What is GoChain? GoChain is a new standalone blockchain which mainnet went live back in May 2018. The code is forked from Ethereum, therefore it is 100% compatible with all the dApps and tools running on Ethereum itself. This means that the Team has taken Ethereum's code and made some major changes like implementing the new blockchain consensus model Proof of Reputation (PoR). This new consensus model has cut out the need for power consumption and is able to handle a 1,300 transactions per second load capacity with near zero transaction fees while validating blocks nearly instantly compared to Ethereum.
How does it work? The Proof of Reputation consensus model takes account of the reputation of all network participants and ensures a network that is fully secure and free from any internal or external problems. In the GoChain blockchain all participants are required to have a reputation, and trying to cheat the system in either financial or branding terms will have severe consequences. The nodes of the network are real-world companies, initially selected by the team until the fully-operative number of 50 Signer Nodes, is staking their reputation in the network.
What GoChain aims to solve? GoChain is looking to solve the centralization, scalability and energy consumption problems of blockchains that use Proof of Work as a consensus mechanism. While Proof of Work is a good algorithm for blockchains it has served its purpose by starting the revolution. GoChain aims to kick of the change for something faster, more scalable, less centralized, and less energy intensive. Furthermore, it moves beyond Ethereum smart contracts to create something more stable and useful.
What are the features of GoChain? 1300 Transactions per second (TPS) Near zero transaction fees Proof of Reputation consensus (PoR) Uses the same fee structure as Ethereum