WHAT IS GOCHAIN?
A Better Blockchain and Cryptocurrency
GoChain is a scalable, high performance, low cost, and decentralized cryptocurrency and blockchain that supports smart contracts and distributed applications.
A public cryptocurrency
Build decentralized applications and rock solid smart contracts
Fully compatible with existing Ethereum wallets, smart contracts and other tools
Fast transactions and contract execution
Next generation decentralized app platform goes beyond Ethereum smart contracts - coming Q4 2018
WHAT IS GoCHAIN OFFERING?
Simply put, GoChain is better, faster, stronger and faster than the Ethereum blockchain. Now let's look at how much improvement we are talking about.GoChain's mission is to provide a scalable, low cost, energy efficient platform for digital currency and decentralized applications.
10x More Decentralized
Open decentralization did not work as intended as more than 70% of mining is in China and the majority of that is run by just a few companies. GoChain forces nodes to be in different countries, run by unrelated people/companies.
Goal: 10x more decentralized
100x Faster
GoChain will support very high transaction volumes with fast verifications. Ethereum can only process 13 transactions per second, GoChain will initially target 1300 transactions per second.
Goal: 100x more transactions per second
The GoChain has been designed to handle an initial 1,300 transactions per second with the planned upgrade to amplify it's capability to 13,000 transactions per second by the second quarter of 2019.
It can perform much faster due to the removal of the hashing algorithm required for PoW and having a few nodes instead of the hundreds of thousands earlier blockchains use.
GoChain is also going to use Off Chain Cloud Storage for data not currently needed to optimize storage space required to run a node.
1000x Less Energy
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.
Goal: 1000x less energy consumption
BlockChain Version 3.0
Blockchain has grown up incredibly fast over the last year or so and the amount of tokens & DApps being launched on the Ethereum network is vast and growing by the 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.
Bullet Train Speeds
A slow network, Ethereum is stuck around the low double digits and is often cited as capable of 7-15 transactions per second. For example, 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, leaving Ethereum's sloth pace, hanging back in the trees, covered in algae.
(Remember though, Visa can only do Visa transactions).Database sharding, potentially lessens Ethereum's need to run full nodes and can partly address the inherent scaling problem, but it's only a sticking plaster, so new ground up chains with radically different approaches (& consensus algorithms) have begun to leap from the drawing board, straight into the cryptosphere to meet these rapidly evolving challenges head on, before crypto hits total gridlock.
How Could I Possibly Move from Ethereum ?
But what if you had spent over two years or more, (considerable effort) and most of your initial investment building your business model around Ethereum. Up until now you might have been stuck with the hopeless inevitability that your groundbreaking blockchain solution for (insert pretty much any business problem here) was too quick out of the blocks and was forever stuck in the slow lane, on the slow chain, now destined for the evolutionary garbage pile, but wait, there's hope.
It's a totally new solution and it enters ICO phase on May 1st 2018. GoChain promises to seamlessly transplant (lift & shift) your fully working project (or your as yet unveiled & top secret, dream codebase) from Ethereum onto a totally new platform, future proofed and innovative, with some serious advantages to Blockchain 2.0 offerings, which are beginning to lose their shine in an exploding sector.
Blistering Pace
In addition to a blistering 1,300 transaction per second straight out of the box, it comes with a totally new consensus type which addresses a whole raft of existing blockchain V2.0 legacy issues and it's one which is potentially a game changer, not just for smart contract developers but for the whole sector itself. Sounds like a no brainer; a crypto upgrade in a box and one which might help the emerging sector's mainstream media image problem when it comes to energy, trust and provenance. GoChain aims for a fully accelerated 13,000 transaction per second blockchain production rate by Q2 2019. There's the exciting series 2.
Thinking Person's Blockchain
GoChain is a thinking person's Blockchain and it's been carefully devised to replace Ethereum's overloaded network while improving on both Proof of Work and it's lower energy cousin, Proof of Stake. Proof of Work was a clever idea to solve the issue of double spending but it is energy intensive and has become a bit of an arms race as the network expanded. Back in 2010 you could mine 1 bitcoin per day on a normal pc. Try that now and you'd be here until the end of the Universe and while Proof of Stake may have lowered the energy threshold, It didn't solve the the decentralisation issue with mining (still being) quite lopsided by the incursion of major stake holders (doing most of the work) and thus losing the essence of the key concepts of decentralisation.
Burning Down The House
As hash complexity increased, so did the processing power required. $12m per day in electricity for Bitcoin and Ethereum. That's enough to power the entire City State of Singapore and Proof of Stake was devised to cool down the difficulty level of hashes so that much less processing power (and electricity) was used.
"Ethereum’s estimated energy consumption at the time of this writing is 14 TWh and rising [32]. Assuming 450W power usage per server [31], our 50 node cluster will only use 197.1 MWh or 0.001% of the energy of the Ethereum network." Source GoChain Whitepaper
PROOF OF REPUTATION
The first security measure applied to the blockchain was Proof of Work.
While Proof of Work was competent for preventing double spending, it's energy requirements were simply not sustainable.
