As is well known, Bitcoin was born in 2009, a virtual currency that aims to give users freedom and independence, since it gives the possibility of making purchases of goods anonymously. This coupled with making payments internationally without any regulation are no longer associated with any country.
The blockchain technology tends to attract attention for its role in underpinning cryptocurrencies such as Bitcoin and Ether, industries are quickly adopting it for their efficiency and transparency. This has been a revolution and has transformed the market by making it faster, safer, more robust and more reliable. But since nothing is perfect there are some negative aspects such as scalability, decentralization and excessive energy use.
But the superhero is being born, GoChain, an independent block chain, a platform of next-generation intelligent contracts, Gochain is built on an improved Ethereum code base that solves the scaling problem with immediacy.
But really what will this SUPERGoChain rescue us from the blockchain?
1. Speed and volume public decentralized cryptocurrencies suffer slow transactions and low transaction volume. Bitcoin can only process 7 transactions per second, Ethereum can only process 13 per second. In addition, the time to verify transactions can vary from several minutes to several hours depending on the current volume. In contrast, Visa, Inc. averages 150 million transactions every day and is capable of handling more than 56,000 transactions per second. Public cryptocurrencies are too slow to truly process worldwide by 4 orders of magnitude.
2. Energy consumption. The block mining process uses a huge amount of energy due to a consensus algorithm called Work Test (PoW). PoW requires non-trivial computational work through node mining which, in turn, makes it unlawful for a bad actor to perform malicious acts. This computational workload requires energy. This is unacceptable and unsustainable.
3. Decentralization. Decentralization is a central tenant of cryptocurrencies. It ensures not a company or government can control it. However, in practice, most of the mining has moved to China, where electricity is cheaper. 75% of all blocks are mined by large Chinese mining companies.
And, that's where SUPER GoChain comes in. Not only solve the Ethereum escalation problem with immediacy, but any person currently using Ethereum will be able to transfer without problems to the network without making any changes to the code to obtain:
1. 10 times more decentralization
2. 100x increase in speed
3. Improvement of 1000x in energy consumption
The future of SUPERGoChain.
Beyond the initial objectives described above, there is a plan to update the smart contract system to make it easier and less prone to errors. The software almost always contains errors that are unknown at the time of launch and developers need a way to correct those errors.
Ethereum does not allow you to update your contracts and that results in $ 100 million of the value being stolen. The intention to make smart contracts easier to write and easier to implement, as well as make them safer to avoid massive amounts of theft. Smart contracts should be more like the real world, where they can be modified, paused and / or terminated.
Standardized rules are also being added to contracts to define how and when they can be modified. This is expected to help the adoption of smart contracts by the business in the community generated through the use of family contractual terms. For example, a cooperative organization may require a quorum of members to change a contract, while other organizations may require all participants in a contract to accept a change. GoChain will continue the default contracts to be immutable by default for compatibility with Ethereum. GoChain will also add additional security features such as whitelists to protect access to contracts to minimize the risk of attack.
We can imagine a world with GoChain technology implemented 100%, with fast and secure transactions that guarantee a significant growth in companies around the world. Everything will be easier and economically more profitable.
