The power of blockchain technology and cryptocurrency is just beginning to surface with the invention of bitcoin and now Etherum. Etherum blockchain opened a new door in the world of cryptocurrency as it boasts of true decentralization and it is also acts as a platform for other DApps leading to a huge ecosystem. One of the biggest advantage of Etherum is the creation of smart contracts that excludes any third party in most cases unlike other blockchains. Unlike bitcoins, Etherum is not only a ledger but is trying to become a super computer, smart contracts generator and the likes and it leads to less optimization of each use case. Owing to the huge database of Etherum, it is limited in transactions speed and the roadmap of the company has made it change from using POW (Proof of Work) to (Proof of Stake) to foster higher transactions speed, it is still limited to a speed of ~13tps. GOchain is a platform that will end the shortcomings of Etherum of scalability and low tps.
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GOchain is a scalable blockchain with higher performance that uses less energy and also supports smart contracts and decentralized applications. GOchain will be built on the Etherum network and all Etherum Wallets and token are compatible with GOchain. GOchain is a platform that will end the shortcomings of Etherum blockchain by providing
True Decentralization (10X) : Decentralization is tenant of cryptocurrency but due to expensive electricity rates, most mining (about 70%) of miners have move to China.
Faster Transactions Speed(100X): Etherum can presently handle 13tps which is very slow when compared to number of transactions that happen on the blockchain.
Lesser Energy Consumption (1000X) : Before the shift from POW to POS, the amount of energy consumption by Etherum and bitcoin can power 1million and 3.5million households respectively.
How GOchain Plans to Change the Blockchain
GOchain will be using the POR (Power of Reputation). GOchain places priority to reputation.To solve the issue of decentralisation, POR uses organisations as validators and it spreads the validators across different organizations with their reputations at stake thereby avoiding sabotage or compromise on network.
Use Case: 3 Soft drinks companies Coca-Cola, Fanta and Sprite are to be investigated for the amount of sugar they use in production. If any of the companies tries to manipulate the investigations and gets caught, it leads to a drop in its reputation and consequently drop in market sales.
Proof of Reputation fosters faster transactions speed because it has fewer number of validators unlike the large number of miners in POW. In POR, the block size increases while the block time decreases which leads to a drastic increase in the transactions speed. Lastly POR does not require mining rather a trusted network with authoritative nodes are used and since there is no mining, energy consumption is reduced because smart contracts generator requires a fraction of energy.
https://steemit.com/crypto/@originalworks/640-steem-sponsored-writing-contest-gochain
gochain2018
This a very educative post. Indeed reputation is everything and It takes 20years to build and a minute to get ruined.
Hi i gave you an upvote dont forget to follow me for future upvotes & i always follow back
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