Proof of Stake was adopted and required less energy but it was still susceptible to the 51% attack which is the opposite of the "decentralized" network the blockchain aims to achieve.
GoChain replaces both if them with Proof of Reputation. This basically replaces thousands of nodes with a few nodes significantly reducing "syncing time" and the need for hashing.
The Proof of Reputation (PoR) consensus is a model that depends on the reputation of the participants to keep the network secure. The node runners(block signers) will have significant reputation important enough that they would face grave consequences (financial and PR) if they were to be found out cheating the system. GoChain will nominate the initial publicly listed companies (PLC's) to stake their highly valuable Reputation as a select group of 50 nodes to secure the network. The selection process will then be handed over to the network to decide. The selected PLC's will also be rewarded with tokens.
Corporate Logos - source
1000x LESS ENERGY CONSUMPTION
"Ethereum’s estimated energy consumption at the time of this writing is 14 TWh and rising. Assuming 450W power usage per server, our 50 node cluster will only use 197.1 MWh or 0.001% of the energy of the Ethereum network."
The reduction in number of nodes required to secure the system severely cuts down the energy costs.
Since the node runners are trusted there is no need to waste time and resources mining hash values.
Shining Light
GoChain has the potential to act as a guiding principle for the future development of cryptocurrencies. I can imagine a large number of existing (and upcoming) projects will immediately migrate over to GoChain's innovative platform. It's got the potential to become a leading crypto platform and so it's market cap could eventually (and not that far away) be huge. The PR spin off in both directions could be monumental and press ready, if a number of household names are selected as one of the privileged few nodes. Every industry needs leaders, innovators, dreamers and visionaries. The Blockchain sphere certainly contains plenty of people with those qualities. The team behind GoChain have just stretched that envelope a little bit further and they could join the ranks of the mighty in the blockchain sector.
TestNet
GoChain testnet was launched in March 2018 with an initial goal of 1,300 tps. After a 10 hour load test, the team were quietly pleased with achieved speeds ranging from 1,100-1,500tps & giving an average of the goal @ 1,300tps, which is in the order of x 100 Ethereum speeds. Testing the network 24/7 at slightly lower speeds of 750tps ensured that the network is solid in time for the MainNet release in May. It's envisaged that in 18 months time or so, the network will be up to cruising speed at 13,000tps, enough to run endless blockchain transactions in near real time and let's face it, there's nothing more reassuring or comforting in the crypto world than a near instant transaction. You just can't buy that kind of satisfaction.. It has to be built in from the bottom. If I've learned anything recently from my experience working with another rocket speed crypto platform, it's that certain industry sectors require as a bare minimum, the ability to process thousands of transactions per second, not 5 or 10.
GoChain TESTNET went live and was available for review since March 2018. The tests show the blockchain comfortably performing as promised, handling from 1100 - 1500 transactions per second.
You can read the publication here
EXODUS
With these massive advantages of the parent network Ethereum, it's to be expected that many companies will quickly adopt GoChain. It's simply a welcome improvement.
The Team
Led by CEO Jason Dekker & Chief Software Architect Travis Reeder, the team is a highly experienced group of successful tech founders and software engineers who have built their careers on constructing high scale distributed cloud systems, so they not only know what they're doing they know what their potential clients are doing and that is the key to building successful relationships with enterprise. Their team have achieved milestone developer contributions between them including Ben Johnson's BoltDB & Jordan Krage's involvement with the [Golang] dmt, Dep . Supported by Brooke Hanson's social media expertise, their campaign and comms are clear, concise and matter of fact. A high end team of advisers ensures that their reach into the space is well rounded (and I imagine) comes under tough scrutiny where required.
Between them they have decades of experience in diverse fields ranging from hedge fund management to software development to cyber security. Rest assured they are very competent.
RoadMap
A good indication of a particular project's prospects is contained within the scope and clarity of their RoadMap. GoChain's is clearly marked with a Q2 2019 roll out of a x10 speed upgrade to the rocket speed 13,000 transactions per second. I always stress the importance of a clear RoadMap to my Business Mentees. You wouldn't venture into unknown territory without a map, you'd get lost and once you have one, you can continualy evaluate how far down the road you've come and if you're ahead or behind schedule.
Token Sale
Token presale
The GoChain team also plan to open the Mainnet to the public in May.
As we've seen with Bitcoin and Verge early adopters stand to make massive profit from groundbreaking technological advances. While Gochain is not primarily aiming for profit, it won't hurt to make those $$$ for your good decision eh?
Token
Total Token Supply 1,000,000,000 GOC
Token Sale Soft Cap 2,500 ETH
Token Sale Hard Cap 26,500 ETH
Pre Sale Starts 1st May min investment = 5 ETH
Public sale starts 16th May min investment = 0.5 ETH
distributed & initially tracked in an ERC token) until MainNet is live & tokens transfered to GOC*
More Information & Resources:
This article is not an endorsement of GoChain. I always recommend potential investors conduct their own research and due diligence and not rely solely on the advice of others. Read the whitepaper and remember, investments can go up as well as down.
GoChain is the new frontier. Don't sleep on it!
Written by @karltaylor
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