Some of the bigger and more respected names in the cryptosphere like Ethereum and Bitcoin are facing some major issues as a result of their ever increasing usage. This is because they have some Scalability limitations and that's really bad for any blockchain at all. For example Bitcoin can only support about 7 transactions per second, Ethereum can only process about 13 transactions per second. Now that's not enough for a global cryptocurrency. When compared to the old traditional ways of transactions (credit cards and PayPal), it's relatively slow. This is the 21st century everybody wants something fast; something faster than fast if possible. That's the reason why we keep upgrading almost everything we own. We upgrade our cars, our phones, our PCs and even our looks. Visa for example can process 56,000 transactions per second. This means that some of those big cryptocurrencies cannot compete in The real world. If we want to convince the world at large to switch from the old traditional methods of transactions to cryptocurrencies, then the problem of scalability must be solved or at least improved on. That's why
GoChain is trying to reach that level where it can be used in the real world.
Why
GoChain? Why not Ethereum?
GoChain is smart contract blockchain that is fast, secure and green. It is a better blockchain than Ethereum. As mentioned on the
GoChain official Website , the goal is to provide a scalable low-cost energy efficient platform for cryptocurrencies and dApps. Also
GoChain intends to be 10 times more decentralized and a 100 times faster. Another major focus of the
GoChain blockchain is to reduce the amount of energy consumed, by using a small fraction of the energy used to run other cryptocurrencies.
Can I Move from Ethereum to GoChain?
GoChain plans to solve scalability, decentralization and security problems. Those are definitely big goals but not really unachievable and that is because they plan to change the consensus algorithm from a Proof-of-work (PoW) to a Proof-of-Reputation (PoR).
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.
PoR - Proof of Reputation
The Proof of Reputation algorithm is a modified and updated version of the Proof of Authority consensus algorithm. It is sharp a contrast to the Proof of Work algorithm because it reduces energy consumption.
GoChain's new consensus type Proof of Reputation is an upgrade to Proof of Authority but instead of individuals, it promises unprecedented levels of security by nominating publicly listed companies to stake their highly valuable Reputation as a select group of 50 nodes to secure the network. It's a really smart idea and one which has multiple fail safes. Companies can't afford the PR disaster that would ensue if they tried to cheat the system, (neither would they need to) and their stock price would fall in minutes, but they do have the resources and trust to reliably participate in highly valuable transaction based networks and so as a platform for business which is accountable, multinational and totally public & the miners owned by shareholders, Proof of Rep is incredibly attractive as a platform for anyone wanting to run a Blockchain app which requires high levels of integrity, (especially enterprise); financial services, credit systems, high currency throughput models. Corporate responsibility policy departments will also find it irresistible as a choice of platform on all three counts of Performance, Energy & Trust. Particularly as crypto opens up to a wider range of existing corporate participants.
GoChain Mainnet Launch
The GoChain MainNet is live already. The new main network has a capacity to carry a sustained load of 1,300 transactions per second, 100x the maximum capacity of Ethereum. This is exactly what was promised and it's good to know that GoChain is actually keeping to it's promise.
You can access the main network Block explorer here
Network stats: https://stats.gochain.io
RPC URL to use with wallets, web3, and other tools: https://rpc.gochain.io (essentially Infura for GoChain).
Road Map
Every project need a good road map; a sense of direction. It's helps to keep track of progress made and how to adjust if need be. By the end of Q2 2019, GoChain's objectives must have been met and actualized.
The GOC Token
*Total Token Supply 1,000,000,000 GOC
*Token Sale Soft Cap 2,500 ETH
*Token Sale Hard Cap 26,500 ETH
The GoChain Team
Behind every successful project is a team. The GoChain teams consists of well experienced individuals in the fields of cyrptocurrency and blockchain as a whole.
For more information:
GoChain Website
GoChain White paper
GoChain telegram
GoChain GitHub
GoChain Facebook
GoChain Twitter
GoChain Medium
GoChain Bitcointalk
GoChain Reddit
Still need more information? Click here
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