What is GoChain?
GoChain is a project similar to Ethereum. So if you want to launch an ICOs or Deploy your Decentralised Apps and smart contracts then you can use GoChain for this purpose.
Gochain Introduces a New Algorithm (POR):
With the introduction of the new consensus algorithm called POR ( Proof of Reputation), GoChain solves the problems of speed / volume of transactions, greater decentralization and lower energy, since this is faster, cheaper and easier to implement. Succeeding to process 1300 transactions per second.
While ETHEREUM uses the well-known POW (Proof of Work ), as its algorithm, GoChain uses POR.
An existing problem is that when most of the cryptocurrency miners are in the same country, they are affected by government policies, collaboration and collusion. Not being as decentralized as we could be
With POR (Proof of Reputation), it works assigning companies as authorized signers. GoChain intends that 50 companies around the world act as nodes and in this way prevent governments from interacting and colluding.
The Use Of Proof Of Reputation;
GoChain is incorporating the use of a new consensus algorithms mainly based on the reputation of entities signing the blocks, this is called Proof of reputation>>>POR is considered an upgraded, stronger, and a more secure form of Proof of Authority (POA) used by some blockchains, in which transactions and blocks are mainly validated by approved accounts known as validators whose identities are publicly disclosed and at stake. As time goes on, there might be a form of cheat using POA.
However, GoChain will be selecting 50 companies from 50 different countries that will be permitted to confirm transactions after verifications have been passed across. The reason for bringing up this idea is to ensure proper decentralization as these companies will be globally selected, and since their information will be made public, there will be enough reasons to act responsibly and also do a good job for the benefit of everyone on the chain. Obviously, no reasons to act bias. However, there are criteria for companies' selection since not just anyhow company will be selected for the task;
● 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.
information gotten from Gochain Whitepaper, pg 6
In addition to this, using the new consensus algorithm will bring about a corresponding decrease in energy consumption by the network and most importantly, the time it takes to confirm a given transaction is reduced. This however, make GoChain 100x faster than Ethereum blockchain due to the fact reputable companies, rather than computers which brings about delay, are signing new blocks. Currently, the Ethereum blockchain can only carry out 13 transactions per second which is too small for it kind. However Gochain, through its idea will carry out 1300 transactions per second.
It should be remembered that any data stored on the blockchain is immutable,i.e, once it has been set or created, it can never be changed or altered. This is a great advantage to some extent because, it can also be seen as a great disadvantage from another perspective. Let's make use of Smart Contract in this case;
A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.
Wikipedia
Now, let's make an assumption that a company/individual while creating its smart contract supposedly meant to trigger an agreement between a buyer and a seller of a coin, made a mistake by inputting a wrong code which will actually give another order. Unknowingly to him, he saved this code into the blockchain, the purpose for which it was created for would not be met in this case. Also, there will be need of recreating such code again going through the same processes once more, which seems very frustrating.
However, if the code is being built on the GoChain blockchain, the company or individual will be given an opportunity of correcting such errors, thereby allowing the purpose for which it was intended for to be met. This also, helps to eliminate the hurdle of going through the same process of recreating such codes again. With this opportunity made available, doors are open for more businesses to get aboard.
You might be confused if the security of this blockchain will not be compromised and used maliciously with the idea of Gochain, but I will like to divert your attention to the new algorithm>>>POR it is utilizing. No way any bad activities can carried out! But in case the system could be compromised, there should be limitations to the number of times changing of code can be done.
Despite the myriapods of opportunities revolving round the use of blockchain, most times I'm left in a deep thought wondering why the blockchain technology has not been used in the managing the commercial sectors today. Probably many people don't trust it's integrity? The fact is that the blockchain remains a decentralized system,i.e, it is not often governed or controlled by a set of individuals who will only make decisions that benefit them without putting others into consideration.
This is mostly seen in an organization system, where the people that has more power see others has been inferior and they shouldn't have a say in a company or organization they work. Decentralising this power, makes everyone important and able to contribute into the system. Hence, the need to provide blockchain technology in the commercial sectors.
Tokeconomics;
showing the total token supply
For more information watch this video
Roadmap;
Schematically depicting their present and future plans...
however, the team has been able to complete some tasks as shown above...
Summary And Conclusion;
The fact that the adopters of Ethereum blockchain keep increasing while there is no room for extending or resizing the platform only make it become congested while slowing down virtually every activity being run on the platform. Many people have an intention of creating Apps or starting new projects on the blockchain but have been been scared away due to this same problem and the resulting ones.
However, GoChain has created a blockchain equipped with a lot, such as; 10x more decentralized, 100x increase in speed and 1000x improvement in energy consumption and also lower transactions fees as compared to the ETH blockchain. It uses POR, rather than POW, which is more stronger, secured and reliable.
Also, the ability to change codes on the Gochain blockchain is considered a unique feature which no one has brought into the blockchain. This however, enables more and more people with intentions of creating DApps on the blockchain to come in, since their work will be made easier in one or two ways.
More Information
https://gochain.io/
GoChain2018
