GOCHAIN: REDEFINING SCALABILITY OF BLOCKCHAIN NETWORKS

winningman (45)in #cryptocurrency • 6 years ago

Introduction: Blockchain and Ethereum-based Networks

The blockchain which was heralded by bitcoin has gradually permeated the society especially for those with high internet usage. The prospects blockchain offer in terms of security and removal of third parties in transactions especially financial transactions have made it to be widely accepted in many parts of the globe. Over time and till date, efforts are being made by different organisations to improve on the existing architecture of blockchain all in a bid to make it better, safer and more beneficial for users.

When blockchain emerged following the creation of bitcoin, the sole use was for financial transactions. Later on, Ethereum emerged with additional features that revolutionized the blockchain further. Ethereum added an important feature to the blockchain known as Smart contract which enables users to perform transactions faster and in a more decentralized fashion. So to say, Ethereum made the concept of decentralization to be broader and better appreciated.

Smart Contracts was first coined in 1994 by Nick Szabo. Simply put, smart contract is a computer protocol designed to facilitate and allows performance of irreversible and trackable transactions without the middleman or third party interference.

Smart contracts were used by Ethereum where companies who model or build their blockchain networks on Ethereum blockchain develop tokens in exchange for Ethereum smart contracts to enable them to perform transactions on the blockchain. This translates to mean too much dependence on Ethereum and concomittant slowness in transaction processing as the numver of users keep increasing by the day. Scalability thus becomes an issue.

This traditional method of building blockchain networks and relying on smart contracts from Ethereum pose lots of challenges which include:

Speed: As many new blockchain companies are built on Ethereum, it limits the speed of transactions. Consequently. Currently, Ethereum only performs 13 transactions per second.

Decentralization: The idea of blockchain is to create a decentralized network. However, with too much dependence on Ethereum, this decentralization might not be as efficient as it should be. This is because Ethereum miners are concentrated in China; over 70% of them. Imagine what will happen if the Chinese government one day decides to look into their activities or interfere by coming up with stringent measures that will not be in the best interest of the blockchain technology. A collusion with the government is also a possibility and this will disrupt the activities of the blockchain technology peradventure it happens.

Energy Consumption: Bitcoin and Ethereum consume high energy in transaction processing.

"The energy used to run the Bitcoin network could power more than 3.5 million US households, 1 million to run Ethereum." - Source: GoChain

That's an incredible amount of energy that can be channeled into other sectors. Why waste that energy on cryptocurrency alone!

Solution to these problems and inclusion of further changes that will optimize transactions and functions of the blockchain are what GoChain has come to offer.

What is GoChain?

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GoChain is a public cryptocurrency with interesting features such as scalability, high performance, low cost, and decentralized cryptocurrency and blockchain that supports smart contracts and distributed applications.

It aims to solve the issue of scalability most modern blockchain networks are battling with.

Features and Benefits of GoChain

High Speed: GoChain processes transactions at a speed 100 times that of Ethereum. This translates to a 1300 transactions per second against 13 transactions per second performed by Ethereum.

True Decentralization: GoChain will work with people from different companies across the world.GoChain aims at having up to 50 companies in different countries to serve as nodes. This will make it difficult for the government of any country to unduly interfere and disrupt the system or transactions. Also, the problem associated with monopoly will be nipped in the bud. GoChain proposed 10 times more decentralization than what is currently obtainable from Ethereum based network.

Less energy Consumption: Energy consumption associated with Bitcoin and Ethereum are too high and unreasonable. GoChain has designed their platform to utilize just a minute of the energy used in running other cryptocurrency. The reduction is as much as 1000 times! This conserved energy can be channeled into other areas such as production or powering of houses.

Cheap: GoChain fees are about 7500 times less than Ethereum charges. You can relate what this means to cryptocurrency and blockchain users worldwide. More benefits, less spendings and more savings!

Ethereum DApp compatibility: GoChain did not emerge to abolish smart contracts or networks built on Ethereum. It is designed to be fully compatible with already built networks or Dapps on Ethereum. They can be easily transferred to GoChain network without developers going through the rigorous process of writing new codes. Thus by simple migration, these networks will start enjoying the benefits GoChain puts to blockchain technology without undergoing further stress.

Smarter contracts: GoChain invented a new technology of smart contract which can be updated, altered, rejected or even terminated depending on the agreement of those involved in the transactions.

Flexibility: GoChain will do away with the rigidity associated with the blockchain technology. Currently, developers find it almost impossible to make adjustments on blockchain such as bug fixing and code changing once it has been launched. GoChain plans to add a feature that will allow companies to change their codes. The company will simply set the condition that will be met or the method that will allow them change their codes. This means that GoChain is opened for continuous growth and inclusion of ideas to better blockchain networks.

Proof of Reputation (POR)

This is one key component of GoChain that sets it apart from other networks. It is a consensus algorithm which provides better, faster, more secure, transparent and smarter than the usual Prove of Work ( PoW), Prove of Authority (PoA) and Prove of Stake (PoS). GoChain PoR is a gigantic evolution and is designed to solve the myriad of problems associated with PoW, PoS and PoA. These include poor performance, decentralization issue, lack of accountability, bribery, network insecurity, etc. The graphic work below summarizes these problems and how PoR proffers solution to them

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PoR enables users to know companies that can be trusted. This is base on the reputations assigned to these companies. Certain criteria will be used to determine the reputation of a company. Size of the company which is a function of market capitalization - the bigger their market cap, the higher their reputation is a criterion for determining the reputation of a company. Other criteria include Public trading, branding significance, etc. So with these factors, companies will be assessed if they should be assigned a node or not.

GOC tokens

GoChain has developed their own token to power the economic activities on the blockchain. Trusted nodes will receive GOC tokens upon validation. See the token economics distribution below