The world’s economy has been positively changing into an advanced innovation because of cryptocurrency and smart contracts. What was impossible to achieve in the previous period has now become possible like transferring money globally. It is now instant with an assurance of safe and almost frictionless transactions.
Smart contracts are also swiftly becoming the way business is managed. A smart contract is a computer protocol designed to digitally facilitate, verify, or support the negotiation or performance of a contract. Smart contracts enable the execution of credible transactions without third parties. These transactions are trackable and unchangeable.
The possible applications of cryptocurrency and smart contracts through the blockchain are revolutionary and have the potential to obstruct almost all industry and institution imaginable. But, there are difficulties in obtaining this concept a reality. The most significant and most immediate problems are blockchain in its current form is not scalable, requires real decentralization, and is utilizing impossible quantities of energy that is not sustainable. GoChain signifies to solve those intricacies with immediacy.
GoChain As A Smart Contract Blockchain Platform
GoChain is a standalone blockchain and considered as the next generation smart contract platform. It is created in an advanced Ethereum codebase that determines the scaling problem instantly. GoChain currently has a working TestNet registering more than 1300 transactions per second ongoing with stability and has been operating as high as 2400 transactions per second.
One of Ethereum’s founder, Vitalik Buterin, has labeled scalability a trilemma where all three problems demand to be solved concurrently:
As for the moment, Ethereum can only run 13 transactions per second and as such their interface is at capacity, yet it’s the industry norm. Other players are coming into the space attempting to develop new blockchains to resolve this scalability problem but that won’t solve the Ethereum scaling problem. Next, several of these new blockchain answers are 12-24 months out. Over 90% of the smart contracts are Ethereum based, and they require an urgent solution. And, that’s where GoChain comes in.
GoChain utilizes a Proof of Reputation (PoR) consensus model that relies on the reputation of its participants to manage the network protected. A participant must have a status that is
significant enough that they would risk dire results if they were to cheat the platform in both financial terms and branding. Most industries would face severe consequences if they were discovered cheating on a monetary network. Bigger companies with more to lose will be preferred over smaller businesses with fewer to lose.
If a company establishes a reputation, it will be granted into the network as an authorized node, and at this period, it works just like a Proof of Authority network (PoA). Only authoritative nodes can confirm and validate blocks. GoChain is developing on Ethereum’s network because it is exceedingly more than just a store of value. That is why they consider it’s the best cryptocurrency and blockchain on the business today and why they are working it as a starting point. All Ethereum wallets and development tools will be compatible with GoChain.
GoChain Platform’s Future
Behind GoChain’s original goals, they have a plan to upgrade the smart contract system to make it simpler and less error-prone. The software most invariably carries bugs that are unknown at the time of release and developers require a method to mend those bugs. Ethereum does not permit anyone to upgrade contracts, and that results in $100’s of millions of value being stolen. GoChain aims to initiate writing smart contracts easier to write and more comfortable to deploy, as well as advancing them safer to prevent the large amounts of theft that is occurring. Smart contracts require to be more like the real world, where they can be improved, suspended, and terminated.
They are also adding standardized rulesets to contracts to determine how and when contracts can be changed. GoChain anticipates that this will support the adoption of smart contracts by the broader business community by utilizing familiar contract terms.
- Hard Cap 26,500 ETH
- 10% goes to the core team
- 6% to advisors
- 10% Foundation and bounties
- 4% marketing and legal
- 10% GoChain Fund – VC arm to fund ecosystem projects
- 10% Reserve with a 1-year lockup
- 50% token sale
- 6-month lockup for advisors
- Team lockup 25% at 6 months, 12 months, 18 months, 24 months
The Team Behind The Success
GoChain’s core team is a combination of software engineers, tech founders and industry leaders who have contributed their professions developing high scale, distributed cloud systems that includes high performance messaging, data storage and compute services for cloud infrastructure. This background is a natural fit for an inherently distributed platform like a public blockchain. The founders have created and exited flourishing startups with funding sourced from top-tier Silicon Valley VCs.
Jason is a continued entrepreneur, previously hedge fund manager handling more than $250 million, angel investor, board member and advisor with an exit to public business. He has a broad C-level background in finance, biotech, tech, and the food & beverage industries.
Travis has beyond 20 years of experience generating high-throughput, high scale applications, and cloud services. He founded successful technology firms and had accumulated tens of millions in funding from some of the top VC firms in Silicon Valley. Having resolved scaling difficulties and achieving scalable services for his whole career, he is now implementing that understanding and experience to the blockchain. Travis holds a Bachelor’s degree in Computer Science.
Ben Johnson is known as an open source software developer with the specialization in writing databases and distributed systems. He created BoltDB, a very famous in-process, transactional, key/value store that is adopted by many projects including CoreOS’s etcd & Hashicorp’s Consul.
Guilherme has broad software development background in both cloud technology and open source. He is likewise a blockchain developer and speaker. Guilherme holds a Bachelor’s degree in Computer Science.
Jordan Krage is a software engineer with expertise in big data and distributed systems. He is one of the developers of the Go (golang) dependency management tool dep. Jordan holds a Master’s degree in Computer Science.
Roman has over 12 years of experience developing software and leading engineering teams. He also has broad knowledge and expertise with cybersecurity, and supporting companies defend themselves from possible threats. Roman holds a Master’s degree in Computer Science.