GoChain (GO) – cryptocurrency review
GoChain is an ecosystem with its own cryptocurrency and blockchain. It supports smart contracts and Ethereum-based applications.
Features of GoChain (GO)
GoChain has listed some of the lofty goals they want to achieve on their website. They want to become ten times more decentralized. They believe that open decentralization did not work, since more than 70% of mining operates in China, which is managed by only a few different companies. GoChain will force sites to be hosted in different countries, which are managed by companies and people who are not connected to each other.
They have the goal of being a hundred times faster with verification even with extremely large transaction volumes. Currently, the Ethereum network can only process 13 transactions per second, with GoChain targeting 1,300 transactions per second.
They also have the goal of using a thousand times less energy than is used to manage a network of bitcoins. The Bitcoin network currently has enough electricity that it can attract more than 3.5 million households in the United States. This is unstable, and GoChain will use a small portion of the energy used to launch other cryptocurrencies.
At the heart of this project is a new, efficient blockchain designed to accelerate transactions.
- It is part of a booming market.
- Affordable test network.
Disadvantages of the project:
- The team did not provide any details about their marketing strategy and the measures they plan to use to attract new users. The platform may not get the desired number of users.
According to World Payment Reports, non-cash transactions in the global market in 2017 were estimated at $ 591.7 billion. Daily cryptocurrency transactions were estimated at $ 2 billion (Juniper Research). According to forecasts, by 2020 the market for cashless transactions will exceed 725 billion dollars. USA, the expected increase is 38.4%.
The above models will work as follows:
Proof of Reputation (PoR) was designed to provide network security. Each participant will have a reputation rating that will help determine whether the partner is reliable.
Reputation will be measured based on the following parameters:
- Market capitalization.
- Whether the company is publicly traded.
- Brand recognition.
- Confirmation of authority (AP) was developed to authorize a participant after confirming their reputation. Each authorized member receives GoChain Tokens (GOC) as a reward.
The company verification process will include the following steps:
1) Check Dun & Bradstreet / DUNS number.
2) TXT record in company DNS record with random token. This is the standard procedure for verifying domain ownership.
In addition, GoChain provided a two-stage voting process. Initially, 50 companies from various industries will be on the voting list. Then they will decide the permission of the other participants.
The main advantages that should have separated the project are fast transactions and the integration of smart contracts, wallets and applications developed on Ethereum in GoChain. The project is focused on providing services to enterprises (B2B transactions, reputation verification, etc.).
GoChain is a proprietary block code that uses the Proof of Reputation (PoR) and Proof of Authority (PoA) models with an open API.
The GoChain blockchain will be fully compatible with Ethereum-based smart contracts, wallets and applications.