Welcome Friends to another promising new month. In this month's article, I want us to examine the concept of true decentralisation based on blockchains.
Today, businesses, trade and transactions are becoming more efficient and enhanced in their operations and goals with the help of Blockchain technology and protocols, smart contracts and digitalized platforms. But how much decentralised are these platforms as they claimed when "more than 70% of minning is in China and the majority of that is run by just a few companies".
Now let's examine the features of a blockchain using Etherum as it has more successful ICO based on its smart contracts algorithm. These Etherum smart contracts are usually action-pinned and non dynamic.
Hence we should not forget that the fixed and non upgradable nature of these smart contracts gives more room for bugs occurances.
In the area of running blockchain E.g Bitcoin, it requires lots of energy and the energy consumed is enough to power 3.5million US households. Same goes to Ethereum which consumes an energy sufficient to power a million US household. This is a huge demand for power considering the source of generations and other primary dependant s.
In terms of swift transactions, Ethereum is capable of handling 13 transactions per second and that seems good but allow me to introduce you to a more faster, smarter and efficient option in GoChain.
GoChain is a decentralised, scalable and high performing blockchain that runs smart contracts and other applications in an affordable and efficient manner.
GoChain is highly compatible with Etherum and has a powerful transactional token called GO.
Being a hybrid of Etherum, Gochain's testnet can run a 1300 transaction per second without issues and they are bent on achieving a stable 2400 transactions per second soon. And you can believe with me that it is the first of its kind thereby heralding the dawn of optimised transactional networks.
This is accompanied with low-charges and less energy. In all, GoChain is
10 *times more decentralised*
100 *times higher speed*
1000 *times less energy*
This helps to provide an alternative to other networks and DApps that are queued up on Etherum blockchain, hence oversaturating it's performance.
Right now, GoChain is live and functional and charges 7500 times less than Ethereum blockchain while performing 1300 transactions per second. Of course the difference is clear, with more performance and less charges.
UNIQUE FEATURES OF GoChain
Blockchains normally makes use of POW (proof of Work) in computing transactions and the system has become flawed but GoChain employs the use of POR (proof of Reputation) because it is more secure, stronger and easily upgraded.
POR is similar in layout just like in POA (proof of Authority) but the difference is that the former involves Mega companies as Validators (not individuals). The potential companies must meet some basic criteria like their market cap, branding reliant, globally traded, etc are considered in determining the companys' reputation worth.
Because these companies would never want to tarnish their image and reputation through cheating, bias judgement and corruption, they strive to be sincere and transparent in the work.
Deploying a smart contracts from Etherum to GoChain is as easy and swift as ever. So are those from other blockchain made easy to transact on GoChain. Companies can now alternate or diversify with GoChain. Same goes to other exchange of crypto currencies and this will encourage a huge entry into cryptocurrencies community. This also means a fast and cheap transaction rate.
GoChain is poised to make smart contracts smarter, by upgrading and refurbishing it such that it will be faultless and revolutionary just like it's owners vision and taste. Being faster, cheap and secure, this will attract more commercial sectors to the use of Blockchain technology.
KuCoin is officially running nodes with GoChain. As a world class reputable exchange platform, KuCoin has seen value in GoChain and has signed up to run nodes on their platform. There will be a total of 50reputable companies that will run nodes with GoChain as it's vision to decentralise the Etherum kind of minning activities.
GoChain is the sole sponsor of BuildETH which is a platform that aims to aggregate all the future generations of developers, builders and innovators of companies, networks, DApps etc.
Use Cases
There was a beauty contest from an entertainment industry last month and the sponsors decide to imploy a POA in their choice of fair judgement but it happens that one of the Validators is a brother-in-law to me and our family is that which holds each other at high esteem and obligation, what do you think was the result?
Of course it's manipulation all the way. From me to my sister to her husband to his colleagues and finally their decision. No matter what it shall take or cost us. I won't be side-lined when I have him in power.
Though I wasn't that perfect but I won't miss the third Runner up.
The result shall be out by this weekend.
Don't miss the gist. That's the power of "individual knowing".
But two weeks later, I wrote an exam for a scholarship and I heard they employed one blockchain called GoChain who nominated few reputable companies for them to make selection from.
Gosh! They have spoilt my dreams. How do I know the nominated companies and how do I know the ones my University will choose? Even if they release the company's names how do I bribe them all?
GoChain has foiled my easy dreams of doing my masters on scholarship while slaying as a favoured beauty queen.
Though it's not always all about me, Chris my crypto-trader cousin was so excited that $GO token is now listed on Blockfolio and available on My ether wallet (MEW). He says it has changed his trading career for good. As transactions from Etherum to KuCoin to GoChain all happens with ease and no charges (interoperability).
He has also been able to expand his portfolio according to him. Right there in his MEW, he inter-trades many tokens, exchanging some with his $GO token.
In conclusion, GoChain has a future plan to integrate it's smart contracts similar to the traditional smart contracts so that companies and business owners will be comfortable with the network and at the same time fix errors/bugs.
GoChain will also begin their whitelisting to ensure an optimum secured services.
GoChain has a great team and a wonderful roadmap.
You can get more details about GoChain from:
GoChain Website
GoChain WhitePaper
GoChain Github
GoChain Reddit
GoChain Bitcointalk
GoChain Facebook
https://t.me/gochain_updates
GoChain Medium
https://youtu.be/YDCFlNQ5AMc
Check out this introduction video
This is an entry for a contest organised by originalworks. Details at:
https://steemit.com/crypto/@originalworks/640-steem-sponsored-writing-contest-gochain
GoChain 2018
hiveblocks