What is GoChain?
"GoChain is a scalable, high performance, low cost, and decentralized cryptocurrency and blockchain that supports smart contracts and distributed applications. A better blockchain and public cryptocurrency. Build decentralized applications and rock solid smart contracts. Fully compatible with existing Ethereum wallets, smart contracts and other tools."
"GoChain is a fast and efficient blockchain network that improves transaction speeds by orders of magnitude over Ethereum. This means that GoChain can address the scalability issues for blockchain and DApps that are built on top of them."
"GoChain solves this issue by introducing a new consensus algorithm called POR(Proof of Reputation). It is faster, cheaper and easy to implement."
Use-cases in GoChain
a)You can GoChain directly buying cryptocurrencies since it is a decentralized and secure platform, create your account on the GoChain page and create your wallet to your to use.
[https://wallet.gochain.io]b)You’ve been able to use GoChain with MyEtherWallet by adding a custom network, anybody can create a wallet and begin to use it for transactions.
c)Also for being compatible with Ethereum wallets you can transfer contracts to Gochain without problems, it is easy, fast and secure.
Here’s a quick guide for deploying contracts to GoChain:
[https://medium.com/gochain/how-to-deploy-a-smart-contract-to-gochain-40de78d4d85a]1.) Compile your Contract:
We’ll use the simple hello world contract from here (slightly upgraded for newer Solidity).
2.) Deploy your Contract:
We’re going to deploy through MyEtherWallet since it’s easy to do and you don’t need to install any tools or anything.
3.) Using the Contract:
Alright, so now you’ve deployed your contract, time to use it! In MEW, go to the contracts section again and interact with contract should be selected. Paste your contract address you got from step 2 into the first field.
Advantages of GoChain
The mission GoChain is to provide cost-effective, energy-efficient, cost-effective platforms for digital currencies and decentralized applications. GoChain's most outstanding advantages:
1.) Fully compatible with existing Ethereum wallets, smart contracts, and other tools.
2.)10x More Decentralized:
Open decentralization does not work as it is intended because more than 70% of mining is in China and mostly run by only a few companies. GoChain forces nodes to be in different countries, run by unrelated people / companies. Build decentralized apps and solid contracts.
3.) 100x Faster:
GoChain will support very high transaction volumes with quick verification. Ethereum can only process 13 transactions per second, GoChain will initially target 1,300 transactions per second. More transactions per second and contract execution .
4.) 1000x Less Energy:
The energy used to run the Bitcoin network can empower more than 3.5 million US households, 1 million to run Ethereum. We think it's totally unacceptable and unsustainable. GoChain will use a fraction of the energy used to run other cryptocurrencies.
What are the benefits of existing crypto companies being able to easily transfer from the Ethereum network to GoChain?
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.
What is the potential impact of 100x speed and 7500x cheaper transaction fees?
The Ethereum DApp compatibility allows that:
The Ethereum DApps that are struggling with the slower network speeds to utilize the 100x transaction speeds that GoChain is capable of processing. Ethereum can only process 13 transactions per second, GoChain will initially target 1,300 transactions per second.
GoChain uses the same fee structure as Ethereum to make things easy for everyone to use and so the tools people use can make good guesses.GoChain fees are also 7500x less expensive than Ethereum.
On GoChain, all the math would be the same, but since each token is worth a lot less, the fees are much, much cheaper. The GO tokens are cheaper for two reasons: 1) our market cap is a lot lower than Ethereum and 2) we have one billion tokens outstanding vs Ethereum’s 100 million tokens.
If GoChain’s market cap were at $100M then each token would be worth $0.10, so the fee for a regular transaction would be:
0.000042 * $0.10 = $0.0000042
So each transaction would cost 4/1000 of a penny, 7500x cheaper than Ethereum.
In addition, since GoChain can handle 100x the volume of Ethereum you won’t have to raise the gas price very often (if ever). So most days, GoChain is more likely 15,000–30,000x cheaper.
How does giving companies the ability to change their code open the doors for more businesses to get aboard?
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 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.
Why is it important to cater blockchain technology to the commercial sectors such that they can easily integrate?
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.
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).
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.
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 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?
How does GoChain promote mass adoption of cryptocurrencies?
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.
Conclusion
This new blockchain GoChain is a good option to attract new users and for those who have already ventured into this new world of cryptocurrencies migrate since it is compatible with Ethereum wallets and you can transfer contracts to Gochain without problems, it is easy, fast and secure.
GocChain is a decentralized platform and the smarter, better, faster, stronger blockchain without problems of escalablility for its fast transactions.
If you wish to participate in the competition, you can find the information in the following link(https://steemit.com/crypto/@originalworks/640-steem-sponsored-writing-contest-gochain).
If you want to know more about this great project you can visit in the following link (https://gochain.io).
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