Ethereum is the revolutionary coin in the world of cryptocurrencies. Networks supplying ETH works on 13 transactions per second, which is comparatively very low figure of being bought.
Go Chain introduces solution of these problems faced by ETH networks by addressing three components.
Energy Consumption: Many networks consume a large amount of energy. Go Chain litigates to be 1000 times more efficient than other networks.
Speed: Go Chain transaction speed will be 100 times than others. This will allow Go Chain to not only improve existing services but also enable new types of projects moving forward.
Decentralization: It’s very easy to mine. According to Go Chain White Paper, there are 4 Chinese companies which are 70 to 80% of all the mining activities of coins including ETH. Go Chain will shift Proof of Work (POW) to Proof of Reputation (POR) which works on the base of Proof of Authority (POA). With POR, instead of staking computer power, organizations can stake their reputations.
POR works with the businesses and organizations which stake their reputation for the correcting of blocks. The main difference is that POR works with the whole organization not with individual because organization is much stronger than individuals. The organizations which have been chosen for this role will be distributed in 50 different countries to ensure a form of decentralization.
Go Chain Beta is running now. This beta version is faster than other networks as it is working on 1300 transactions per second. The screenshot is taken from beta version.
Go Chain is going to launch their pre-sale for two weeks on 1st may 2018. After that public sale will be launched.
Submission for the contest running on Link
Gochain2018
