A detailed video of GoChain Blockchain Network.

THE PUZZLING CIRCUMSTANCE BEHIND THE BLOCKCHAIN

I've come to the understanding that both cryptocurrency and the use smart contracts on blockchains are greatly impacting the world economy today has they have penetrated many industrial systems, especially their mode of operations, and invariably made most things that were usually thought to be impossible realistic and put into use.

Case 1 : with it, a global transfer of money instantly has been made possible globally. Not only that, it’s safe, fast, easy and often smoothly.

Case 2 : In the industrial system; especially for carrying out some business operations, the use of smart contract needs not to be over emphasized as it helps to facilitate, verify, or enforce a negotiation or executing credible transactions, in the sense that they are irreversible, trackable, and often without the involvement of third parties which is totally awesome.

The implications of this is that there is an increase in numbers of people adopting the blockchain without a corresponding increase in its size, this implies it's not scalable.

The one which hurts me most is the fact that the currently available blockchain uses ridiculously high amounts of energy which is usually not available. And I tend to notice this in the transactions and mining I'm involved in, mining is slow and very poor.

Most Crypto Traders Must have Experienced One Of These...

• Sending Ethereum to a fellow trader and having to wait for a long time because your preset transaction fees in gas is not as high as that of other users in line? Yes I've face that for some time now.

• Registering for an airdrop, needing to send ethereum to a Smart Contract and having the transaction fail due to plenty transactions on-going in the ethereum network.
You'll have to pay large amounts as transaction fees to bypass transaction log only to find out you just wasted your time and money.

• When trying to update your DApp codes on the Ethereum network and having to go through the stress and bureaucracy of hard forks and soft forks, on your own codes.

And here is the solution to all the problems......

"THE BIG WORD GoChain"

GoChain is bringing to us a better blockchain and cryptocurrency than the contemporary blockchain technologies we have seen so far.

GoChain blockchain technology is is a scalable, high performance, low cost and decentralized cryptocurrency and blockchain that supports Smart Contracts and distributed Applications, with low cost for transactions... I find this awesome.

GoChain solution to the blockchain technology involves a system that is as follows....

10x More Decentralized:
As decentralization of ethereum blockchain was not achieved due to the fact that more than 70% of Ethereum mining is based in China and this is run by 4 big Chinese companies, GoChain plans to spread their Nodes to companies across 50 countries using the Proof Of Reputation (POR) Algorithm, which ensures that these companies have a level of market capitalization and other parameters to prove their reputation in the node pool.

100x Faster Transactions:
Ethereum blockchain can only process 13 transactions per second, However, since the launch of GoChain’s mainet, GoChain has surpassed their initial target and is processing over 1300 transactions per second real-time. Which made KuCoin, one of the world’s largest exchanges to host a node on the GoChain network.

1000x Less Energy:
GoChain utilizes less energy consumption force as compared to Ethereum network and delivers faster transactions with 1000x less energy, by utilizing energy consumption algorithm of other cryptocurrencies in the blockchain.

Proof Of Reputation A Standard For GoChain

The blockchain has taken some series of improvement from:

The Proof of Work → The Proof Stake → The Proof of Authority → The Proof of Reputation

GoChain is incorporating the use of a new consensus algorithms mainly based on the reputation of entities signing the blocks, this is called Proof of reputation→POR is therefore
considered an upgraded, stronger, and a more secure form of Proof of Authority (POA) used by some blockchains, in which transactions and blocks are mainly validated by approved accounts known as validators whose identities are publicly disclosed and at stake. As time goes on, there might be a form of cheat using Proof of Authority.

For this reason, GoChain will be selecting 50 companies from 50 different countries that will be permitted to confirm transactions after verifications have been passed across. The idea for bringing up this idea is to ensure proper decentralization as these companies will be globally selected, and since their information will be made public, there will be enough reasons to act responsibly and also do a good job for the benefit of everyone on the blockchain .

| Obviously, no reasons to act bias. However, there are criteria for companies' selection since not just anyhow company will be selected for the particular task.

Reputation goes with Value and brand, they are vital parts of Proof of Reputation.

CORE IMPORTANCE OF GoChain

The benefits of transfer from Eteherum blockchain to GoChain for existing cryptocurrency companies would be many as they would begin to benefit:

• Faster transactions

• Larger customer-base

• Scalability across all platforms

• Less time and energy consumption

• Cheaper and more efficient projects

• Enhanced and improved services.

Welcome To A Smart World

Smart Contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation, or performance of a contract.

Let's take for example a company in the process of creating its smart contract supposedly meant to trigger an agreement between a buyer and a seller of a coin, made a mistake by inputting a wrong code which will actually give an order. Without much notice to the company , it saved this code into the blockchain, the purpose for which it was created for would not be met in this case. Also, there will be need of recreating such code again going through the same processes once more, which seems very exhilarating.

GoChain IS MAKING BUSSINESS FOR COMPANIES BETTER.

• Better customer satisfaction

• Reduced charges on products and services
More reach

• Opportunities to incorporate more services into portfolio

• Opportunity to Change/Improve on Codes without the need to hardfork.

MASS ADOPTION STRATEGY

Mass adoption is can be achieved by giving the masses a better option to what is in vogue. GoChain has brought not only a great option, but a solution to the challenges created by the former systems.

Yes, this solution has been proven to be reliable as KuCoin, one of the leading exchanges has hosted a node on GoChain network, as more crypto companies join the list to enjoy faster, cheaper and more efficient transactions and better services.

Therefore, Other companies which are not crypto based would begin to migrate to blockchain systems, leading to the migration of structures, systems, customer-base, et cetera into the blockchain network, and new projects would be launched lading to worldwide mass adoption of blockchain.

CONCLUSION

Users of the Ethereum blockchain keep increasing while there is no room for extending or resizing the platform, which only makes it become congested while slowing down virtually every activity being run on the platform. A lot of people have an intention of creating Apps or starting new projects on the blockchain but have been been scared away due to this same problem. This blockchain network, has emerged to solve the problems faced by other blockchain networks like scalability, decentralization, security, Gochain network has the special qualities of smarter, better, faster, and stronger.

"I strongly believe that decentralization and security l will have a huge impact for cryptocurrencies becoming mainstream. Solving real world problems and making cryptocurrencies being used in daily lives, easily, and less expensively".

TEAM

Tokenization

ROAD MAP

This is an @originalworks contest you can check it out here

Check Official sites

GoChain explorer
GoChain wallet
List of nodes
KuCoin joins GoChain as a node.
GoChain supported by Blockfolio.
GoChain supported by Blockfolio.

Additional Information & Resources

GoChain Website
GoChain WhitePaper
GoChain Telegram
GoChain Telegram Announcement
GoChain GitHub
GoChain Reddit
GoChain BitcoinTalk
GoChain Twitter
GoChain Facebook
GoChain Medium

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