactions. GoChain however enhances work ability and dynamism by introducing a new consensus algorithm called POR(Proof of Reputation) which is faster, cheaper and easy to implement. This helps to weigh potential publicly traded companies and subscribers based on the level of contractual capacity, reputation, size, integrity and goodwill in order to prevent fraud. Proof of reputation also functions by harnessing the strengths of companies all around the globe, having them act as nodes, this lessens government interaction and collusion.
Mass Adoption of Cryptocurrencies
GoChain enhances the mass adoption of cryptocurrencies by enabling companies and application developers make adjustments, perform coding operations that are readily accessible and it serves as a public ledger for all transactions on the network. This boosts integrity and trustworthiness and magnets new start up and even existing companies dealing in crypto financial assets and digitized money transactions to promote the mass adoption of cryptocurrency.
Conclusion
GoChain, unlike ethereum allows developers and companies to fix bugs and change programming codes according to will, desire and conformity.
GoChain is a next generation decentralized application platform that tends to supercede Ethereum smart contracts and programming. GoChain has taken flight, soared into the sky and remains every flying, spreading it's wings against the tides of technological glitches, mishap, malwares and inconvenience.
To learn more, kindly check these out:
GoChain Website
GoChain Whitepaper
You can also participate by following this link:
https://steemit.com/crypto/@originalworks/640-steem-sponsored-writing-contest-gochain
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