GOCHAIN-SNARTER,BETTER,FASTER AND STRONGER

vqshaw (25)in #crypto • 6 years ago (edited)

Introduction

Cryptocurrencies and smart contracts are gradually changing the economy of the world ,in the sense that transferring money instantly globally is now made possible.Not just that ,its safe ,easy ,fast and very reliable.
Crypocurrencies cane into play in order to combat certain vulnerabilities with fiat money ,reason being crytocurrencied are decentralized making it impossible to alter .

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

With the use of smart contracts each transaction created by users is carried out directly without intermediaries. The details of users are completely hidden to ensure privacy.

For people of the under developed world cryto exchanges have come in handy and useful as money can be sent and received in a very simple way

Current Situations

Slow transactions and low transaction volume has been the order of the day when it comes to public decentralized crypt I currencies .for example bitcoin can only process 7 transactions per second while ethereum on the other hand can process only 13 per second .
Depending on the volume of the transaction ,the time needed to verify transactions could take several minute to hours .

Smart contracts over the years have allowed users to write small ,unmodified programmes in order to make sure the individuals involved are all committed to the rules set up in the contract.
Almost every ICO had run on ethereum smart contracts system but these contracts have proven to be too vulnerable to malicious acts .

When mining blocks the amount of energy is massive and enormous due to the use of proof of work (POW) .
The POW makes it possible for malicious attacks due to the fact that it requires a non - trivial computational workload which requires a lot of energy

In order to solve the looming problems mentioned above ,Gochain has come with the mission to create a scalable ,low cost ,energy efficient platform for digital currency and decentralized application.

What is Gochain ?

Gochain is a scalable high performance ,low cost and decentralized cryptocurrency and vlockchain that supports smart contracts and distributed application.

Gochain is built on an improved ethereum codebase which solves the constant issues associated with immediacy
Ethereum does not allows its users upgrade or modify their contracts once they are made thereby making it prone to attacks from hackers causing huge losses to users.
That is y the Gochain project plans to upgrade the snare contract system in order to make it easy and less prone to attacks.

The project intends to make writing smart contracts easier to write and deploy .
In addition, the project intends to add standardized ruleset to contracts to pinpoint when and how companies can change their codes.
For example before any changes can be made to their codes ,their might be a required number of votes required or agreement from specific individuals.

Cryptocurrency companies willing to transfer from ethereum to the Gochjain network will benefit from 10x more decentralization, 100x increase in speed and 1000x improvement in energy consumption .
In order for Go chain to solve the issue of decentralization they are changing the consensus algorithm from proof of work (POW) to proof of reputation (POR) .the POR is an upgraded ,strong and more secure form of proof of authority (POA).
In POR companies as validators instead of individuals because a company with a reputation would not want to mess itself up.
Furthermore a company would also be risking its market cap and reputation of shareholders in the company if caught cheating .so with the reputation of a company at stake it should be able to create an almost prefect decentralization making the network hard to compromise.

POR would also help decrease the huge amount of energy being used to process the blocks when mining .moving to POR would also help move from 13tps to 1300tps even if it means introducing an off chain solution such as plasma or Xaiden to work on top of Gochain in order to make it faster.

The above mentioned could greatly improved the mass adoption of cryptocurrencies

Conclusion

Go chain has gone of the the box to solve the scaling issue associated with the ethereum network.
Personally I'll advice crypo users to embrace this with all their hearts because their team of experts are working tirelessly to the development of the blockchain industry.

RoadMap

watch this video for more information:

More info and resource:

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Gochain2018

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6 years ago in #crypto by vqshaw (25)

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