Ethereum - the platform for smart-contracts and decentralized apps, with incredible backing by famous players in the tech game - is being attacked. The Chinese brought NEO to life, and inspired TRON to follow their path. EOS raised absurd amounts of money and is already labelled the "Ethereum Killer", but has yet to deliver. And lets not forget Ethereum Classic, Ethereum Cash, Ethereum Movie Venture, Ethereum Gold, Ethereum Dark, iEthereum (oh come on...), Ethereum Cash, Ethereum Lite, did I mention Ethereum Cash? Actually, lets forget these last ones and focus on GoChain.
"Cryptocurrency and smart contracts are changing the world economy. (...) But, there
are problems in making this vision a reality. The largest and most immediate problems are
blockchain in its current form is not scalable, lacks real decentralization, and is using absurd
amounts of energy that is not sustainable. We intend to fix those problems with immediacy!"
Whitepaper
GoChain gets straight to the point. Other mayor cryptocurrencies are cramped, expensive (refering to high transaction fees of Bitcoin and Ether in the past), and consume dangerous amounts of electricity. GoChain focusses its Marketing on 3 key characteristics:
10x More Decentralized - Countering the phenomenon of mining migrating to China, GoChain forces nodes on various spots around the world for more decentralization and more security
100x Faster - GoChain has been tested to be stable performing 100 times the amount of transaction the Ethereum networks is able to process.
1000x Less Energy - While Ethereum uses as much energy as Iceland, Bitcoin uses more than three times that amount. This needs to stop, which is why GoChain proposes a different system to cut down on energy cost (more on that later)
The consensus Algorithm - Proof of Reputation (POR)
Proof of Reputation works like Proof of Authority (POA), validators are responsible for validating blocks in a blockchain. POA uses persons als validators, POR uses companies. A person has something to lose, if they perform badly, which is why they will act in the best interest of the blockchain to preserve their reputation and thus the blockchain. Companies however, have bigger resources and more to lose. GoChain plans on using 50 companies in 50 countries to force decentralization.
How does it work? In Bitcoins system, Proof of Work (POW), computers have to solve math puzzles to validate blocks. These puzzles became so complicated, that the computing power necessary to mine Bitcoin increased greatly. Imagine a puzzle where I ask you to tell me what 4 times 4 is. 16. Easy right? Now imagine I ask you what you have to multiply to get 16. Thats what a computer is asked doing (very simplified) in a POW system. Imagine the question would be, "find the numbers that you have to multiply to get 410,109,200,912.02". Your computer would have to perform millions of millions of calculations to find the right combination. Thats where we are with Bitcoin right now, thats what needs to change. In POA, authoritative nodes sign and validate blocks. That means, if a person screws up and gives a thief a billion coins by signing a bad block, his reputation is screwed (and so is the blockchain). That works for smaller communities. However, if the reputation of an entire company is on the line, it will go through greater lengths to protect it and it will act favorable to the blockchain. That system is able to carry more weight, figuratively speaking.
The MainNet Launch
After achieving strong testing results, GoChains MainNet will launch end of May 2018. Token Sale is starting May 1st, a little over a day from now. To fully understand the concept behind GoChain, I recommend reading their Whitepaper. When researching ICOs, Tokens and Cryptocoins, you should always check out their website, go through the team and check their work experience. Check out where I found out about this contest here.
This is a contribution to an @OriginalWorks contest.
Yours sincerely,
Some of my other posts below. Thanks for reading!
How To Explain Bitcoin To A Child
How To Explain Bitcoin To Your Parents/Girlfriend/Friend
Useful Links For Bitcoin, Virtual Currencies, Finances and Trading
How To Apply For A Job - Body Language And First Impressions
Building A Career - How To Deal With People + Do's and Don'ts
Sales Sales Sales - Things I Learned At Tesla And Enterprise
Colorchallenge Friday Sky-Blue : The Sky Over Marina/Croatia
Colorchallenge - Iceland - Photography - Landscapes - Waterfalls - Polar Lights
The Steemit Community And Its Weird Traits – 3 Ideas
Who Am I ???
The information in this Blog is for educational purposes only and is not investment advice. I am not a financial advisor. Please do your own research before making any investment decisions. Online And Cryptocurrency investments are a volatile and high risk in nature. Don't invest more than what you can afford to lose.
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