GoChain (GO)

Posted by

GoChain (GO) is the latest blockchain to enter the fray and it offers to deliver one hundred times the speed offered by Ethereum and in addition, it promises to be a superior alternative to smart contracts.

Joke Name

GoChain = 100 X ETH

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (GO)

Coin or Token

Circulating Supply (505 Million)

Total Supply (1 Billion)

Market Cap Ranking

Review

GoChain (GO) is the latest blockchain to enter the fray and it offers to deliver one hundred times the speed offered by Ethereum and in addition, it promises to be a superior alternative to smart contracts. The latter is being made possible with the use of Proof-of-Reputation as a consensus mechanism instead of Proof-of-Work or Proof of Authority.

Key Features

  • Offers more than speed
  • Improved Proof of Authority
  • Solve centralization and scalability issues

Offers more than speed

GoChain (GO) offers more than speed because it is also aiming to be ten times more decentralized than Ethereum and it also promises to deliver less power consumption when compared to Bitcoin. The fact that GoChain (GO) has moved to Proof of Reputation consensus model proves that this platform offers a completely secure and free from any internal or external problems.

Everyone in the GoChain (GO) blockchain has to have a reputation and anyone that tries to hoodwink the system in financial or branding terms will have to face serious consequences.

Improved Proof of Authority

Basically, GoChain (GO) has improved on Proof of Authority model by converting it to Proof of Reputation for the majority of network participants. Even so, it is still possible to use Proof of Authority but only for nodes that are very reputable and which add great value to the network. The nice thing about using the GoChain (GO) platform is that it is compatible with Ethereum and so chains based on Ethereum can switch to GoChain (GO) without any problem.

Solve centralization and scalability issues

The goal of GoChain (GO) is to find a solution for the centralization and scalability as well as energy consumption problems of blockchains using Proof of Work as a consensus mechanism. Ethereum supports smart contracts and hence is one of the most oft used blockchain protocols. However, it uses thrice the amount of energy as compared to Google.

However, it does not offer good enough decentralization and it is only able to handle thirteen transactions per second. The worst part is that smart contracts are not hack-proof or theft-proof.

In the business world, reputation is perhaps the most important factor. Whether it is an organization or individual, reputation counts for the most. When people or businesses act dishonestly they will see their sales sliding and customers will leave them. To be a successful business on the other hand, it is important to generate trust and for that it needs a good reputation.

The token used on the GoChain platform is called GO and it is Ethereum based and can be used as a means to access the entire GoChain platform.

Conclusion

There is much to be optimistic about GoChain (GO). Since it aims to considerably improve on Ethereum, it has been able to scale to one hundred times the number that Ethereum is capable of handling. By the end of 2019, it promises to be 1000 times faster than Ethereum. The bottom line is it is a good project that holds promise of becoming a great project.

Pros

  • High TPS
  • DApps

Cons

  • No backing (asset, profits, commodity)