The GoChain network is a scalable, Ethereum based smart contract blockchain that is fast, secure and green.
Blockchain technology is still in its infancy, but it’s already causing a dramatic shift in how many industries conduct business. It’s also going to have a huge impact on the environment. That’s because most blockchains are powered by electricity-hungry proof of work (PoW) consensus algorithms like Bitcoin’s SHA-256 and Ethereum’s Ethash. These algorithms can only be solved by computers crunching numbers and submitting solutions, which results in tremendous energy waste.
But what if there was a way to run blockchains using less energy? What if blockchains could actually be environmentally friendly?
GoChain is an innovative independent blockchain that debuted its mainnet in mid-2018. Because the code is derived from Ethereum, it is entirely compatible with all Ethereum-based DApps and devices.
GoChain is a decentralized blockchain platform that aims to bring tangible, positive change to the world. As an enterprise-ready blockchain, GoChain has a number of features that make it different from other blockchains on the market
The GoChain team has designed a blockchain that is more scalable and efficient than Ethereum. The network is highly strong, with a transaction rate of up to 1,300 transactions per second. When the network grows in size, this performance level may be increased to 13,000 TPS.
GoChain is a scalable, Ethereum based smart contract blockchain that supports solidity and designed to go 100x the current transaction volume of Ethereum.
Jason Dekker, a serial entrepreneur who has launched numerous successful firms in the past, founded the GoChain initiative. The project went online with the assistance of Travis Reeder, one of Cloudflare’s founders.
The GoChain blockchain is the first to provide an Ethereum Virtual Machine (EVM) on a Proof of Reputation (PoR) network. PoR is preferable than Proof of Work (PoW) and Proof of Stake (PoS) because it is based on real-world entities with a reputation to uphold, rather than just burning electricity or staking money.
GoChain will be 100 times quicker and ten times more decentralized than Ethereum. When compared to Bitcoin, it will also consume 1,000 times less electricity.
The GoChain network also has 50 times lower fees; in order to make a transaction on the GoChain Network cost $0.01 USD compared to $0.50 USD on the ETH network.
The GoChain blockchain has demonstrated its ability to handle 13,000 transactions per second (TPS). This is ten times quicker than Ethereum and one hundred times faster than Bitcoin.
GoChain consumes 1,000 times less electricity than Bitcoin and is ten times more decentralized.
GoChain uses a Proof of Reputation (PoR) consensus process, in which nodes stake a reputation score. These are currently business partners, but the goal is to have 2,000 nodes in place by the end of 2020.
GoChain has already worked with 40 organizations, including IBM and Microsoft, to run nodes on the network for their clients.
The next step is to open source GoChain so that anybody may become a node in the network.
GoChain is focusing on building an improved blockchain ecosystem that offers better solutions for businesses. In order to do this, it is leveraging the best technologies from the most popular blockchains in the space, Bitcoin and Ethereum.
GoChain’s mainnet went live in May 2018 and represents a scalable, high performance, decentralized cryptocurrency and blockchain that supports smart contracts and distributed applications. The company aims to provide an improved solution for enterprise and government use cases by boosting transaction speeds, lowering transaction costs and making it more decentralized.
The platform uses a Proof-of-Reputation consensus mechanism instead of Proof-of-Work or Proof-of-Authority. This means instead of relying on mining power or trusted entities to secure transactions, GoChain uses validators with strong reputations that are more likely to act in the best interests of the network. It also has 50 nodes which are run by prominent companies such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform (GCP), Digital Ocean and IBM Cloud.
The Gochain blockchain is a novel way of developing and delivering smart contracts. There are key differences in the way that the platform functions, namely that it aims to be 100 times faster than Ethereum and 10 times more decentralized.
Gochain’s promise to deliver on better technology that can benefit businesses and individuals alike. Its recent partnership with Lition, a blockchain-based energy trading platform made waves by promising green energy for power hungry crypto miners.
GoChain aims to deliver a scalable, low-cost, high performance and decentralized blockchain that supports smart contracts and distributed applications.
