The current state of the ETH blockchain & DApps
To start with, ETH is an open source, public , blockchain-based distributed computing platform and operating system featuring smart contract functionality.
Currently, ethereum is being faced with myriapods of problems or challenges ranging from complexity, network size or scaling, transaction cost, speed, security flaws and politics.
High transaction fee
Although, the number of transactions carried out on the ethereum blockchain are accounted for differently than the exact size. However, users of ethereum currently pay for the execution of smart contracts and each block has maximum number of execution units which seems to have led to a transaction capacity roughly twice that of bitcoin.
In a recent transaction made by a friend, a widely varying transaction costs when using the ethereum wallet have been seen which still left us agape and in a state of confusion as regards the computation of the fee range. There was a time two different transactions were made on an ethereum wallet, and an absurd fee was charged.
In the first transaction, a transfer of $18 in ETH was made and the transfer fee charged was $0.41; while in the second transfer, $0.95 in ETH was made and a transfer fee of $0.59 was charged. This is quite absurd as to how the fee charged was calculated. Isn't this ridiculous enough? What could have caused the high fee charged? Isn't this a decentralized platform and one of it's benefits over traditional routes of exchange should have been a negligible transaction fee rather than the ones shown in the two instances above?
Perhaps, ethereum is not a viable platform for micropayments.
Flaws in Security
The most important element as regards keeping one's wallet safe is security which seems to be compromised on the ethereum platform. If it should be recalled that in May 2016 when the ethereum project, by the name DAO or decentralized Autonomous Organization successfully raised $110 million dollars to make it the largest and crowdfounding campaign which is not only in ICOs, but the largest crowdsorting in hosting of human.
Only two months after it was launched, a series of vulnerability in the software were found and hackers were able to steal over $50 million dollars and this resulted in a plunge in ETH price. This breach in security keeps recurring overtime without any fixed solution.
Low Transaction speed
The Ethereum blockchain would only be able to carry out 13 transactions per second, which seems very low and slow as a result of how fast its growth is. Since the platform is growing bigger and complex in size, a more efficient platform should be built such that various transactions will be carried out within a second.
Politics
This may sound funny but believe me, politics exist in the crypto world. About 70-80% of ETH are mined in China thereby leaving a very small portion for other parts of the world. This makes it seems centralized rather than being decentralized which leads to uneven distribution of benefit.
Permit me to ask these questions;
Who doesn't want an improved security to keep his funds safe?
Who doesn't want a faster rate of transaction?
Who doesn't want a lower transaction fee?
Obviously, No one! All the problems or challenges addressed above will be enormously eradicated by; GoChain
GoChain is here to give the best answers and solutions to these.
What is GoChain and how will it change the smart contract application?
GoChain: Is a smart contract platform blockchain, and a cryptocurrency that is faster, smarter, stronger, and better than it's forebearers.
The validation to this acclaimed definition is expressed below...
GoChain is;
Faster and Smarter because, it has a transaction speed of 100 times that of Ethereum and this will greatly enhance or improve both existing services and new types of project.
Stronger because; it is a thousand times(1000x) energy efficient . Energy efficiency is one of the major problems faced by number of blockchains operating with a POW (Power Of Work) network which consumes a whole lot of energy. GoChain however, will adopt the use of POR (Power of Reputation). This will make it a more better platform as it frowns at any fraudulent act and any company that does, will be dealt with as such company has a reputation to keep.
Compatibility; GoChain is so much compatible with the ethereum blockchain thereby making smooth transition from the ethereum blockchain possible.
For these qualities explicitly explained, GoChain is deemed superior to its forebearers in the world of digital currency.
In addition, GoChain will be greatly decentralized over 51 countries unlike ETH which larger percentage, say 70% is being mined in China as explained above. The purpose of decentralization is to ensure even distribution of the mining. Ensuring even distribution will bring about widespread of benefits .
Source
The effectiveness of the 100x transaction speed.
GoChain Testnet is Live and Load Test Results!
Sourse
~1300 transactions per second over 10hours
Transaction speed is the number of transactions a blockchain can carry out within a specific period of time. Just imagine how fast having a hundred times the transaction speed of the ETH blockchain would be. When talking about transaction speed, there are some factors that should be well considered. Factors like;
- Bandwidth and blockchain creation speed
- Loads
GoChain, with a 100X transaction speed of the ETH blockchain will have a positive influence by increasing bandwidths and block creation speed. With this put in place, the issues of delays associated with some blockchains, such as the traditional blockchain systems will be eradicated.
In the same manner, the high transaction speed will also enable the GoChain platform to withstand or resist high loads in the distribution of tokens.
These coupled together will make an efficient and effective blockchain people have always wanted.
Benefits that companies will derive by moving codes from the ETH blockchain directly to their GoChain
- Uncompromised Security
- Efficient performance
- Proper resource management
- Low transaction fee
- Improved network size or scaling
- Improved transaction speed
Advantages of saving 1000x on power consumption
- It lowers the cost of maintenance of the blockchain.
- More of the energy conserved will be put into mining more of the cryptocurrency.
- It reduces the amount of energy dissipated by mining process unlike other cryptocurrencies such as; BTC and ETH
Benefits of GoChain POR protocol
POR--Prove of Reputation
- Brings about low consumption of energy
- It ensures high level of security
- Boost in the transaction speed
All due to reasons already explained.
Summary & Conclusion
The GoChain blockchain with respect to the various problems encountered by the users of the ethereum platform, ranging from compromised security, high transaction fee, small network size and slow transaction speed; has come up with ideas to proffer fixed solutions.
The GoChain blockchain promises to be safer, faster, smarter, greener and better in all respects. Very compatible with the ethereum blockchain and consumes lesser energy.
I have already signed up and patiently waiting for the ICO to come up in the next two days.
If you want to know more about this, visit their website here
If you want to know more about how this blockchain works, visit their whitepaper here
Say Hi to the PILOTS
There is an indigenous proverb that holds that there is no smoke without fire (By now, you must be wondering why I can't get enough of the word, smoke. Well no, my house didn't just recently get burnt to the ground). So, the point I am driving at here is that behind the smart invention of the GoChain blockchain is an engine of highly impressive team members revved by Jason Dekker and Travis Reeder. There are lots of male pilots tending to the train to ensure its successful operation. And there is one hostess who is there to smile at passengers, assay their doubts and explain all over again that you are almost as good as being at your destination. She is Brooke Hansen. You can drop off a mail at her desk by looking for the message icon at the far end of the GoChain website.
It is difficult to ignore the widely dispersed rumors about the absence of a CEO for a good period of time, something that is perceived by ICO critics, with a zero level of tolerance, as a bad omen labeling Gochain as a ticking time bomb. My curiosity being piqued, I joined the Telegram group to hear from the horses' mouths themselves, and it didn't take me too long to discover this:
This, being a logical renunciation of the alleged rumour, I do hope that many can put off the dark cape garbed on this emerging blockchain by skeptical critics and truly come to recognise that the revolution we have all been waiting for has stopped by our virtual train stations, in form of Gochain, which is waiting for passengers to book their tickets (or tokens, in this case) and be drifted away from the scaling issues of the Ethereum network, taken through a charted course of place values, and into Glory land.
For all the information you need, you can check out the GoChain Whitepaper, visit their website or join them on Telegram.