Introduction
The advent of blockchain technology has really transformed the use of internet by enabling smart contracts and many businesses are tapping into the opportunities of the daily growing platform for their businesses through decentralization that is scalable and secured. And this is made possible with the use of Cryptocurrency as a medium of exchange.
There has been significant development in cryptocurrency and how it has help reshaped the world economy. In this era of internet of values, money can now be transferred to anyone, anywhere and at anytime with a safer, faster and easier means - through the internet of values brought into place by crypto. The decentralization of blockchain technology is increasingly gaining momentum and many are joining the campaign on daily basis.
And looking at the way the smart contracts are being initiated, the way business is done is now different with smarter and frictionless instant global payment. This smart contract is another amazing thing on the blockchain technology.
Essentially, the blockchain in its current form is not scalable and lack decentralization, scalability and security and to fix these problems, there is one way to go - Gochain
GoChain is a smart contract platform that is built on Ethereum codebase with the capability of solving the scaling problem with immediacy. Since Ethereum is an improved blockchain technology, GoChain have received such an improvement which is currently working with a TestNet that can show an excess of 1300 transactions per second with stability and has been running as high as 2400 transactions per second.
Using trusted nodes, GoChain would help speed up and increase volume of transactions through a verifiable and quick network that can handle increasing orders of magnitudes of transactions.
GoChain make use of proof of reputation (PoR) which depends on the reputation of the participants and that will help to keep the network.
For instance, Mr. Jones wants to buy lets say tokens from Mr. Sam on the GoChain, Mr. Jones will like to know how reliable is Mr. Sam and what experiences and comments have people to tell about him as well as his service to others. Also, how profitable is Mr. Sam business, this information would enable Mr. Jones to make a wise decision before entering into smart contracts with Mr. Sam. This information can be obtained by Mr. Jones simply by checking the reputation of Mr. Sam which will contain information about his market cap, publicly traded items and brand significance.
Furthermore, Mr. Sam on the other hand wants to protect his business and reputation on the GoChain network and as such cannot think of defrauding Mr. Jones. Even if he thinks of defrauding Mr. Jones, he cannot do it because he has a reputation to protect which may be worth more than the transaction at hand. Therefore, because reputation is important to all on the GoChain, the issue of trust and security of transaction can witness minimal challenges.
Trust is known to be a cornerstone to successful business and customers can be lost if trust is compromised. Therefore making reputation important to business. So, on the GoChain network to maintain trust any unethical acts of doing business will suffer on many levels which may include fines, loss of revenue, decrease in valuation, branding and public relations. Therefore, all on the network in an attempt to protect their reputation would create a trustworthy network for the community.
Using this simple trick, companies can keep each other in check and therefore, the network will be secure.
Authorized Signers
The use of authorized signature will further help protect the system from phishing and malicious attacks as signer may only sign a block every (N/2)+1. With this, whosoever would perform a malicious attack must control 50%+1 of signers.
The authorized signers are trusted nodes that create blocks, sign them, and distribute them to other nodes. Similar to miners in a proof-of-work (PoW) system in that they create blocks and sign them but without the mining cost. Authorized signers will be rewarded GoChain Coins (GOC) per block signed. Initially this rate will be 5% of the total tokens which is 50,000,000 new tokens in year one. This rate will decrease over time. The amount per block will depend on the finalized block times. If block times are 10 seconds for example, then the node would be rewarded an average of 15.9 tokens per signed block in the first year. There will also be small transaction fees that the author-itative node that signs the block containing the transactions will keep.
Conclusion
GoChain will upgrade the smart contract system to make it easier with little or less error as it will be a platform on which companies can build their business so as to achieve maximum benefits since they are laying foundation for such occurrences. GoChain, contracts can only become smarter, better, faster and stronger with a potential impact of 100x speed and 7500x cheaper transaction fees, companies can now change their code to open the doors for the businesses to get aboard using the decentralized blockchain technology.
This is an entry for @OriginalWorks weekly writing Contest
To know more about GoChain, Visit
GoChain Website
GoChain Whitepaper
GoChain on Facebook
Source: GoChain Whitepaper
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