Executing transaction around the crypto space can be termed as slow, annoying, insecure,inefficient and energy consuming. This problem can be particularly identified with the Ethereum ecosystem, the reason is because there are thousands of other technologies built on the Ethereum blockchain and this has led to slowing the transaction speed of the platform. Just yesterday in a post I saw on Steemit there was a complain on how inscalable Ethereum has grown to become with its transaction limit standing at 13transactions per second this is crazily slow comparing how many users depend on the Ethereum for their transactions. One of the causes of this is because of the process of mining Ethereum it has slowing become a centralized one as most of the miners solely depend on China this has increase the risk to government intervention and possible future collaboration, this has defiled the initial intention to decentralized the platform.
Gochain
Gochain is a platform that is build upon an improved Ethereum codebase. Its a blockchain built on smart contract to correct the flaws of Ethereum. So you can as well call Gochain the Ethereum redeemer. Its built with the aim to immediately solve the issues of scalability currently experienced on the Ethereum platform. Gochain with companies spread across 50 countries globally meeting with the criteria, serves as nodes for the Gochain platform this makes the platform more decentralized and also 100x faster that the Ethereum with ability to execute up to 10million transactions per second. Now isn't that incredible? Here's how it's achieved.
Proof of Reputation
One of the key things that stands Gochain out from Ethereum is the POR algorithm. The POR is a consensus model that's quite different from the POW(proof-of-work) model we are already used to. One of the major challenges encountered using the POW was the amount of energy required to complete a transaction.
GoChain uses a Proof of Reputation (PoR) consensus model that depends on the reputation of its participants to keep the network secure. A participant must have a reputation that is important enough that they would face dire consequences if they were to cheat the system – in both financial terms and branding. Most businesses would face serious consequences if they were caught cheating a financial network. Larger companies with more to lose will be chosen over smaller companies with less to lose.
Basically, GoChain assign a list of companies to be the trusted nodes. Based on the whitepaper, there will be 50 companies selected for the initial PoR pool. Subsequently, the 50 companies will be able to vote for new nodes to be added to the PoR pool. The initially list of 50 companies will be handpicked by the GoChain Foundation. The objective is to ensure better decentralization by choosing reputable companies, from different geographical regions and industries, as trusted nodes. With just a shortlist of trusted nodes verifying the transactions, the block size and block time can be tweaked accordingly to achieve much higher transaction speed. Finally, without the need to perform the expensive PoW hashing algorithm, it will also be much greener.
The Gochain platform also is fluid and adaptable in the sense that developers can be able to move code from Ethereum ecosystem in a unique approach.
Use case
Let's see a scenerio where a company lunches his tokens on the Ethereum ecosystem initially In implementing this idea it was noted that 13 transactions per second will be enough in relation to user demand but after two weeks of implementation the expected users adoption to the token grows double which now results in the platform becoming chocked up, inefficient and slow. Users starts complaining and the company discovered this on its social media platform hearing that investors and users are planning on selling their tokens and closing IP their wallets on the platform.
In trying to find solutions and also saving the company from major loss they found out about Gochain and also that they can migrate with ease and also 100times faster and more scalable than the Ethereum ecosystem, caught the attention of the team upon further research and consultations they reach a Conclusion that it would be a major shift for their system. After the migration they begin to get positive response from users and investors who expressly show pleasure and satisfaction
Conclusion
With what Gochain offers in speed, scalability, security using smart contracts developers can now produce more improved Dapps and also users will grow as it will automatically attract global adoption thereby bring rapid and growth to the crypto industry at large.
Watch this
Thanks for reading
This is my entry to the @originalworks sponsored contest
https://steemit.com/crypto/@originalworks/640-steem-sponsored-writing-contest-gochain
gochain2018
This post has been submitted for the @OriginalWorks Sponsored Writing Contest!
You can also follow @contestbot to be notified of future contests!