GoChain "Eradicating the limitations of Scalability, Transaction speed and Energy consumption on the Blockchain"

dontador (43)in #crypto • 6 years ago

Introduction

Blockchain technology came with the introduction of Bitcoin and since then many cryptocurrencies are being created on a daily basis. These development gave birth to the Ethereum blockchain. The second most infamous blockchain after Bitcoin.

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Currently, most smart contracts and tokens are based on the Ethereum blockchain. The use of smart contracts in the blockchain are now being executed by most financial systems.

The blockchain even with all its benefits are faced with limitations. In its current form the blockchain is not scalable, lacks real decentralization and uses a huge amount of energy for its execution. However, these limitations can be addressed using the GoChain platform.

GoChain

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GoChain is an Ethereum based smart contract blockchain platform, that aims to solve the problem of scalability, decentralization and security with ease.

GoChain aims to provide a scalable, low cost, energy efficient platform for digital currency and decentralized applications.

Currently, the ethereum network is not decentralized due to the fact that four companies in china account for 70-80% of all the mining activity for all the major coins/token including Ethereum.

In addition, the network suffer from slow transactions rate and low transaction volume. Ethereum can only process 13 transactions per second and given its usage by many smart contracts, an immediate solution is needed.

Furthermore, the issue of high energy consumption. The process of mining blocks uses an enormous amount of energy. The energy needed to power the Ethereum network is equivalent to 1 million households and this is totally unacceptable and unsustainable.

GoChain would solve these problems of scalability, decentralization and high energy consumption by introducing a new consensus algorithm called the Proof of Reputation(POR).

Therefore, anyone currently using the Ethereum network can transfer tokens with ease through the GoChain network to get 10 times more decentralization, 100 times faster transactions per second(i.e 1300 transactions per second) and 1000 times less energy consumption.

Proof of Reputation(POR)

Many crpytocurrencies adopt the use of Proof of work, Proof of authority and Proof of stake as its consensus algorithm to help secure their ledger system.

But, they are faced with problems such as poor performance in conducting transactions, lack of decentralization, high energy consumption, lack of transparency and accountability, bribery and network security.

POR is a consensus algorithm that depends on the reputation of its participants to keep the network secure. POR is an upgraded, stronger and more secure form of the above mentioned consensus algorithms. GoChain utilizes POR and this will impact positively in the following areas

Dentralization
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Unlike other consensus algorithms that use individuals as validators, POR uses companies as its validators. Reputation is a necessary factor in the business world and a company with a bad reputation will suffer on many levels.

Therefore, a company with a reputation has a lot more to lose than an individual. The companies will be chosen based on the market cap of the company, whether the company is publicly traded or not and the significance of the companies brand.

GoChain aims to use 50 different companies from 50 different countries as nodes to foster decentralization. Once a company proves reputation, they may be voted as authoritative nodes and can validate and sign blocks.

Furthermore, by spreading the nodes through out the globe, no one government can come in and take over the network.

Transaction speed

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Factors such as block size and block limit greatly affect the number of transactions per second. The fact that the [GoChain](gochain.io) network have a relatively small set of validators with know capabilities, POR is able to increase the block size and reduce the block times.

With POR, GoChain will increase the traditional 13 transactions per second on the Ethereum network to 1300 transactions per second.

Energy consumption

Mining involves the competition between computers to win blocks and this process consumes a lot of energy. However, POR uses authoritative nodes to validate and sign blocks.

Therefore, using of this trusted nodes means no mining and no wasted energy. With GoChain 50 nodes cluster, it will only require a small fraction of energy (approximately 0.001% of Ethereum network energy) to process transactions, run smart contracts and verify blocks.

Transparency and Accountability

The POR consensus model ensures that companies that act as validators can keep each other in check. Companies with reputation have a lot more to lose. Each company will try as much as possible to be transparent to its customers to avoid getting a bad reputation that will affect their market cap as well as the reputation of its shareholders.

DApps Compatibility

The existing DApps built on the Ethereum blockchain are compatible with GoChain. The transaction fees are 7500 times less than Ethereum transaction fees. Therefore, developers can migrate their application to GoChain to utilize the faster transaction speed they offer.

MainNet

The GoChain network is already operational. Their MainNet is live
You can check it out here

GOC Token

GoChain has its own token that powers the platform. Authorised signers would be rewarded GOC per block signed. The amount to receive will depend on the finalised block times.

Conclusion

The Ethereum network is currently face with a lot of limitations in the aspect of scalability, transaction speed and volume as well as energy consumption. GoChain is the best solution to address these limitations through the use of Proof of Reputation based consensus algorithm. With these limitations addressed, it will usher in a new era of blockchain technology where more tokens and smart contracts would be created using the Ethereum blockchain network.