GoChain is back, bigger and better.
The Problem
The world of cryptocurrency is in an economic irony. On one hand it needs mass adoption to ensure its survival, legitimacy and in the future, dominance. On the other hand, the developers seem not to have made arrangements for mass adoption. Their blockchains are not scalable. Transfers were fast and effective when it was just a few users in the early days. But now that millions have gotten involved, the transfer speeds have become lethargic at best.
Think of it, why would anyone pay with Bitcoin or Ethereum and wait for 15 minutes to 2 days for their transaction to be confirmed when they can just use their visa card and get their payment verified in 5 seconds?
Cryptocurrency promised decentralization. No middlemen, no government, nobody to have a say over your money and how you spend it. Sadly over the years we have seen the Chinese take over majority of the mining of cryptocurrency. This creates an underlying problem. What if tomorrow all the Chinese rig owners decide to come together and manipulate transaction records for their own benefit? Who will stop them?
The transfer fees of cryptocurrency has seen a dramatic rise recently. From almost free to as high as $20! This is surely not appealing to new comers and will certainly even discourage those already using cryptocurrency.
It seemed all hope was lost until...
Introducing GoChain
GoChain is an advanced Ethereum-based network that solves scalability issues plaguing some of the modern blockchain networks.
It is basically an Ethereum 10.0 with none of the drawbacks but ten times the abilities.
Watch their introduction video here.
GoChain will allow users lift and shift their blockchains and Dapps from Ethereum to GoChain for more utility and faster use.
Let's break down the comparison
Speed
Ethereum does an unacceptable 13 transactions per second. Imagine if out of the billions of people in the world 2.6million people made a transaction at the same time, they would have to queue up with some of them finally confirming their transactions 55+minutes later(Almost an hour late!). GoChain on the other hand is already cruising at 1300 transactions per second with a planned upgrade to boost that to 13,000 transactions per second by the end of 2019!
When GoChain Takes Over
Energy
While Ethereum and Bitcoin rely on hundreds of thousands of miners hashing(using large amounts of computing power and electricity to solve algorithms), GoChain uses a simple Proof of Reputation system that involves just a few nodes and is easy to sync.
Cost
GoChain will be processing transactions for as low as 7500x cheaper than current Ethereum rates. Who wouldn't get behind that?
GoChain is now trading on Kucoin and Blockfolio
Decentralization
To combat the China-problem, GoChain will be selecting nodes(reputable organisations that will act as signers) from around the world. GoChain will start with 50 companies. These companies will be selected based on a strict criteria questionnaire that will ensure they are incentiviced to act honestly at all times.
GoChain has enlisted Kucoin as a node. View the full list of nodes here.
Exodus
Developers can now move their Dapps and blockchains to the GoChain network!
Just follow these steps.
Are you a user who has coins hosted on GoChain? You can access them with Myetherwallet. Simply click on Network and select GoChain.
Team and Roadmap
In accordance to their roadmap, GoChain has launched their mainnet and in spectacular fashion. Transaction speeds are as promised and they currently have 14 nodes up and running. The very experienced team is working hard to surpass their targets and there is much more in store for users.
You can visit the GoChain site, and read their whitepaper here.
You can also talk to the team via social media.
Facebook
Medium
Twitter
GitHub
Reddit
BitcoinTalk
Telegram
Crunchbase
YouTube
This is a submission for the @originalworks contest hosted here.
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