A project which aims at solving the calability issues faced by many blockchain project today is at its mainnet. GoChain is not only intetested in solving these scalability issues! It is also puting into consideration locations [full decentralisation), means of mining and transaction cost.
WHAT IS GOCHAIN?
GoChain is a is many things better about block chain. It is better, faster and stronger. GoChain is a project dedicated to making blockchaing technology more scalabl... Handling the challenges with an innovative approach.
GoChain is uses ethereum wallet. This makes it easier for other crypt I currencies to easily transact with GoChain thereby reducing the traffic burden on the ethereum network and enjoy the speed and cheap transaction rates of GoChain
WHAT ARE THE ADVANTAGES OF GOCHAIN?
- TEN TIMES DECENTRALISED: Decentralisation is one of the power of blockchain technology however, most of the companies involved in the mining of etherum and bitcoin are based in China. Moreso, few companies take up about seventy percent (70%) of the mining process. This makes decentralisation of these blockchain services not not full. With this kind of decentralisation, it is very easy for government policiesto affect the operation of these networks.
GoChain have decided to use a full decentralised approach. They have different people/companies all over the world who runs nodes on the blockchain. They aim at having about fifty (50) companies/peoples from fifty (50) different geographical countries.
GoChain chooses these people/companies based on there PROVE OF REPUTATION (POR). Now the question should be HOW DOES GOCHAIN DETERMINE A COMPANY'S OR PEOPLE'S REPUTATION?
This they have solved by using three criteria which are
- Market Cap
- Publicly Traded
- Brand Significance
Companies with huge market cap will have much to Lose and for that, will be more serious than less market cap companies.
Companies who are public traded will work hard to maintain their reputation than private traded companies
Companies whose products have gained public interest will like to maintain their public reputation too.
ONE HUNDRED TIMES FASTER:
The etherum network processes thirteen (13) transactions per second. That is just eighteen thousand, seven hundred and aONEtwenty (18,720) possible transactions in a whole day in a network that over a million people visits. This most times makes transactions on the network slow. Transactions on the blockchain needs to be as fast as possible leaving no times to waste. On GoChain, one thousand, three hundred (1,300) transactions are processed per second. That is one million, eight hundred and seventy two thousand (1,872,000) possible transactions to be processed in a single day.ONE THOUSAND TIMES LESS ENERGY CONSUMPTION
The energy used to mine GoChain these crypt I currencies especially bitcoin and etherum is enough to power more than three million (3,000,000) house holds. GoChain considers it a waste of energy and unacceptable. GoChain requires very little amount of energy it can get from other cryptocurrency companies and not waste too Mich of the energy for mining.
Another wonderful feature of GoChain is its cheap transaction rate compared with ethereum. Ethereum will charge at least three (3) cents on a very good day when there are no heavy transaction on the network and assuming the price of ethereum is $750. Here is the maths. Assuming 1ether=$750
Your transaction fee will be like this
- Gas price: 2 gwei (2,000,000,000 wei) — for reference, 1 ETH/GO is 10¹⁸ wei
So* Gas limit: 21,000 — gas limit is how much of the gas price you’re willing to pay. Source
This is very expensive compared to GoChains transaction fees and the speed and security they offer with full decentralisation. A typical GoChain transaction rate is calculated here
If GoChain’s market cap were at $100M then each token would be worth $0.10, so the fee for a regular transaction would be:
0.000042 * $0.10 = $0.0000042
So each transaction would cost 4/1000 of a penny, 7500x cheaper than Ethereum.
Source
The commercial adoption
Current blockchain technology do not aloows companies to change their code after launch without going through hard fork. This sometimes can be time wasting and tasking too but GoChain has introduced a good measure that will allow companies to make changes to their codes after launch and still maintaining security and integrity of blockchain. The company may decide to choose for the votes of a certain number of people or to reach an agreement with certain conditions to be able to change the codes.
By doing this,it will be easier for companies to make amendments to accommodate more customers and updates products and services. This is what I call flexibility.
GoChain road map
GoChain has kept on moving steadily since inception keeping in teach their road map. They have achieved many with dates and still many to achieve
Dec 2017
Proof of Concept (COMPLETE)
Implemented proof of concept, proved validity of ideas.
February 2018
Private Sale
Private Sale. Build out testnet.
March 2018
Testnet live and available for review
Closed period for partners and media to try it and verify our claims.
May 2018
Public Sale
Public token sale.
May 2018
Public Network Launch
Mainnet live and open to the public with nodes around the world, supporting 1300 tx/sec.
Q4 2018
Next Generation Smart Contracts
Pausable, upgradeable smart contracts to prevent theft and reflect real world contracts.
Q1 2019
Apache 2.0 Licensed Rewrite
To increase Enterprise adoption of GoChain.
Q2 2019
13,000 Tx / Second
10x increase in performance and volume over initial launch.
More Information & Resources:
- GoChain Website
- GoChain WhitePaper
- GoChain Telegram
- GoChain Telegram Announcement
- GoChain GitHub
- GoChain Reddit
- GoChain BitcoinTalk
- GoChain Twitter
- GoChain Facebook
- GoChain Medium
640 STEEM ~ Sponsored Writing Contest: GoChain
gochain2018