GoChain: Transactions at the Speed of Light

williamsbrazon (35)in #crypto • 6 years ago

Blockchain has been a technology that has grown rapidly both in fame and functionality, in the Ethereum network one of the largest only surpassed by Bitcoin with the passage of time the amount of ICO and Dapps that are launched within the network increases rapidly, this network was conceived by Vitalik Buterin as a network that uses intelligent contracts which has been part of its preference for users, however, the network Ethereum presents serious problems of escalation that must be solved.

This year, on April 3rd and 4th, the Deconomy conference was held in Seoul, South Korea, in which the blockchain of cryptomoney and its current influence was discussed, during the Vitalik Buterin conference, the founder of Ethereum, commented that at the moment it is not a trip to develop some proposals because the Ethereum network does not have the capacity to process a large number of transactions per second.

Ethereum's platform has to be improved in order to offer a beneficial ecosystem in terms of the development of numerous initiatives that have been thought to be carried out within Ethereum's blockchain, because nowadays the network can only process a low number of transactions per second, the Ethereum network is only able to process 15 transactions per second, taking into account the large number of transactions that are carried out within the Ethereum network that quota is very low, within the network there is a great demand and a very low capacity to process them.

Even Vitalik Buterin has not yet given clues about a possible solution to the network's scalability problem, but the team of experienced experts has already thought about it and presented us with the solution: GoChain

What is GoChain?

GoChain is a blockachian network of intelligent contracts based on Ethereum, this network will solve the scalability problems we have mentioned, GoChain will do this thanks to the introduction of a new consensus algorithm called By ( Reputation Test), this algorithm is faster, more economical and environmentally friendly.

The GoChain train is active and ready to go, at this moment the GoChain platform is already operating and performing a total of 1300 operations per second, more than 100x faster than the traditional Ethereum network.

POR (Proof of Reputation)

GoChain replaced the algorithm of Job Testing (POW) to Reputation Testing (POR), this is a stronger, faster and more secure algorithm, POR uses companies as validators rather than as individuals, companies with a certain reputation have much more to lose than any individual, this deters companies from being a bad actor because the risk they have is much greater.

GoChain uses 50 companies in different countries as validators to achieve decentralization, this creates a decentralized network almost perfect and difficult to corrupt, as the nodes are distributed geographically no one from any government can take control of the network as has happened in China, Russia and other countries.

Gochain is a fully compatible platform with the Ethereum network, this means that existing projects can migrate in a very easy and secure way to the platform, they should not modify any line of code or need to update anything, gochai was created for this so there is no problem during the handover, also you can design new projects that will grow the ecosystem Ethereum thanks to the fact that there will be no scalability problems.