Big revolutions are a matter of time
Throughout our history we have had important revolutions that were a turning point in order to have a better civilization. Important changes are never easy to accomplish because there will always be some people or circumstances that can work as a sort of resistance towards change, yet, every time, innovative ideas always find their way to the market no matter what, and they always fulfill their destiny, which is nothing more than being tools that allow us to improve our own world.
In the last decade, we have seen a new revolution taken place in the digital space. The rise of cryptocurrencies along with blockchain technology have the potential of improving all kinds of transactions we do in our everyday life. From the way we manage our accounting information, insurance and supply chain data, medical records, among other examples, today it is fair to say we are seeing the world changing right in front of our eyes, and as it is usually the case with technology innovations, it is changing for the better. Nevertheless, accomplishing something as significant as what this technology is trying to do, is not easy.
In this article, I am going to share with the community the current problems that are present in this industry, and the solutions GoChain have to offer, that could potentially make this project one of the most important for the success of cryptocurrencies in general.
The current problems in blockchain industry
Right now, the most important blockchain projects such as Bitcoin and Ethereum have serious issues that if not resolved, will prevent this superior technology to take over the world as its meant to be. These issues are mostly related with maintaining an actual decentralization, properly handling scalability and having an acceptable energy consumption.
One of the most distinguished qualities of these projects is managing the transactions in a decentralized manner, because it adds a new layer of security that wasn’t present in the past with the centralized old ways. With decentralization, committing a malicious attack is much more difficult because the computers processing the information are all around the world, instead of just in one place. So achieving malicious control of the majority of computers that are maintaining the blockchain is a titanic job and no criminal group has been able to do it. Therefore, the security of blockchain technology is certainly better.
The problem comes, when there is massive adoption and the amount of users making transactions increases in a considerable way. When this happens, if there isn’t enough speed to sign the transactions, the operations eventually will come to a halt. Something like this happened to Ethereum because they had a massive influx of users doing transactions in the different DApps (decentralized applications) Source while only being able to process 13 transactions per second Source , this is why their network couldn’t handle them all.
Another potential issue is a lack of proper decentralization in the mining activity, there might be places that because of certain interests, end up investing a huge amount of money to establish mining farms in the same place, if those farms given its big size ended up being responsible to 50% of the total mining activity, that would mean the entire blockchain project could be at risk in case there was a political decision against cryptocurrencies in the country in question. A proper decentralization implies having computers spread throughout the world, covering all the continents.
Finally, energy consumption has been a rising problem the past few years as more people has started taken part in these activities, for example on a recent report from Washingtonpost it was informed that “As Iceland has become one of the world's prime locations for energy-hungry cryptocurrency servers — something analysts describe as a 21st-century gold-rush equivalent — the industry’s electricity demands have skyrocketed, too. For the first time, they may now exceed Icelanders’ own private energy consumption, and some energy producers fear that they won’t be able to keep up with rising demand if Iceland continues to attract new companies bidding on the success of cryptocurrency”. Source It is very clear that the forever increasing consumption in crypto mining is not sustainable and cannot go on. The future is in more energy efficient blockchains rather than in energy intensive ones, like Bitcoin.
Every single one of thei issues mentioned are solved by GoChain as explained below
The GoChain’s solutions
The master move in which all of GoChain’s advantages are born, is the use of a new consensus algorithm based on the reputation of the entities that are signing the blocks, which is called Proof of Reputation.
With GoChain, there will be 50 selected companies in 50 different countries will be allowed to confirm transactions after passing verification, which will allow for a proper decentralization to take place since these companies will be all over the world, and given the fact their information will be public, they will have a lot of reasons to act in a responsible way, and do their best job for the benefit of everyone involved.
Besides, having reputable entities being in charge of confirming transactions, should increase the confidence people in general have over this project. Because it wouldn’t be wise at all for these companies to take advantage of their privileged position as block signers, since everyone will eventually discover any wrongdoing whatsoever.
Using this new consensus algorithm reduces the energy consumed by the network and the required time to confirm transactions which by the way, with GoChain its 100 times the speed Ethereum has, all of this is possible simply because there won’t be computers all around the world competing to see who is the first one in signing a new block, there will just be the established and reputable companies, and that will make everything much smoother.
GoChain’s potential impact in the industry
GoChain is compatible with absolutely every decentralized application, smart contracts and any other code that is running in Ethereum’s blockchain. It can be considered as a newer, faster and more advanced Ethereum.
Any developer that was worried about the scalability issues in Ethereum, and was discouraged to rebuild the code in order for it to run on another blockchain, should have zero worries now. Because with GoChain, they will have exactly the qualities they were looking for, which are faster transactions and proper scalability.
The total compatibility with Ethereum is clearly a wise decision given the fact Ethereum is indisputable the leader of the decentralized application’s sector, and any other competitor is years behind in terms of development. Because of this, it should be relatively easy for GoChain to gain some traction in the market really quickly, people with already advanced projects using Ethereum’s blockchain will be the ones who benefit the most, and they are also the most valuable as their projects will tend to be the more polished ones.
Besides, the ability to provide the developers with 100 times more speed than Ethereum without any complications when it comes to changing the blockchain that is being used, it will certainly allow for the amount of their users to increase comfortably, and therefore the amount of transactions, without suffering any congestion that could affect the experience when using the DApps.
Is it possible that some projects weren’t developed at all because of the existing issues, and the easiness in which Ethereum’s blockchain can become congested, but that will not be the case anymore, so we should expect even more innovations and new projects planning to leverage GoChain’s qualities, which would add much more value to the entire industry and surely help crypto become more widely used.
And if all of that wasn’t enough, there is another factor to take into consideration which is the reduction in energy consumption that can not only influence others into giving support to this platform, but is also good for our civilization in general. Wasting resources is never a good nor moral thing to do, and with GoChain we have the most optimal use of resources we can fin in a blockchain project.
Summary
Even though cryptocurrencies and blockchain’s potential to change the world is certainly real, there are some issues stopping that technology from reaching its full potential. The GoChain team is delivering to the market a new platform that solves those issues for the time being. Not only that, it also saves the developers that are already using Ethereum a lot of work (months or even years of work in some cases) because they won’t need to rebuild their code in order to take advantage of GoChain’s platform, they don’t have to change anything at all, which means they don’t have anything to lose when they decide to give it a try to see how GoChain works, and when they realize the fact that GoChain is much faster than Ethereum, they will probably choose GoChain as their #1 platform. This is important, because unlike other new platforms, GoChain is planning to serve developers with already working projects that are in need of a faster blockchain.
Along the increase in speed, GoChain also guarantees a proper decentralization in block signing activities, and an important reduction in energy consumption, all thanks to a new consensus algorithm, which is the real paradigm shift when it comes to GoChain, because every block signer will be held accountable (since the company's information will be public) for every irresponsible act they might do with their signing activities, this will allow for fair consequences to take place if necessary, but the most logical thing is for this new system to work as its meant to be, so every individual participating in GoChain’s blockchain can enjoy its many benefits.
Here you can see the video that I made sharing my thoughts about this project:
If you want to know more about this company, I invite you to visit their website.
If you want to know more about how this blockchain project works, please feel free to check their whitepaper.
If you want to read official and informative articles about this project, you can find those here.
And if you want to ask me any question about this project, feel free to leave a comment below.
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