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My Entry:
In this modern world, it is all about creating innovative solutions to existing problems and also keep improving such solutions with even more innovative prowess. This is exactly why GoChain is conceived.
There is no doubt about the effect of cryptocurrency in the world economy, as it has improved global interactions (in form of businesses especially) and made payments efficient as well as secure. Smart contract capabilities has even further the extent to which businesses can be conducted and as such provided much improved services through the blockchain community.
Ethereum has been a revolutionary with the advent of blockchain and smart contract and as such shaped the world of digital currency. It has grown in reputation with the service it provides and as such regarded as one of the best in what it does. This has led to thousands of projects being built on the network and many more to follow.
However, the growing population of these projects would require that a lot of transactions can be handled per second to aid efficient services and satisfactory result. Also there must be optimized methods for energy consumption in handling such transactions while not forgetting the fidelity of the transaction processes.
Ethereum offers limited capabilities on this front. It provides capability for 13 transactions per second and uses huge amount of energy in the process. This is a problem that needs to be solved with immediate alacrity to keep up with the demands of the blockchain projects.
In light of the problems mentioned above, GoChain is created.
A SMARTER BLOCKCHAIN
GoChain is a smart contract blockchain which aims to solve the issues present in Ethereum platform which are in the form of scalability, decentralization and security. It offers transaction speed in excess of 1300 transactions per second( a hundred times faster than the Ethereum blockchain. It offers 1000 times more improved energy consumption and 10 times decentralization of Ethereum. Seamless transfer of current Ethereum users to GoChain without any change in code is possible and these users will also enjoy the improved services GoChain offers.
GoChain: 100 TIMES FASTER!
Speed is a major factor when considering the performance of any platform that handles digital transactions. With the availability of fast transaction speed in the range of 1300 transaction per second and above in GoChain, more smart contract requests can be handled at any instance in time and as such more projects can be served in lesser time. This will create the opportunity of even more projects to be created by the users in the blockchain and even more revenue for them. It will also allow more user interactions globally and extend the reach of each and every user of the platform for greater opportunities.
Recent stats from a 10 hour test run is shown below:
EFFECT OF MIGRATION TO GoChain
The ability to move from the Ethereum platform to GoChain without the need of code modification yet enjoying faster throughput and more secure transactions can only have one effect: a happier Company.
This is because the company get to gain access to more powerful resources for lesser cost in terms of time and power cost.
GoChain: 1000 TIMES LESS POWER
Power consumption adds significant cost to everyday living and there is no exceptions for mining. In fact, mining takes a huge chunk of processing power in the bid of winning blocks. Ethereum, using proof of work protocol in handling its smart contract transactions, uses a lot of power. These power usage is reduced significantly in GoChain thereby allowing the excess power to be applied in other areas by using a more efficient protocol called Proof of Reputation. These points to the fact that optimize throughput using minimum power possible.
THE PROOF OF REPUTATION (POR)
"GoChain uses a Proof of Reputation (POR) consensus model that depends on the reputation of its participants to keep the network secure. A participant must have a reputation that is important enough that they would face dire consequences if they were to cheat the system- in both financial terms and branding". This statement points out the following benefits:
• A more secure transaction platform
• A level of trust can be developed with other participants in the blockchain
• A company that prove its reputation may be voted as an authoritative node in the network.
With these, a company can transact with another on the blockchain without the fear of not knowing who to trust with data.
GoChain is building on Ethereum network because it has proven to be a reputable network. it is believed to be the best cryptocurrency and blockchain on the market today and that is why it is chosen as the starting point for GoChain. All Ethereum wallets and development tools will be compatible with GoChain.
For more information, any of the following links can be visited:
GoChain Website
GoChain Whitepaper
GoChain Telegram
GoChain Telegram Announcement
GoChain GitHub
GoChain Reddit
GoChain BitcoinTalk
GoChain Twitter
GoChain Facebook
GoChain Medium
GoChain Crunchbase
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