BlockChain Version 3.0

The growth of blockchain has been somewhat exponential over the past few years and the number of tokens and DApps being launched on the Ethereum network is now many and growing day by day as ICO's continue to create the tech companies of the future. As you probably know already, this stalwart network, second only to bitcoin was envisioned by Vitalik Buterin as a network for deploying smart contracts and this agility is what's made Ethereum so popular. However, Ethereum has serious scaling issues to meet.

Bulllet Train Speeds

Etherum is often tagged as a slow network that is capable of performing just 13 transactions per second. For instance, visa which is centralised and not blockchain, runs a huge portion of the planet's card payment system & operates at a very high speed of 24,000 transactions per second or (86million per hour). That's a lot of plastic swipes in a day and it gives you an idea of what a network running at thousands of transactions per second can achieve and this is what the Gochain is set to achieve.

What is GoChian?

GoChian is a next generation decentralised app platform and crypto currency that is compatible with current Ethereum Blockchain protocols but with the capability for more advanced smart contracts. Existing smart contracts, tokens and tools on the Ethereum blockchain will be able to lift and shift ( copy and paste) over to the GoChian blockchain seemlessly. This move being like a shift from a steam engine train, to a (新幹線) shinkansen ( Japanese Bullet Train ).

Features of Gochain

• 100 X increased performance with a launch target average 1300 transactions per second. Compared to 7-15 transactions per second for the Ethereum network. The goal is to scale to 13,000 transactions by Q2 2019. GoChian recently did a 10 hour test to showcase the speed of their soon to be released protocol and it does look impressive, with transaction speeds that clocked up to 1500 transactions per second. See more on the results here.
  
  Transaction fees will be cheap because there will be no clogging of the system that forces fees on transactors. Every time the Ethereum or Bitcoin networks get clogged, the fees go up. The fast transaction speed will make GOC ( Gochains token) a coin of choice for transactions as time is of paramount importance in the crypto-space.
  
• 1000 X less energy will be used to run GoChian compared to other networks which is of major concern to environmentalist. GoChian is a green blockchain that will attract a lot of attention form the media and is a good point of marketing. The electricity consumed to mine Ethereum and Bitcoin is shocking to say the least.

"The energy used to run the Bitcoin network could power more than 3.5 million US households, 1 million to run Ethereum. We think that's completely unnacceptable and unsustainable. GoChain will use a small fraction of the energy used to run other cryptocurrencies. "

• 10 X more decentralized than other networks with identified nodes in 50 different countries ran by various public listed companies. Monopolized mining and manipulation will be impossible. The name of this new form of consensus is called proof of reputation (POR). This is what GoChian will use to confirm it's transactions instead of using the consensus, proof of work ( POW) which led to 70-80% of Bitcoin and Ethereum mining being controlled by Chinese miners. This monopolization was due to extreme decentralization. The POR consensus may seem like a step back to centralization but GoChian sees it as a necessary middle grown.

"This is why we’ve come up with POR which uses companies as validators not individuals. A company with a reputation has a lot more to lose than an individual and is a much stronger deterrent to be a bad actor because the risk is much larger. A company caught cheating would not only be risking its reputation. It would be risking its entire market cap and the reputation of the officers and shareholders of the company. It would have significantly more to lose than any one individual."

PoR - Proof of Reputation

The main reason I think Proof of Reputation is a good idea is that public listed companies will have a chance to dip their feet into crypto by confirming transactions ( mining) before taking the plunge. It also makes sure that GoChain's network is spread out, in case of any nodes being shut down due to government regulations in one country.

GoChain's new consensus type Proof of Reputation is an upgrade to Proof of Authority but instead of individuals, it promises unprecedented levels of security by nominating publicly listed companies to stake their highly valuable Reputation as a select group of 50 nodes to secure the network. It's a really smart idea and one which has multiple fail safes. These private limited companies can't afford the PR disaster that would come up if they tried to cheat the system, (neither would they need to) and their stock price would fall in minutes, but they do have the resources and trust to reliably participate in highly valuable transaction based networks and so as a platform for business which is accountable, multinational and totally public & the miners owned by shareholders, Proof of Rep is incredibly attractive as a platform for anyone wanting to run a Blockchain app which requires high levels of integrity, (especially enterprise); financial services, credit systems, high currency throughput models. Corporate responsibility policy departments will also find it irresistible as a choice of platform on all three counts of Performance, Energy & Trust. Particularly as crypto opens up to a wider range of existing corporate participants.

Corporate Logos - source

GoChain promote mass adoption of cryptocurrencies

Most big companies and individuals have have the fear of embracing the world of cryptocurrencies for security reasons as many bodies have been defrauded in one way or the other on blockchains. But GoChain implements a POR protocol thus eliminating security as a draw back as it is also backed with smart contracts, thereby encouraging more businesses to come aboard.

The GO token

GoChain has its token that aids activities on the blockchain, also bringing about stability.

GoChain MainNet is Live

GoChain is live and ready to use, as users can create an account and start using GO tokens.

GoChain Explorer
GoChain Wallet
List of Nodes

KuCoin joins GoChain as a node

GoChain supported by Blockfolio

Meet GoChain Team & Advisors

Team Members

Advisors

Partners of GoChain

GoChain’s Roadmap

This is a roadmap showing how far GoChain has gone and what they intend to achieve.

Introductory video to GoChain;

This is an @originalworks sponsored contest, for more information click here

For More Information & Resources;

• GoChain Website
• GoChain WhitePaper
• GoChain Telegram
• GoChain Telegram Announcement
• GoChain GitHub
• GoChain Reddit
• GoChain BitcoinTalk
• GoChain Twitter
• GoChain Facebook
• GoChain Medium

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