Gochain is a high performance, low cost, decentralized crypto currency and block chain which enhances smart contract and distributed applications. Gochain was invented to solve the problem of scalability, decentralization, speed and also security issue faced by the current platforms such as the ethereum. Some of the interesting and intriguing features of gochain is that, it is a public crytocurrency which can build decentralized applications and rock solid smart contracts, it can be fully integrated with existing ethereum wallets thereby allowing ethereum project to move their project to Gochain , it is has smart contracts, it has the ability to execute contract and fast transactions, Gochain is has TestNet that is excellently functioning with
a prototype that allows maximum of 1300-2400 transactions.
The goal of gochain is to be able to change in scale
To be energy efficient
To have low cost for digital currency and decentralized applications.
WHY IS GOCHAIN 10 TIMES MORE DECENTRALIZED?
The gochain is 10 times more decentralized it has the capacity to be ten time more decentralized than the open decentralization which could not work as expected, as a result 70% mining is done in China by majorly four companies. The gochain forces nodes to be in different countries run by unrelated people/companies. This would be accomplished by changing the POW to the POR( Proof of Reputation) which is dependent on the POA( Proof of Authority) with the advantage of the POR the companies can stake their power as proof of reputation rather than staking computer power.
Gochain is 100 times faster it works at a very fast rate and can handle very high transactions of 1300 per second while the ethereum can handle just 13 transactions per second.
Gochain consumes 1000 times lesser energy, it uses lesser fraction of energy to run other cryptocurrencies while the Bitcoin network could power 3.5 million household using 1 million to run ethereum platforms.
Various Blockchain requires the approval of various algorithm in order to carry out transactions. These transactions are done in two forms proof of work and also prove of stake. The Gochain makes use of the proof of reputation. The target audience of the proof of reputation are organizations and business to validate their blockchain which have better security related to individuals in the case of breach of trust. The countries which decide to be the validators will be spread across 50 countries thereby ensuring the decentralization of Blockchain and cryptocurrencies. The decentralization will reduce the 51% percent chance of attack occurrence.
References:
Gochain website: https://gochain.io/
Gochain white paper: https://gochain.io/gochain-whitepaper-v2.1.2.pdf
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