Introduction:
The ethereum network has grown to be one of the largest crypto network in the world presently.
The rise of Ethereum in the crypto blockchain is really commendable and this has helped in its growth over the years. Although Ethereum is growing to become a force to reckon with, it also has some limitations of its own.
The major limitation being the number of transactions which the network can handle per second( stands at 13 transactions per second).
In order for the optimum use of Ethereum network to full work scal, these limitations need to be addressed.
The Solution..
Gochain
What is Gochain?
GoChain is a smart contract platform blockchain aimed at solving the issues present in platforms like Ethereum. The Ethereum network has issues with scalability, decentralization and security. GoChain is designed for immediate integration, allowing developers and existing Ethereum projects to shift their projects into GoChain smoothly. GoChain currently has a TestNet that is fully functioning. The prototype currently handles 1300-2400 transactions per second
Source
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What does GoChain Offer?
Gochain provides a wide range of solutions to limitations faced by the Ethereum network. It provides solution to the Ethereum network based on three (3) major components:
Energy Consumption:
GoChain will be 1000 times more energy efficient. Energy consumption is one of the huge problems faced by many POW networks.
Speed:
Transaction speeds of 100 times. This will allow GoChain to not only improve existing services but also enable new types of projects moving forward.
Decentralization:
The distribution of mining is very uneven. As per the GoChain WhitePaper, " ... time of this writing 4 companies in China account for 70-80% of all the mining activity for all the major coins/tokens including Ethereum." This will be addressed by shifting from POW to POR (Proof of Reputation), which is based on POA(Proof of Authority). With POR, instead of staking computer power, organizations can stake their reputations.
Conclusion
Presently, Gochain is few hours away from being launched. This sill signify an evolution in the crypto world. The launch of Gochain leaves the assurance that the Ethereum network can now perform with full optimization and 100% efficiency.
I'll like to end with these few words:
" Gochain is that remedy that will help Sustain the Ethereum Network, and relief the Pain off the Crypto World"
More Information & Resources:
GoChain Website
GoChain WhitePaper
GoChain Telegram
GoChain Telegram Announcement
GoChain GitHub
GoChain Reddit
GoChain BitcoinTalk
GoChain Twitter
GoChain Facebook
GoChain Medium
GoChain Crunchbase
This is my entry for the @originalworks contest.
This is the link to the original post.
https://steemit.com/crypto/@originalworks/180-steem-40-bonuses-sponsored-writing-contest-gochain
gochain2018
nice explanation good entry, my contest still has a few hours left for entry please feel free to join my current Steemit #contest here https://steemit.com/contest/@isteemithard/design-isteemithard-a-profile-picture-avatar-contest-12-winner-of-11
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STOPHi again,
Just read your post about effect.ai and decided to check your profile just to realize that we seem to share a number of interests :)
In particular that we both share a similar passion towards cryptocurrencies and blockchain technology :)
Thx for that quite informative post. Keep up with creating interesting content.
I know it's hard at the beginning to build solid follower base. But just don't give up. Steemits needs solid content builders.
(i upvoted over 30 posts today and my voting power is very low, so I cannot upvote your post this time around, but I will follow you closely).
yours,
Piotr