GoChain Life on the Fast Lane

GoChain Life on the Fast Lane | Ecency

People have always placed value on their things. The first civilizations traded things that had value for things that they needed to survive. Then came a time when people started to place value on specific things. Some of the first highly valued things were sea shells, spices, precious stones, and metals. These things created some of the first standards for currency that laid the foundations for our current monetary system.

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As time progressed gold became the standard currency used by most people. The first recorded use of gold was in 643 B.C. in Lydia present day Turkey. In 560 B.C. the Lydians figured out how to separate gold from silver making the first gold coin in history. Gold has been used in trade for a very long time. Gold has been able to hold its value trough the ages. There then came a time when people would get a piece of paper that represented physical gold. This kind of currency was more convenient since people would no longer need to carry heavy gold around to buy things. For some time this system allowed people to claim their gold at any time or trade in their gold for the more convenient paper representation. No longer would people have to wait for their gold to be weighed and tested before they could complete their transactions.

Then came a time that a gold standard was created with the goal of standardizing paper currencies. Since there were a number of banks that issued notes there was a number of different kinds of notes floating around making it easy to falsify any currency. This created problems for merchants that would trade their goods for fake notes. The gold standard eliminated the problem by creating a central banking system. The gold standard started in the 1800s adopted by most countries who wanted to standardize trade. The gold standard meant that the government would issue notes representing gold that could be redeemed by the owner of the notes. There was a problem with the gold standard for during the gold rush when a miner would find gold it would lower the value of gold on the open market. This was very problematic for standardizing the value of gold on a global scale.

The Federal Reserve was created to solve this problem and stabilize the value of the dollar. After the stock market crash of 1929 the Federal Reserve raised interest rates in an effort to keep people from depleting U.S. gold reserves. This action only made things worse causing many companies to go bankrupt leaving millions of people destitute.

When F.D.R. ordered Americans to turn in their gold it created the largest gold reserve in the world Fort Knox. In 1935 F.D.R. passed the Gold Reserve Act which devalued the dollar by 60%. In 1971 Nixon ended the gold standard creating fiat currency. This kind of currency did not derive value from gold but from peoples belief in the value of the currency. Fiat currency is constantly being printed which devalues the money that is held by people in banks. This means that 100 dollars today could be worth less tomorrow. Inflation continues to take place to date.

Cryptocurrencies goal is to solve the problem of inflation by limiting the number of notes in circulation. Another goal is to give people control over their finances. Crypto is also far more useful than fiat since value can be transmitted easily around the world. As Bitcoin gains popularity the time it takes to perform a transaction on the network increases. Ethereum is having similar issues as was the case when cryptokitties almost shut down their network. Transaction times are not the only thing increasing for so are transaction cost. As more people perform transactions it becomes more expensive to use the network. Do to this Ether and Bitcoin are not useful for day to day business and only serve as a decentralized store of value.

GoChain solves current transaction issues with legacy coins. GoChain can process 1300 transactions per second which is one of the fastest processing times. It is also 7500 times cheaper to transact. GoChain has already launched their testnet(https://stats.gochain.io/) processing one block every five seconds.

GoChain is compatible with Ether and any dev can migrate their project onto GoChain. Devs can also edit their code unlike with Ether. This is great for if a mistake is made there is no need for a hard fork as with Ether. As more projects come online on the Ether network the processing speed is slowed. GoChain is highly attractive for devs who are looking for fast network speeds for their projects.

GoChain is also compatible with current Ether Wallets and can be implemented easily. It can be used with MyEtherWallet, MyCrypto(https://medium.com/gochain/how-to-use-myetherwallet-with-gochain-e1c331d0dca2), and MetaMask(https://medium.com/gochain/how-to-use-gochain-with-metamask-23a258ae39c5). GoChain wallet(https://wallet.gochain.io/) can also be used. GoChain transactions can be secured using smart contracts.

Currently most miners are operating out of China which has centralized Ether and Bitcoin. Mining is when a computer validates transactions which is called Proof of Work. Mining requires a lot of electricity and it is cheap in China. Centralization of any cryptocurrency can be dangerous especially when centralized in countries that are known to nationalize companies. With this level of centralization it can be easy for any ruler to perform a 51% attack. GoChain distributes nods across the world in order to avoid centralization. GoChain will assign nods to publicly traded companies around the world. This is Proof of Reputation which will validate blocks in a more secure way. GoChain has been listed on KuCoin and there are plans for it to be listed on more exchanges.

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