Developers can write smart contracts using Solidity, the same programming language used by Ethereum. It’s compatible with existing Ethereum wallets and uses a Proof of Reputation consensus algorithm. This is based on a reputation score of nodes which will be calculated from multiple sources including the size of the node’s business, the number of people that follow them on social media platforms like Twitter, Linkedin and Facebook, as well as their location. The higher the reputation score, the higher chance they have at being chosen for verification.
GO is the native currency of the GoChain network which is used for paying for transactions on the network.
As of July 2019, GoChain has launched their mainnet and is already being used for enterprise solutions. The Gochain team has also launched a developer portal for dapp developers to easily create and deploy apps on the blockchain.
The total supply of GO tokens on the Gochain mainnet is 1 billion, with 50% going to ICO participants (500 million) and the rest split between team members, advisors, public sale and partners (500 million).
GoChain is an enterprise-grade blockchain that is compatible with existing Ethereum wallets, smart contracts and other tools.
GoChain’s codebase is forked from Ethereum, meaning that it can run Solidity smart contracts.
Smart contracts are computer protocols intended to facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.
The GoChain Roadmap:
GoChain launched its mainnet with 50 signers; 100% on AWS (US).
GoChain switched to Proof of Reputation consensus mechanism where companies run nodes and are staked with their reputation/brand. We put our money where our mouth is and use our own tech in production every day.
GoChain launched the largest testnet at the time with 200 nodes. We now have over 400 nodes running on testnet.
GoChain reached a peak of 1,400 TPS. We’re now regularly hitting ~1,000 TPS throughput and consistently above 600 TPS. We do not sacrifice decentralization for speed. Our network uses 50 nodes across 5 countries making it one of the most decentralized networks in the world.
GoChain prides itself on having an unbroken track record of never being hacked or compromised in any way since inception and has an experienced team of experts in cybersecurity, cryptography and distributed systems architecture who constantly monitor and improve the nodes’ security posture as threats evolve over time.
The PoR model allows GoChain to be highly resistant to 51% attacks.
Consensus algorithm PBFT (Practical Byzantine Fault Tolerance) + voting by nodes. This combination of two consensus algorithms is much more reliable than the one used in Bitcoin and Ethereum.
Being able to handle a large number of transactions per second without compromising decentralization or security. GoChain can handle a minimum of 100 transactions per second with the potential to scale to 10,000 tps or more.
The GoChain network can process up to 1,300 transactions per second (about 1000 times faster than Ethereum). It allows using the platform at the level of large companies, even with millions of users.
For the reasons mentioned above, GoChain has a very high level of transparency and decentralization resistance, which results in increased trust from users and businesses alike due to the fact that there is no chance for anyone to corrupt the network by gaining more than 51% of the hash rate (which would be practically impossible anyway).
The GoChain infrastructure has 50 nodes located in different parts of the world. Each node is run by a different organization.
Energy efficiency: The network uses Proof-of-Reputation (PoR) consensus and Proof-of-Authority (PoA) validation to allow transaction processing with minimal energy consumption. PoR requires nodes to have a high reputation, which
Cost Efficiency: GoChain uses a consensus algorithm which lowers the computing power needed to run the network resulting in one hundred times less energy consumption compared to Bitcoin and Ethereum networks.
Faster – Transactions are validated every five seconds, making them much faster than other leading blockchains.
Green – The network uses orders of magnitude less energy than Bitcoin or Ethereum and has no mining, so it’s much more environmentally friendly.
There are some disadvantages too:
The project has been very secretive about its development roadmap, which raises questions about how much work has actually been done on it so far.
1. The GoChain network is based on the Ethereum network and uses the Ethereum Virtual Machine (EVM). Therefore, it inherits all the disadvantages of the EVM. For example, Ethereum-based smart contracts or decentralized applications (DApps) can have bugs that hackers can exploit to steal funds. In 2016, a hacker exploited a bug in the DAO smart contract and stole more than $50 million from investors. This same bug can be exploited by a hacker to steal funds from GoChain.
