What do you understand by cryptocurrency?

It is a term that was coined from 2009 with the first entry into operation of bitcoin, although the concept and idea first emerged in 1998 through Wei Dai, who proposed creating a decentralized monetary system based on the use of the cryptography as a means of control; its system eliminates the use of intermediaries and reduces the time of payments and collections, but the biggest advantage is undoubtedly the financial independence of politics and any institution.

Why does the cryptocurrency arise?

Through a global crisis that occurred in 2008, many financial institutions brought problems with their savers, thousands and millions of people lost everything overnight, understanding the vulnerability of fiduciary money and financial institutions. to create a decentralized system

Cryptocurrencies, being a virtual instrument, are beyond the control of government and financial institutions; its value depends on the commitment and trust of the users when converting it into traditional currency, which means that it enjoys the status of raw material, whose value can go up or down.

In the last times within the financial world this word has been sounding a lot; the chain of blocks is basically the decentralization of a financial process, eliminating the figure of the intermediary, then its main function is to function as a huge book of records interconnected with thousands or millions of nodes (other users), where each participates and manages your account independently, these records (bolques) are linked privately and encrypted to ensure and protect data, the only requirement to be called blockchain is that several users (nodes) must participate and among them supervise, verify and validate the transactions.

Example:
If Mr. (A) wishes to withdraw a number of cryptocurrency from his account to pass them to Mr. (B), he first notifies everyone with the peculiarity that this operation is anonymous, the other users only know the digital wallet (Wallet) where the minimum movement remains in a register; users once they verify that said intention has secure funds update the account data and complete the cycle of the transaction, for this reason it is established that the function of the blockchain is at the moment the safest and most reliable system, since that for a simple operation of P2P this has to have the approval of a group of people that integrate that network.

What is GoChain?

In basic principles GoChain is a blockchain platform based on intelligent contracts built on the basis of improved Ethereum, in short an improved platform that offers an exchange service based solely and exclusively Ethereum whose novelty is focused on the speed of transaction processing , we are talking about 1300 movements per second, 100 times faster than Ethereum original because it offers only 13 transactions per second due to its huge database of users.

The goal of GoChain is to solve the problem of Ethereum scaling in a safe and effective way through the introduction of new consensus algorithms (POR) reputation test.

Reputation is everything for a business, in a company you decide to act in unethical, you will suffer severe sanctions that will result in lost fines of income and the most important loss of trust and image. In public relations, trust is the cornerstone of success, losing this can mean years of work to recover it.

Gochain through the use of a consensus test model maintains the security of the network, since a participant (A BLOCK SIGNER) must have a sufficiently solid and important reputation to face the financial consequences in a meaningful way if trying to deceive the system, once a company demonstrates its reputation and appraise the verification could be established as an automated node with the right to sign and validate blocks.

There are three types of exchanges in cryptocurrencies, centralized, decentralized and hybrid. Decentralized exchanges, orders and transactions are recorded outside the chain in a private database, in this type of exchange the market combines buyers and sellers in its platform and facilitates its transaction in a decentralized registry.

The advantages are:

-The free exercise of control over funds.
-The anonymity is preserved, only the relevant data for the transaction are visible.
-There is no hacking, and no server crash

Disadvantages:

-Impedimento on the deposit or withdrawal of FIAT money.
-Decentralized transactions between different blockchain are not possible, Example: ETH users can only exchange in chain or Token issued in Ethereum, which means a significant reduction of the market.

All cryptocurrencies by definition are token, they are units of value issued by private entities, in this case GoChain uses the Ethereum token, the technology that makes it possible, is based on blockchain, the tokens use information that grants a right of payment between goods or services, that is one of the great differences of Ethereum with respect to other cryptocurrencies, its large amount of information storage looks to the future of the most important exchanges between people.

GoChain enters the market with strength promising to be the fastest safest and 1000 times less energy consumption, which will add value to the environment and its resources.