The GoChain is a Standalone Blockckchain solution built on the back of the pre-existing ethereum codebase that allows for great scalability. It currently has an average tps (transactions per second ) rating of 1300 transactions per second with stability and can run as high as 2400 tps. The GoChain Solution addresses “the three (3) elephants in the room” that is Blockchain Platform.
(
Source:
- Scalability
- Decentralization
- Security
With 10x more decentralization, 100x more speed and a 1000x less energy consumption. It’s a greener world with The GoChain Solution. Coming with a quick and efficient solution to the scalability issues faced by the blockchain community. It offers Ethereum users a lifeline that will enhance the flexibility and feasibility of smart contracts.
The GoChain Solution has changed the face of smart contracts which is fast becoming the order of the day in the world. In the POR, only companies with a significant amount of reputation and market cap will be granted the right to be authorized signers (Trusted nodes that create blocks, sign them, and distribute them to other nodes without mining cost).
The GoChain promises a great amount of speed and volume of transactions because of the use of trusted nodes , transactions are verified very quickly, boosting transaction rate. These improved speeds encourages a higher patronage by blockchainers because in the end , what everyone wants to know is “how fast can I get my money?” and “is my money safe?”
The cross platform compatibility of the GoChain with the ethereum will be a welcome upgrade because compared to the ethereum, the GoChain allows for very realistic smart contracts in the sense that they the can edited, paused or terminated. This allows for more flexible and smoother transactions which leader to a bigger fan base.
The GoChain employs the proof of reputation (POR) algorithm. POR improves on the proof of authority (POA) with more reliability and security. The POR involves the use of companies as validators (Validator is a person that process and verify transactions carried on a block chain platform in exchange for monetary incentives and rewards) as opposed to use of individuals in the POA. These validators have to put their identities on the line so as to reduce the risk of fraudulent acts. The GoChain use of companies is a much stronger and more secure approach because they have more to lose than a single individual. The requirements to be a validator company (Authorized Signers) are a high market cap, public trading and a high brand significance. This ensures a high compliance to anti-fraud rules as these companies have a lot more to lose. The consensus protocol ensures fairness and liveness by incentivizing the assigned signer of a block to perform the signing but also allowing other blocks to sign if the assigned signer is unavailable. The assigned signer for a block is determined by a round-robin lookup of the authorized signer list.
If the assigned signer doesn’t respond then then other signers can sign at a lower block difficulty level. With the GoChain proof of reputation (POR), you are assured of more steady, secure and quicker smart contract network.
In its campaign to force decentralization , there will be a widespread chain of 50 validator companies in 50 different countries to reduce the risk of hostile take-overs by powerful parties like the government.
It’s a greener world with GoChain, by using a small number of trusted authoritative signers there will be no need for mining, reducing the amount of energy needed by these signers to run smart contracts, process transactions and verify blocks. Companies spending less money on power means a higher profit margin. Ethereum’s estimated energy consumption at the time of this writing is 14 TWh and rising [32]. Assuming 450W power usage per server [31], our 50-node cluster will only use 197.1 MWh or 0.001% of the energy of the Ethereum network.
With GoChain as your blockchain, you can be assured of a smarter, stronger, better, faster array of your crypto-smart contracts.
GoChain2018