2. The analysis of smart contracts written in Solidity is not easy for developers who are new to writing smart contracts in Solidity and therefore, they may write smart contracts with bugs which may lead to loss of funds held by smart contracts.
How to acquire a GoChain Wallet
First, you need to download the wallet. Go to GoChain Wallet Page and download the latest version for your operating system. Once you launch the wallet, click on “New Wallet” button and follow the steps to create a new account.
Once the account is created, it will give you the private key and public address. Save those into a text file or write them down on paper. You can use this public address to receive your tokens from exchanges or other wallets. To send tokens, you’ll need to use the private key (so don’t lose it!).
Fill in your information, including a strong password. Make sure you save the password somewhere safe, like in a password manager or written down in multiple places because there is no way for us to recover your password if you forget it!
Once your wallet is created, you should see an address at the top that looks like this: 0x997f1BcAa0ba8dD57F739362AaDd9cE9A63F2868
This is your address, make sure you save it somewhere safe because this is how other people will send GO tokens to you!
Now that you have an address with some tokens, let’s talk about sending some tokens to someone else!
The purpose of the GoChain Wallet is to allow you to interact with the GoChain network. The GoChain network is a decentralized, high speed blockchain protocol and cryptocurrency. You can send and receive GO tokens using this wallet along with interacting with smart contracts.
The GoChain Wallet is a decentralised wallet that you can use to hold your GoChain. Decentralised wallets are not controlled by a third party or individual, rather they are controlled and secured by the users themselves.
The purpose of the GoChain Wallet is for you to send and receive payments, as well as holding your GoChain securely in a way that cannot be hacked or accessed unless you allow it.
The GoChain Wallet is a ‘non-custodial’ wallet which means that unlike other crypto wallets, you own the keys to your GoChain and no one else.
It’s important that you keep all of this information safe, as if these credentials are lost, so are your tokens.
You can use your GoChain Wallet to store tokens, send and receive funds in GoChain’s network.
The wallet is also useful for interacting with smart contracts through the GoChain Wallet interface.
The GoChain Wallet is a free application that you can use to interact with the blockchain and you can use it on your desktop or mobile device.
You can download it from the download page of the GO Chain website.
How do I get Go tokens?
The easiest way is to mine them.
Download the miner software and join a mining pool, it’s pretty easy.
There are a few options available:
Mining software: https://github.com/gochain/go-miner
Mining pools: https://github.com/gochain/go-pools
If you need more help with this, please check out the GoChain subreddit or telegram channel.
Go tokens are also currently available on exchanges such as OKEx, Kucoin and BitForex. However, you can also create your own Go token by deploying a token contract to GoChain.
Go tokens are purchased using Ethereum (ETH). You can buy ETH at most cryptocurrency exchanges. If you don’t already own ETH, we recommend Coinbase.
Once you have ETH, you can send it to any exchange that supports GO, including Binance and OKEx. Here are instructions for buying GO on Binance: https://cryptoslate.com/exchanges/binance-buy-sell-cryptocurrency/.
GoChain users can get 10 GO for free by clicking the “Get Free Token” button in their dashboard. They also get 50 GO for referring a friend.
What is the best way to transfer Go Tokens?
The answer is: directly, with any Ethereum wallet that supports ERC20 tokens.
How does it work?
You simply send Go Tokens directly from your wallet to a recipient’s wallet address. The transaction will be picked up and processed by the network and then the recipient will see their Go Token balance increase (and your balance decrease). The transaction will also include a very small amount of gas to cover the cost of processing it. This gas is burned and not used by any miner or other party.
One of the best things about GoChain, however, is that it offers easy integration for businesses that already use the Ethereum blockchain, meaning that they don’t need to start from scratch with a new system – they can start using GoChain immediately.
It’s just as easy to build on GoChain as it is with Ethereum or Bitcoin, so why not give it a try?
If you have any questions about GoChain then please let us know in the comment section below.
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