Coin Spotlight: GoChain
Fast, reliable web3 based blockchain protocol and client.
What is GoChain?
GoChain is a scalable, high-performance, low cost, and decentralized blockchain network that supports smart contracts and distributed applications. The platform focuses on fast transactions and contract executions allowing developers to build decentralized applications and secure smart contracts. It’s fully compatible with existing Ethereum-based wallets, smart contracts, and tools. GoChain’s mainnet is currently live and ready to use with the ability to process 1300tps (transactions per second).
Proof of Reputation (PoR)
Proof of Reputation is a unique consensus model that relies on the reputation of the participants to keep the network secure and combats the issues of slow transactions. A participant (block signer) in the network is required to have a reputation important enough to face significant financial and brand consequences if they were to attempt to cheat the system.
In this system, 50 highly reputable enterprises stake their reputation to participate as block signers.
Reputation is critical to a business. Any business that acts in an unethical way will suffer on multiple levels including financials, decreased valuations, branding, and public relations. Trust is a key component to any successful business, however, once a brand loses trust with its customers, it is difficult to gain it back.
PoR adds an additional layer of protection that’s never existed before by having companies work together to keep each other honest. The protocol relies on the risk of significant loss to enable trust and security within the network.
Some major benefits of this unique model are listed below:
- Secure — 26 of 50 companies would be required to perform a malicious attack. They would all be damaging their reputations.
- Scalable — The network is capable of 1300 tps (transactions per second) since mainnet launch in Q2 of 2018.
- Fast — Blocks are processed in around 5 seconds.
- Environmentally Friendly — 7500x more energy efficient than Ethereum
- Decentralized — Enterprises (block signers) are diversified geographically and across various industries and sectors.
One year after launching their mainnet, GoChain has achieved its mission to be 10x more decentralized, 100x faster, and 1000x greener (less energy consumed to operate the network) than Ethereum. The project also remains compatible with Ethereum so that users can use the GoChain platform without changing their code or developer tools. They address decentralization by forcing nodes to operate from multiple countries that are run by traceable, unrelated people or companies.
Enterprises have been drawn to GoChain’s PoR consensus model and high transaction volumes. They have long struggled with the idea of allowing their internal network to be open to anonymous, untrusted, and permissionless validators.
In Proof of Reputation, everyone knows who is operating the network (each company running each node) and where the nodes in the network are running (which countries). Companies can decide if they trust the companies running the nodes and if they trust the network.
GoChain Authorized Signers
A list of authorized signers will be kept on the blockchain. Authorized signers on the GoChain network are the ones that will create, sign, and validate blocks before distributing them to other network nodes. This activity is similar to miners in a Proof of Work system, however, it leaves out the competition and the mining fees.
Only authorized nodes have permissions to sign blocks and each block will go through a verification process to ensure that the node signing blocks is actually in the list of authorized signers.
Companies from different industries spread across multiple countries will foster decentralization and prevent any interference by a single entity. They are identified using their Dun & Bradstreet (DUNS) numbers, which can be used to obtain their official contact information. A second verification step requires companies to add a TXT entry to their DNS records with a random token. A regular checkpoint will be employed to enable better decentralization and scalability.
Utilizing a trust network of authorized nodes results in no wasted energy due to the elimination of mining. The signers communicate directly with each other thus limiting the number of operating nodes and reducing network traffic and storage requirements.
Coinplan is very excited to feature GoChain because they are a reliable, high-performance web3 network that developers can use right now to deploy dApps and smart contracts while also reducing the impact on the environment.
They also offer consulting, project architecture, and education for governments, enterprises and mid-level businesses. The blockchain workshops are designed to provide a basic analysis of typical industry challenges and solutions and the consulting help bring ideas to life or enhance existing solutions utilizing industry best practices.
The team also offers private training for project managers, developers, architects, and business managers. Some of the topics include:
- Qualitative project analysis
- General blockchain education
- Analysis of industry problems and use cases
- Technical onboarding and platform implementation
- DevOps and Architecture
A list of a few of their Partners can also be found below:
GoChain just recently released its 2019 Roadmap detailing 4 main goals:
- Enhanced web3 developer tools
- Identity framework + Stablecoin
- Payment processing solution
- Data storage system called GoFile System (GOFS)
They will continue to iterate to reach their goal of increasing network volume to 13000tps
You can view GoChain inside Coinplan’s Platform Portfolio and the Alliance Portfolio here.
To learn more about GoChain, please take a look at these helpful links:
