Ever since Ethereum (ETH) shifted the attention from cryptocurrency to the blockchain, numerous similar projects emerged, all wishing to take the spotlight of the best dApp and smart contract platform. However, one thing that many of these projects have in common is a problem when it comes to scalability. This is especially true for Ethereum itself, and other old cryptocurrencies.
This is where GoChain comes in.
What is GoChain?
GoChain is a dApp and smart contract platform based on the blockchain technology that aims to solve the problems of its predecessors. Its focus lies on issues such as scalability, security, and decentralization.
According to its website, GoChain is the fastest, most reliable, web3-based blockchain protocol and client. It allows users to create their own decentralized applications which are completely compatible with Ethereum. This means that developers can use the same smart contracts, tools, and even wallets.
It also allows developers to run private blockchains which are guaranteed to have the highest performance, easy setup, and just as easy maintenance. It also offers enterprise services, which clients can use for creating or implementing dApps or private blockchain infrastructure.
The GoChain project is very scalable, low cost, decentralized, and it offers high performance. Its network can handle around 1,300 transactions per second, with 5-second blocks. Furthermore, it features fees of only $0.000002, which is 7,500 times cheaper than that of Ethereum.
When compared to Ethereum blockchain, GoChain is 100 times faster, 10 times more decentralized, and 1,000 times greener thanks to low power consumption. This is possible thanks to its consensus algorithm called Proof-of-Reputation (PoR).
GoChain Proof-of-Reputation consensus algorithm
In order to validate transactions, each blockchain employs some consensus algorithm. Bitcoin and several others use Proof-of-Work, while other projects tend to prefer Proof-of-Stake. Proof-of-Work considered by many to be outdated due to its large energy consumption and need for a lot of computing power. While Proof-of-Stake is certainly more advanced, it is still considered inferior to Proof-of-Reputation.
POR works by staking the reputation of network participants, mainly different businesses. This method has several advantages, such as higher network security, and the elimination of any problems, be they internal or external. All of the GoChain network participants need to have a reputation, and any attempts to trick the system in one way or another will result in damaging that reputation and giving the company less power.
GoChain also has a different model called Proof-of-Authority (PoA), which is improved but can only be used by those who have an extremely high reputation. As such, they are considered as very valuable network participants.
GoChain was originally announced in February 2018, with the intention to rival Ethereum as a faster, cheaper, more energy-efficient, and more decentralized project. It currently consists of several open-source projects that create the GoChain ecosystem. While they all serve to power the public network, they can also be used in a private environment.
In 2018, GoChain also launched its MainNet, and it announced that the launch of its first decentralized crypto exchange, GODDEX. In November 2018, the project announc
The platform also has its own coin, GO. The coin’s current price is at $0.019003, with a market cap of $12,820,667. On the list of the largest coins by market cap, GO holds the 185th rank. While it is still not among the top 100 coins, it should be noted that the coin was launched during a bear market which continues to damage every cryptocurrency for more than a year at this point. Even so, it GoChain coin managed to climb relatively high, considering that the current number of cryptocurrencies is over 2,100.