The advent of cryptocurrency and smart contracts is a blessing every single soul can attest to, not just in the ease in business and currency transactions, but also in the revolution it has brought to the world.

The ease, fastness and frictionless contribution it brings is second to none. In case you might be wondering what ‘smart contracts’ means, it is a protocol of the blockchain family that aims at eradicating the presence of third parties in businesses and also facilitate the performance of a contract.

It has made its case in the business world, global adoption is on the rise, more people are adopting the system.

However, the difficulty in processing many transactions in a second is becoming frustrating in the world of cryptocurrency and blockchain at large. By the end of this, I intend introducing a technology that will move from 13 transactions a second to 1300+ tps.

This idea however, can only be done by moving to POR(Proof of Reputation) and by dealing with the large amounts of data in ways that allow for much faster speeds. Now go with me as I unfold more to you.

PROBLEMS ASSOCIATED WITH OTHER SMART CONTRACTS AND BLOCKCHAIN PLATFORMS

NO REAL DECENTRALIZATION

If you are a careful follower of the blockchain technology, you will notice the incessant proclamation of decentralization , but there is no real decentralization seen in most of this technologies and this pose a big problem as regards to integrity and reputation.

The implication of this is that there is an increase in numbers of people adopting the blockchain without a corresponding increase in its size. The main thrust in decentralization is the assurance of no direct ownership or control by any group or persons.

But, when you look at most blockchain technologies, you will notice a huge mining and ripping of the pool by group of persons especially as can be seen by most corporations in USA and CHINA, this does not agree with the concept of decentralization.

Maybe they are not to be blamed, but there should be a fair ground to every mining and distribution.

ENERGY CONSUMPTION

The use of proof-of-work (PoW) makes it so hard and tiring in mining blocks, energy needed to process many is now used to process so little. You will agree with me that the intended use of the proof of reputations is sure going to knock of this and place at the very climax blockchain that use it. POR is an upgraded, stronger, and more secure form of Proof of Authority (POA)

PoW requires non-trivial computational work by mining nodes which, in turn, makes it cost prohibitive for a bad actor to perform malicious acts. This computational workload requires energy.

Many blockchain technologies use the proof-of-work and thereby bringing about much energy input. Hence, a major problem.

LOW SPEED AND VOLUME

When you look at some crypto currencies, you will notice the difficulty in processing transactions. Imagine Sending a friend some ethereum and you are made to wait for a long time before the transaction is verified, how annoying and frustrating.

Transactions are meant to happen real fast and also processed very fast too, the number of transactions processed in a second is an indication of how swift a blockchain technology is. But, there is a hope to solving this issue.

INTRODUCING Gochain

Gochain is a blockchain platform that seeks to end the problems associated with other blockchain technologies. Gochain supports smart contract and distributed applications.

It exists as a public cryptocurrency with fully compatible ethereum wallets, which implies that all developed tools on ETH work perfectly well with Gochain and other tools that makes it very scalable, low in cost and efficient in use

Gochain has a fantastic fast transaction rate as compared to other blockchain technologies and a contract execution that is top notch.

Gochain has evolved in that, it has launched a MainNet and has partnerships with companies like Kucoin, who will act as nodes

100x faster transaction

Most ethereum transactions take longer time to process few transactions. Gochain has through its use of the Proof of reputation brought that the number of transactions in a second. The POR has a different kind of upgrade that fits into the proof of Authoriy to bring about its indispensible decentralization

1000x less energy

Less energy consumption makes Gochain outstandingly excellent. By the extended use of energy conservative algorithms, Gochain has been able to reduce the energy input in the mining of blocks .

GENERAL BENEFITS OF GOchain OVER OTHER BLOCK CHAIN TECHNOLOGIES

• Cheaper and more efficient projects
• Less time and energy consumption
• Larger customer-base
• Scalability across all platforms
• Enhanced and improved services
• Faster transactions
  

AUTHORIZED SIGNERS IN Gochain

Authorized signers just like miners in a blockchain create blocks and sign them as well, just like the name implies, only authorized signers will be able to create blocks. The signing algorithm is related to the signature algorithm in PoW.

REWARDS FOR SIGNERS

Authorized signers will be rewarded with Gochain coins (GOC) which is per block signed. The rate is 5% of the total tokens which is 50,000 new tokens in year one.

This rate will decrease over time. The amount per block will depend on the finalized block times. If block times are 10 seconds for example, then the node would be rewarded an average of 15.9 tokens per signed block in the first year. There will also be small transaction fees that the authoritative node that signs the block containing the transactions will keep.

USE OF PROOF OF REPUTATION

Gochain has incorporated and changed the consensus algorithm from proof of Work to Proof of Reputation (POR).

POR is a better and more secure form of POA. In the use of POR, there exists the presence of validators, and as the name implies, they validate transactions, ensuring that it makes transactions faster and efficient.

These validators are publicly known, one thing is particulaerly different in the validators in Gochain. It uses companies as validators and not individuals

Since Gochain intends using companies as validators and not individuals, it has mapped out 50 companies in 50 countries to serve as validators, that will enforce decentralization. The extensive distribution of validators will remove the possibility of countries like USA or china to monopolize the system, hence bringing about even decentralization.

Gochain will choose validators and selection process will follow suit in order to get the best companies to spear head this revolution. The companies will be selected based on the following two

Size of the companies, their market cap, their reputation worth, determine if the company is publicly traded; this ensures the company has a certain level of transparency and governance obligation as well as immediate stock price repercussion as a result of poor behaviour.

Significance of branding to the company; this determines the effect of ruining their reputations and getting acquainted with the dependence of the companies on branding

SUMMARY AND CONCLUSION

With the exciting benefits of 10x more decentralized, 100x increase in speed and 1000x improvement in energy consumption, there would be an influx of users on this block chain. I am so positive about this, and am convinced that Gochain is sure going to be the next big thing

The idea of also creating DApps will make people eager to patronize this platform. Also, the ability to toggle codes on the blockchain is another plus to the wealth of feature being seen already.

Decentralization issues is solved and we can start making bold claims to it as a feature of the blockchain, as against the supoosedly fake decentralization witnessed by other platforms
GoChain is here to stay and here to rule

TOKEN ALLOCATION IN GOchain

MEET THE TEAM

INTRODUCTORY VIDEO OF GOchain

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

Images were gotten from GoChain Website and
GoChain WhitePaper
My entry for originalworks contest
gochain2018