GoChain: Improving The Blockchain Technology

in #crypto6 years ago (edited)

Scalability poses a serious problem for blockchain networks. The increase in the number of tokens, investors, and users boosted transactions on the blockchains. However, the increased data strains the blochchain systems since they can only handle transactions within the limits of their network nodes. This issue results in slow transaction times.

Consequently, the blockchains will be unable to process more transactions when they become weak from managing excessive data. As cryptocurrencies continue to gain more ground globally, solving this scaling problem of blockchains is paramount.

Many modern blockchain networks suffer from scalability as more users join the systems. A high percentage of these networks are built on Ethereum, which still finds it difficult handle the increasing transaction data. This problem affects the DApps created on Ethereum. Besides, verification of transactions takes longer time even at peak periods.

The Solution

GoChain solves the problem of blockchain scalability. Rather than the Proof of Works (PoW) used to process transactions on Ethereum and some other networks, GoChain uses Proof of Reputation (PoR). This model of operation assigns trusted companies as authorized nodes for the network.

These reputable companies act as authorized signers. They can sign and certify blocks for the GoChain network. With several authoritative nodes in various countries across the world, GoChain reduces the strain of increasing transaction data on the blockchain network. Besides, this decentralized mode of operation prevents cheating and possible government intervention.


Source

Recently, GoChain signed KuCoin as one of its authoritative nodes. This reputable blockchain asset exchange company is known for its outstanding transaction platform and services. GoChain aims to sign 50 reputable across the globe to host its network nodes. Through this strategy, this blockchain network plans to promote mass adoption of cryptocurrencies.

More Effective Than Ethereum

Previously, Ethereum appears to be the best blockchain network. However, the table has turned in favor of GoChain, which has improved the fundamentals of blockchain technology such as energy and speed. By processing 1,300 transactions in a second, GoChain has achieved one of its major goals.

Besides solving the scalability issue, this blockchain aims at improving the smart contract system on blockchain networks. Though Ethereum supports smart contracts, it has issues with the system. It can only handle a limited number of transactions compared to GoChain. Ethereum also has problems with energy and speed. Also, some of its smart contracts can be hacked.

GoChain is set to make the smart contract system theft-proof and easy to use. Besides being more decentralized, GoChain uses less energy and processes more transaction per second than Ethereum. The compatibility of the GoChain network with existing DApps built on Ethereum allows easy and seamless migration of applications.


Source

Companies that migrate from Ethereum to GoChain will enjoy greater speeds for processing transactions at cheaper rates than Ethereum. Also, you can easily deploy your Ethereum Smart contract to the GoChain platform.

GoChain Platform

GoChain is a decentralized and scalable blockchain and cryptocurrency. With 7500x cheaper transaction fees and 100x speed, the platform tends to attract blockchain companies to migrate to its platform. The GoChain network plans to improve Ethereum smart contracts, which will boost the commercial sector.

By providing decentralized network, GoChain aims at signing reputable companies to host its nodes. This strategy will allow more blockchain companies to join the network. It will also provide fast transactions to the increasing users of blockchain technology.

The Future of Blockchain Technology
The flexibility of the GoChain network will encourage more businesses to join the blockchain. The network intends to add a code updating feature to its system. This development will allow companies to change their codes and fix bugs after launching their businesses. GoChain aims at providing a solution to the problem plaguing companies on the blockchain network. This future implementation will boost the blockchain technology in the commercial sector.


source

Resources and More Information
GoChain Website
GoChain Medium

This entry was created for @originalworks sponsored writing contest-GoChain

Sort:  

This post has been submitted for the @OriginalWorks Sponsored Writing Contest!
You can also follow @contestbot to be notified of future contests!

Nice entry !

Thank you

Coin Marketplace

STEEM 0.35
TRX 0.12
JST 0.040
BTC 70753.86
ETH 3589.34
USDT 1.00
SBD 4.75