GoChain- A faster, smarter, greener, better, cost-effective & a more decentralized blockchain solution

The unique features about blockchain technology are- decentralization, immutability, secure database etc. This technology completely eliminates the role of a third party and makes the deal between two people trustless. The very first blockchain was Bitcoin Blockchain. After that many new Blockchains evolved. Etherum was the next best evolution of blockchain which supports smart contract, decentralized applications. The smart contracts bring many types of use cases to the blockchain realm and since then we have seen many other types of blockchain projects which are trying to take the implementation of blockchain technology to the next level or so. But the blockchain domain is still pegged with some generic issues. Although over the last 2 years, both Bitcoin & Etherum have progressed to improve on some of the issues, the bottleneck still remains and needs improvement.

Existing issues

Scalability

Scalability has been one of the generic issues since the invention of Bitcoin. With the invention of blockchain technology & Bitcoin, the world realized a decentralized protocol upon which the businesses, transactions carried out in a decentralized way, in a secured way. But the transaction throughput remains as the bottleneck. The bitcoin's scaling capacity is 6 tps on an average whereas for Etherum it is 13 tps. The centralized system scales more than 50000 tps. So the blockchain in terms of scalability is not at all at par with centralized systems. This issue makes blockchain implementation difficult. As the traditional centralized technologies are scalable and people may recognize the decentralized concept but may not implement it owing to scalability. So this is one of the major generic issues both with Bitcoin and Etherum. Although Etherum's scalability is better than Bitcoin, it can not be said that it is sufficiently scalable.

Decentralization

Both Bitcoin & Etherum have proof-of-work consensus mechanism. So the miners are responsible for keeping the network safe in a decentralized manner. We can read in the whitepaper that the network is decentralized & distributed. But is the ground reality the same as we are made to understand? Is it really distributed across the globe? The statistics do not indicate that. A major concentration of mining power is with 4 to 5 major mining farm and most of them are located in a particular region(China). Then don't you think that they can make collaboration and collusion and once they have the 51% computing power, they can manipulate the things in favour of them. So the concept of PoW has to be reviewed and re-looked to ensure that 51% attack is only hypothetical and can not happen in reality.

Energy consumption

Both Bitcoin and Etherum's consensus algorithm to secure the network is proof of work method where the miners are responsible to validate the blocks and secure the network. For that, physical mining set up is required. But PoW mining is really not environment-friendly and a significant amount of energy is consumed in the entire process. So to achieve a decentralized way of doing business, we can not risk the long terms impact of this significant energy consumption. Even if the cleaner source be used for mining, the other aspects may become costly for the miners. So it may not be a real solution to go with PoW based mining.

Rigid Smart contract

Once a smart contract is deployed on the Ethereum blockchain, the contract can't be modified, means it is rigid. So they can not be made to adjust to certifiable changes. In a similar vein, if a blunder exists in the contract, then also it can't be adjusted or updated. This implies noxious exploitations are unavoidable. Truth be told, there are open records of exploitations on smart contracts that cost a large amount of US dollars because of this rigidity. What is needed, is that a flexible smart contract.

To mitigate the aforesaid issue, Gochain aims to offer a new horizon and it offers a real blockchain solution.

GoChain

GoChain offers a blockchain platform where dapps can be built in the fastest way and it is compatible with Etherum. It also offers reliability and better performace for private networks. It also extends enterprise services for the implementation of dapps or private blockchain infrastructure. Above all, it aims to address the existing issues of major blockchains like Bitcoin & Etherum.

It is more decentralized (10x more), it is faster (100x more), it consumes less energy(1000x less) than Etherum blockchain. Above all, it is cost-effective as well (7500x cheaper). GoChain's consensus algorithm is proof-of-reputation where the reputation is probably the secured version of a consensus and definitely better than PoW.

Key Components & Features

Proof-of-Reputation

GoChain relies on Proof-of-Reputation algorithm where the reputation works by assigning companies as validators. The companies are picked in such a way that it is well distributed across the various parts of the world and the reputation is assessed by:-

• Market cap- Higher the market cap, higher is the reputation.
• Publicly traded- How open the company in its business, how obliged is it in its governance model, how transparent is it, etc. Simply put, public companies earn a better reputation than private companies.
• Brand significance- Strong public brands earn a higher reputation.

When the companies demonstrate their reputation to GoChain, they would then be able to be voted as validators.

PoR(Proof-of-Reputation) offers better decentralization, lesser energy consumption, better scalability and better security.

Flexible Smart Contract

The existing blockchain, does not allow the developers to fix bugs or to modify the code(if it is erroneous) once a smart contract is deployed. So if there is any flaw in the smart contract then it may not fulfil the business objective and it may end up in chaos. So instead of rigid smart contract, GoChain offers a flexible smart contract which allows companies to update their code. Companies can also decide on the method which allows them to change the code.

Etherum DAPP compatibility

It is compatible with Etherum and it supports the existing DAPPS of Etherum and those who want to migrate from Etehrum to GoChain can easily do so and they won't require to write any code for that. Moreover, GoChain can be cost-effective (to the extent of 7500x). The DAPPS can further enjoy better speed (100x better in comparison to Etherum).

Services

GoChain also extends services in implementing blockchain solutions. The experts can help from conceptualizing an idea to finally bringing it to reality and the workshops offer better insight to blockchains in depth.

GOC Token

It is the native token of GoChain. The authorized validators of blocks in Gochain are rewarded with GOC tokens. The number of tokens depends on the time taken to validate the block.

Benefits

• As validators are spread across 50 different companies and across different geographic locations, a better sense of decentralization prevails in GoChain.

• As in PoR consensus, the number of validators is small but with better capability, it achieves greater block size and lesser block times. So it improves the scalability significantly.

• It is environment-friendly. When the world leaders are seriously looking into global warming, we can not take this aspect so casually. In that sense, PoR is Eco-friendly.

• Flexible smart contract can fulfil the objective of business in a better way. The developers can also find it very friendly.

• Reputation-based consensus is better in tackling 51% attack.

• It is fully compatible with Etherum's wallet, smart contracts.

• It is 1000x greener.

Comparison of GoChain with Bitcoin & Etherum

Rating 5/5

source

Conclusion

GoChain in its blockchain solution is straight to the business where it offers a better solution to the existing issues of blockchain majors like Bitcoin and Etherum network. It also offers a simple migration for the Etherum dapps where the developers don't need to write any code. It encourages the DAPP ecosystem and the business can enjoy better speed, it is now more secured, more decentralized and last but not the least most cost-effective. I think these are sufficient for mass adoption and blockchain implementation in businesses.

More Information & Resources

GoChain Website

GoChain GitHub

All the images are from the official website of GoChain