Blockchain Technology:

Blockchain is a continuous list of records linked together in a decentralized ledger system powered by a peer-to-peer network, collectively adhering to an inter-node protocol, communicating with each other and validating new blocks. each block has a consensus timestamp, which is a cryptographic hash linking it to the previous blocks, making blockchain modification difficult to achieve.

The first blockchain was built in 2008 by Nakamoto Satoshi, to serve as a public decentralized ledger for the cryptocurrency, bitcoin.

Smart Contracts:

Smart contracts are computer protocols used to create and enforce a negotiation of a contract between two or more parties and this is done digitally. Smart contracts are programmable, trackable and irreversible rules used to state the terms and conditions of a negotiation and the requirements for parties involved in the agreement, without the need for an external p[arty. Smart contracts are intrinsic in the blockchain technology. They were meant to be efficient and effective in functionalities, but the problems inherent in blockchain technology has adversely affected the deployment of smart contracts.

Problems of Blockchain

Some of the problems of blockchain technologies that have affected effective deployment of smart contracts include:

1. Speed versus volume:
   The speed of most blockchain technologies are very slow, in relation to the needed speed to effectively power up transactions, for instance, the Ethereum blockchain can only carry out 13 transactions per second, this speed is also reduced as the volume of transactions increases. This particular problem has crippled blockchain technology and has hindered moves towards global adoption of cryptocurrencies.
2. Lack of decentralization:

Most blockchain network is not fully decentralized as most o their mining functions are handled by large companies that have monopolized the system making it hard for decentralization to happen, for instance, over 70% of minings for the Ethereum blockchain is done by 4 companies in China. This has made it possible for most of the mining decisions to be made by these companies and effectively lead to lack of a decentralized system.

1. Energy consumption:

The energy used to run the Bitcoin network could power more than 3.5 million US households, 1 million to run Ethereum.
Ethereum’s estimated energy consumption at the time of this writing is 14 TWh and rising

THE SOLUTION

GoChain is a decentralized cryptocurrency and blockchain that has produced a solution to all problems o the blockchain network.
GoChain network uses a blockchain that is 100x faster and 7500x cheaper than the ethereum blockchain.
GoChain provides a solution to blockchain issues in 3 major means:

1. SCALABIITY:

   GoChain ensures scalability of Ethereum based nodes by creating an algorithm that makes it possible to efficiently carry out transactions in microseconds, having the ability to carry out over 1300 transactions per second.

2. DECENTRALIZATION:
   
   Using the Proof Of Reputation(POR) algorithm, GoChain ensures adequate decentralization of the blockchain to avoid monopolies, and government or bank influences from any geographical area affecting the workability of the blockchain. This ensures that consensus agreement must be made by all block producers and node signers to effect a change to the blockchain.

3. SECURITY AND EFFICIENCY:
   The efficiency of transactions is guaranteed as GoChain transaction fees are 7500x cheaper than the transaction fees of Ethereum blockchain. The security of users is ensured with GoChain because apart from comp[nies staking their reputation for effective node participation, users privacy would be ensured using an anonymity system, hence users details are safe.

PROOF OF REPUTATION

Proof of reputation algorithm works just like the Proof Of Authority with little improvements.
In POA , transactions and blocks are validated by approved accounts known as validators whose identities are publicly disclosed and as such, earn monetary incentives for that.
In POR, companies are used as validators, in place of individuals. According to GoChain, a company with a reputation to keep has more to lose than an individual and is less prone to bias than people.
To force decentralization, GoChain is implementing a system to use 50 companies from 50 different countries as validators, spreading the nodes geographically to avoid being monopolized by certain regions or government and/or large companies interventions.
To measure company’s reputation, GoChain plans to use some metrics including:

1. Market capitalization
2. Publicly traded company
3. Brand significance
   Amongst others.
   You can read more about it here

GoChain MainNet launched!

GoChain MainNet has launched since May 2018 and has been effectively carrying out over 1500 transactions per second at an extremely cheaper and greener means.

GoChain Wallet and GOTokens:

You can access GoChain wallet using this link. create an account to access the full features.

GoChain is now available on MyEtherWallet

GoChain RoadMap:

GoChain Team:

For More information about GoChain, use the following links
GoChain Website
GoChain WhitePaper
GoChain Telegram
GoChain Telegram Announcement
GoChain Github
GoChain Reddit
GoChain Bitcointalk
GoChain Twitter
GoChain Facebook
GoChain Medium

ALL UNSOURCED IMAGES WERE RETRIEVED FROM GoChain Website AND GoChain WhitePaper

This is my entry for Hive account@originalworks writing contest, join using this link
gochain2018