WHAT IS GOCHAIN?
GoChain is a scalable, high optimizing, low watt, and decentralized cryptocurrency and blockchain that supports smart contracts and distributed application.
WHY CHOOSE GOCHAIN?
GoChain is a public cryptocurrency building decentralized applications and rock solid smart contracts which are compatible with existing Ethereum wallets, smart contracts and other tools.
It offers fast transactions and contract execution.
WHAT IS BLOCKCHAIN
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A blockchain is a continuously growing list of records refereed to as blocks, which are linked and secured using distributed ledger technology(DLT). It can record transactions between two parties efficiently and has a permanent means of verification.
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WHAT MAKES GOCHAIN STANDOUT?
- Forcing nodes to be in different countries, GoChainallows for more flexible decentralized mining giving it an edge and creating 10x more decentralized mining.
- GoChain is bet on giving 100x more transaction per second with lighting fast verifications.
- GoChain would be running on a 1000x lesser energy compared to other cryptocurrencies.
HOW TO SOLVE THE PROBLEM OF DECENTRALIZATION USING PROOF OF REPUTATION(POR)?
To solve the issue of decentralization we need to start from centralization since its where it all started. Starting from scratch.
If the consensus algorithm is changed from Proof of Work(POW) to Proof of Reputation(POR) which is an upgraded, stronger, and more secure form of Proof of Authority(POA).
POA makes use of validators to confirm transactions. POA has been operating in private networks, most companies use individuals whose identity are known and at stake. In exchange they are rewarded.
With identities disclosed this is meant to caution them from it would damage their reputation if not handled diligently. The draw back now becomes greed.
This is where POR comes in. Instead of using individual it uses companies as the validator since a company with reputation has more to loose than an individual and wouldn't be quick to cheat. A company who cheats risks everything. It's shareholder, stock, market cap and integrity.
Moving further with a plan to use 50 companies in 50 different countries as the validators to force decentralization thereby reducing risk to the nearest minimum. By spreading the node to several geographically location, a single government cannot be a treat.
HOW THE VALIDATORS WOULD BE CHOSEN?
For a start GoChain will choose the validators and then the
selection process will be turned over to the network making it more controllable and flexible
WHAT KIND OF COMPANIES ARE WE LOOKING AT?
Companies with reputation because by using them there is a huge incentive maintain network integrity to protect their market cap and professional integrity.
They wouldn't want to bet their luck on cheating.
HOW POR WOULD GIVE FASTER TRANSACTION AND LOWER POWER
By moving to POR and by dealing with the large amounts of data in several smaller fractions. It wouldn't be easy because at 1300 transactions per hour data space of 0.7gigabyte is gone.
By switching to POR we will be able to dramatically decrease the energy utilization needed to process the blocks since the concentration wouldn't be in one place.
THE GOCHAIN TEAM
I would be listing few of those who have contributed to the proper functioning and continuous improvement of the platform.
- Jason Dekker (CEO) photo
- Travis Reeder (Chief Software Architect)photo
- Ben Johnson (Sr. Software Engineer)photo
- Guilherme Rezende (Sr. Software Engineer)photo
- Jordan Krage (Sr. Software Engineer)photo
- Roman Kononov (Sr. Software Engineer)Photo
- Adam Norris (Director of Marketing and Community Relations)photo
- Brooke Hansen (Social Media Director)photo
THE GOCHAIN ADVISORS
- Benn Godenzi (Marketing Advisor at WanChain)photo
- Chad Arimura (VP Cloud at Oracle)photo
- Morgan Mackles (VP Sales at X.ai)photo
- Etiënne VantKruys (EU Biz Dev at WanChain)photo
- Dr. Majid Almansouri (CEO at ChainVisory)photo
- Shihab Ali (CSO at HODL Partners)photos
- Matthew Skinner (Founder at EtherSportz)photo
- Jameson Stafford (VP Corporate Development at Catalytic, Inc.)photo
- Alex Barrett (Founder and CEO at Likemoji)photo
GOCHAIN Partners / Investors
- Amazix
- Renowned & Co
- Carnaby Capital
- HODL Partners
- Current Capital
- Blockox Fund
- Crypto Jack
- Hades Capital
Community
https://steemit.com/crypto/@originalworks/640-steem-sponsored-writing-contest-gochain
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