adapted from GoChain whitepaper
Smart Contracts for Everyone
Ethereum advanced the crypto space by introducing practical smart contracts. However, smart contracts seem hastily implemented in a race to be the first to facilitate this feature. Since its inception, Ethereum has operated under the idea that it could develop its platform to meet future needs. This is contrary to the way the current market is steamrolling ahead.
GoChain Succeeds where Others Fail to Scale
The scaling issue is one of the most critical aspects for Ethereum. In comparison, GoChain’s 100x improvement in transaction speed is so revolutionary that it has investors questioning if this is even possible. The success of the TestNet put some concerns to rest. GoChain is also conducting round-the-clock transaction tests.
A Look at Transaction Speeds
The Ethereum network can handle 6 to 13 transactions per second (tps); depending on the number of smart contracts involved. Assume an average capability of 10 tps and an average request of 11 tps:
- After the first second, 1 transaction is waiting, followed by 2, then 3, and so on until after 10 seconds, the number of transactions-in-waiting is double that of the average capability.
- After just one minute, transactions-in-waiting now amount to 6x of what the Ethereum network can handle.
- Thus, after 24-hours of just a single transaction above the network capability, the first new request placed on the second day would not get processed until 24 hours later.
GoChain plans to be capable of transaction speeds at 1,000 times that of Ethereum:
- This amounts to GoChain handling 15 to 20 minutes of Ethereum’s processing workload every second.
- For the previous example of a 24-hour backlog, this is a 96-second solution.
- Since there are 86,400 seconds in a day, GoChain could fill 2.5 years of backlogged Ethereum requests in one 24-hour day.
NextGen Smart Contracts
GoChain developers critically examined the potential of the Ethereum network. They found that decentralized apps (DApps) were not all they could be. Smart contracts need to be adaptable. If Bitcoin can be compared to the wheel when Ethereum is the car, then GoChain represents jet-propelled vehicles traversing the heavens.
Like the wheel, Bitcoin was limited in its ability to reach the whole world. If nothing else, it scales very slowly. And even when automobiles were first manufactured throughout the world, they would be constrained by the roads that Ethereum could build. GoChain adds speed, scalability, and advances DApp programming so that new (and old) projects can take their ideas where they were initially meant to reach. Roads (unchangeable rules) are not needed because GoChain allows the vehicle to adapt with borderless, nonlinear “flight” capabilities.
Compatible with Ethereum Wallets and Development Tools
Several blockchains have started from scratch because they believed that a unique solution was needed. This was the case with Ethereum and its innovation of smart contracts. Developers understood how DApps for cryptographic transactions would facilitate an explosion of new projects into the crypto space. GoChain solves some critical issues following the hasty development of smart contracts while remaining compatible with Ethereum codes and user wallets.
Truly Smart Contracts
An uncommon issue facing Ethereum is the inherent rigidness of its contracts. Facilitating users to write their own rules was revolutionary. However, smart contracts must be adaptable. This is something that evolved in contracts even before the Internet. Put simply, the world changes and so must the rules that govern.
In addition to providing adaptable rules for changing times, GoChain provides a method for adjusting contract terms and fixing coding bugs. This is how next-generation smart contracts need to be written. It allows for changes, time alterations, and new conditions. Like Ethereum, GoChain aims to make writing smart contracts easy. Initial adoption is aided by a standardized set of rules that incorporate traditional contract terminology.
PoR: Validating Transactions Efficiently
There is a negative correlation between transaction speeds and devices that are added to any network. Proof-of-Work (PoW) has had a lot of success, but it requires an enormous amount of power and is expensive. Also, PoW tends to centralize the data mining required for cryptographic validations. Proof-of-Stake (PoS) reduces some of the energy costs. However, it tends to make it easier for wealthy individuals to dominate the profit sharing of network fees. Thus, PoS also defeats the purpose of decentralizing a financial network. Proof-of-Authority (PoA) is a new concept that succeeds in speeding up transaction times but fails at scalability. Income disparity makes PoA algorithms susceptible to corruption and the requisite transparency can subject validators to danger, intimidation, or other under influence
A Better Consensus Algorithm
A decentralized platform for digital transactions is one of the main rationales behind blockchains. However, miners gravitate to areas of low power costs and tend to pool their resources to maximize profits. GoChain created a better consensus algorithm, whose small set of nodes will require 1,000x less power consumption. Validators must disclose personal information to operate authorized nodes. This fosters accountability to maintain reputation which is something not present in current block proofs.
The Proof-of-Reputation (PoR) algorithm uses a smaller set of nodes to speed up blockchain networking. The key for PoR is that the survival instincts of validators inherently preserves the rest of the network. This is different from pre-blockchain trust networks that battle constant corruption while inviting ignorance when professionals crossed over from other industries.
The Benefits of GoChain’s PoR
GoChain’s reputation concept is in line with the ideals of early developers of blockchain technology. It empowers providers and end users of specific data with a more decentralized means for cryptographic transactions. PoR relies on vested companies to secure a network. This makes larger companies more likely to be voted into an authoritative node. Establishing reputation is based on having something to lose.
The PoR algorithm incentives the network for both validators and all other member companies. Authorized nodes sign blocks similar to PoW except with altered headers that enable voting. Validators receive GoChain coins for signing, as well as, small network fees for transactions. The voting process will initially be secured by 50 decentralized companies throughout the world. Once these validators are in place, voting will be turned over to the network.
adapted from GoChain whitepaper
Concluding Thoughts
GoChain revolutionizes smart contracts by making them more adaptable. It ensures the success of cryptographic transactions through PoR. The reputation based consensus algorithm is the basis behind solving scalability and speed problems. The roadmap lists two important events happening in May: the Public Sale and Network Launch. With the successful launch of the TestNet, the MainNet is scheduled for May of 2018.
A more detailed explanation and roadmap is available through the GoChain whitepaper. The website lists updates, such as the scheduled pre-sale commencing on May 1rst.
Additional information is available through the contest hosted by @OriginalWorks.
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GoChain looks like it's going to be a big deal. It will be interesting to see how it will perform during its ICO.
Yes, and if it will be considered an asset or threat to Ethereum.
GoChain looks like it's going to be a big deal.Like Ethereum, GoChain is also aiming to write smart contracts easy.
It will be great for miners as small set of nodes will require 1,000x less power consumption.
Indeed, they are lining themselves up to add to what Ethereum has done and not just add a service.
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Hi mate, hope you're well.
I've never heard about this project. It definetly does look quite promissing.
Some time ago I discovered NANO and it also seemed to be quite similar to GoChain. Cheaper, faster, better. Any idea if Nano can be considered direct competition?
Cheers
Piotr