GoChain is a network that solves scalability issues plaguing some of the modern blockchain networks.
Many new blockchain companies are built on top of Ethereum. Ethereum is currently limited to 13 transactions per second. Given the huge user base, this results in slow transaction speeds and limits the scalability of the network itself as well as DApps that are built on it.
GoChain solves this issue by introducing a new consensus algorithm called POR(Proof of Reputation). It is faster, cheaper and easy to implement.
GoChain is live and ready to use. It is already delivering on it's promise and is able to process 1,300 transactions per second!
Proof of Reputation
POR is a key component of how GoChain works.
Whereas the well known POW(Proof of Work) relies on computing power to process transactions on networks such as Ethereum, GoChain utilizes POR(Proof of Reputation).
An issue with Ethereum is that miners are heavily centered around China. This increases the likelihood of government intervention as well as collaboration and collusion. With a few large companies running more that half of the mining operations for Ethereum, it is not as decentralized as it could be.
Proof of reputation works by assigning companies as authorized signers. GoChain aims to have 50 companies from various countries act as nodes. By spreading the nodes around the globe, it lessens the chance of government interaction and collusion.
GoChain will work with publicly traded companies. These are some of the criteria used in determining reputation:
How big is the company? (What is their market cap? How much is their reputation worth?)
Is the company publicly traded? (This ensures the company has a certain level of transparency and governance obligation as well as immediate stock price repercussion as a result of poor behvaiour.)
How significant is branding to the company? (What are the impacts of ruining their reputation? Is the company heavily branding dependent?)
There are just some of the factors considered in the process of assessing whether a company is a good candidate of becoming a node.
GoChain offers compatibility for existing DApps on Ethereum. Developers can migrate their applications without writing a single line of code. This allows existing Ethereum DApps that are struggling with the slower network speeds to utilize the 100x transaction speeds that GoChain is capable of processing. GoChain fees are also 7500x less expensive than Ethereum!
In order to have real mass adoption of blockchain on a commercial level, it is necessary to have a blockchain that caters to their needs. Current blockchain technology does not allow developers to fix bugs and change code once it has been launched without performing something along the lines of a hard fork. GoChain intends to add a feature that will allow companies to update their code. Companies can decide on the method which will allow them to change code. For example, a company may set a required number of votes, or agreement from specific individuals before any change to their code can be made.
Write an article about GoChain and the future implementations as well as use-cases! What are the benefits of existing crypto companies being able to easily transfer from the Ethereum network to GoChain? What is the potential impact of 100x speed and 7500x cheaper transaction fees? How does giving companies the ability to change their code open the doors for more businesses to get aboard? Why is it important to cater blockchain technology to the commercial sectors such that they can easily integrate? How does GoChain promote mass adoption of cryptocurrencies? As always, the contest is open-ended. Have fun and be creative!
Feel free to use images and media from their website. You can even make your own video and have it in your submission! Videos have a chance of winning a separate bonus based on quality. Videos should be uploaded to YouTube. DTube or IPFS. Please do not remove the videos, or it might impact future eligibility. Feel free to make a new YouTube account for these. We really wanted to use DTube, but sometimes the videos were not view-able at all. We may change this in again in the future. For the time being please ensure whatever service you choose to use is working.
The article must be at least 250 words in length and it is recommended(not mandatory) that the length is under ~1500 words.
At least 70% of the submission must be original. Using "article spinners", and other word substitution tools is also not permitted.
All copied text must be in quotes. Even if the text is from an old article the author wrote, they must quote it.
Please keep discussions relevant to the contest topic. We would like to encourage a good vibe in the comments!
To submit please do the following:
Add the word "gochain2018" (without the quotes) at the very end of your article.
Link this post in your submission.
Post the link to your article as a reply to this post.
How the winners are decided
The submissions will be passed along to the team at GoChain, and they will decide the best method for picking winners and the winning articles.
More information & recommendations:
Pay attention to spelling and grammar!
Feel free to use informal language such as "I would, etc"
Use information and resources above to learn more about GoChain!
If you copy something, use quotes. This is an @OriginalWorks contest after all :)
Link the company's website: GoChain so that your readers can do research for themselves.
Articles can be edited up until the deadline.
After writing an article, within a few minutes you should get one of these as a response to your article post:
If you don't get one, let me know by adding a quick message after you submit your link as a reply here and it will be done manually. Sometimes it can take some time, so don't worry if it isn't instant!
Rest assured, as long as your link is shared as a reply here, everything is double checked at contest close to ensure that all articles are submitted!
60 submissions will get 2 STEEM each. The article must meet the contest conditions such as word length and a level of quality.
Disclaimer: @OriginalWorks makes no claims as to the legitimacy or operating procedures of contest topics. @OriginalWorks does not offer any sort of investment advice. This is a writing contest. @OriginalWorks only guarantees prize payout. The contest topic company may choose to share the winning contest submissions.
