What is GoChain?

GoChain aims to go beyond Ethereum smart contacts with the use of Proof of Reputation (PoR) instead of Proof of Work (PoW) and Proof of Authority (PoA). It is a smart contract blockchain platform, which claims to work better than Ethereum because it provides benefits like:

1000x less energy consumption

10x more decentralized

100x faster

This way, the highly scalable, fast, secure and green platform allows DApp and smart contract developers to lift and shift from Ethereum to GoChain for 100x increased performance.

Moreover, dissimilar other ICOs such as Cell Blocks, Rate Date, EtherJack, Global Spy, Darico, Bountie, Fintechbit, KaratBank and a lot more that exploit Proof of Authority (PoA) consensus algorithm, the GoChain platform leverages the advantage of a Proof of Reputation (PoR) consensus model that takes into account the reputation of its participants to ensure that the network can be secure and free from all the possible external and internal glitches. The blockchain-powered system makes it compulsory for all of its prospective and existing participants to have a reputation. If they do not do so, or try to cheat the system-in both branding and financial terms they may have to face dire consequences.

Thus, GoChain is go-ethereum, and rechristens Proof of Authority (PoA) to Proof of Reputation (PoR). Using PoR algorithm. GoChain allows PoA nodes only for the companies that are having a high reputation risk. This means that only companies that have high value can become nodes, enjoy packaging, and fee rewards.

With this Ethereum-based decentralized platform, GoChain further aims to resolve some of the key issues that hit current cryptocurrencies i.e. volume/speed of transactions, decentralization and energy consumption. All of these problems are caused by a single thing: the Proof of Work (PoW) consensus algorithm. Though it works great, it nevertheless needs a change.

Finally, GoChain is a scalable, high performance, low cost, and decentralized cryptocurrency and blockchain that offers support for smart contracts and distributed applications. Some of the key features of this decentralized platform are as follows:

It is a public cryptocurrency, which means it will be distributed for the public benefits. It builds decentralized applications and rock solid smart contracts, as compared to other already available ICOs. It is fully compatible with current Ethereum wallets, smart contracts and other tools. It allows for instant transactions and contract execution, which, as per its whitepaper, are not made possible by other such platforms. Last but not the least; it is the next generation decentralized app platform, which intends to go beyond Ethereum smart contracts.

How GoChain is better than Ethereum

Ethereum is claimed to be one of the best blockchain protocols, thanks to supporting smart contracts. Smart contracts hugely affect industries. However, GoChain aims to take this technology in a different direction. The company not just wants to improve on some core things, such as speed, energy, etc., but it also intends to improve on the smart contract system to make it easy to use and error-proof.

Since smart contracts come with a lot of value, Ethereum stands at the top. But the grass is not always green on the other side. Ethereum is also not immune from certain serious issues.

Some of the key issues that Ethereum has are as follows:

Ethereum leverages the advantage of 3x more energy than Google

The promise of decentralization is not true as is claimed

Ethereum can only handle ~13 transactions per second

Smart contracts are not hack/theft proof

However, with the introduction of GoChain platform, the company aims to fix all these issues by providing solutions in the following forms:

100x more transactions per second

1000x less energy used

10x more decentralized

Why GoChain is using PoR—Proof of Reputation

Reputation holds utmost importance when it comes to doing a business. If a business acts unethically, it has to face problems like fines, loss of revenue, decrease in valuation, branding, and public relations. In order to establish a successful business, trust is what makes or mar the reputation of a business. Once a business loses trust of its customers, it takes years to mend it. Considering this very fact, GoChain has brought a new type of proof of concept, that is; Proof of Reputation (PoR).

In accordance with this consensus model, once a company gives proof of its reputation, it can be voted into the network as an authoritative node, which works as a Proof of Authority network (PoA). Under this model, only authoritative nodes can sign and validate blocks.

PoR works great for the broader business community than untrusted networks that run on PoW or PoS. Risk-adverse companies can depend upon famous brands as they trust companies like Visa, Inc. or JPMorgan Chase & Co. In PoR, everyone knows exactly who he or she is trusting with his or her data. 2.3. However, when it comes to precisely measuring a business reputation, company does it using many critical metrics such as

Brand Significance

Publicly traded

Market cap

The company executes this metrics as the value of companies must be equal to the value of the processing network to disincentivize cheating.

Finally, GoChain prioritizes companies that need strong public brands for their business.

Who are authorized signers in GoChain?

Authorized signers under the GoChain platform, are those trusted nodes that create blocks, sign them, and distribute them to other nodes. Quite like miners in a Proof-of-Work (PoW) system wherein they create blocks and sign them but minus the mining cost.

There will be a list of authorized signers on the blockchain. The platform allows only authorized nodes to sign blocks and all blocks have to go through the verification process to ensure the signer is in the authorized list. The signing algorithm works quite like signature algorithm in PoW, but there is a different set of headers. PoW-specific headers are excluded and extra headers are included to enable voting.

Given N authorized signers, a signer can just sign a block every (N/2) + 1. This ascertains if someone tries to perform malicious attach, he/she will need to control 50 percent of signers.

Incentives/rewards

Every authorized singer under the GoChain platform will be rewarded with a GOC token coin every time he/she signs a block. At the initial stage, this rate will remain up to 5 percent of the total tokens. However, this rate will continue to dwindle with the passage of time. The company has in fact decided to generate a close to 50,000,000.

Moreover, the amount per block depends on the finalized block times. Let’s understand it through an example: if there are 10 seconds set for certain block times, then the node will be getting an average of 15.9 tokens per signed block in the first year.

However, the node does have to pay the pre-defined transaction fees that will be kept by the authoritative node that signs the block.

What is GoChain GOC token?

GOC is the abbreviated form of GoChain ICO token, which will be distributed to the prospective investors when the ICO sale will start. It is an Ethereum based ERC20 standard token, which can be used to avail of GoChain platform services. The company decides to make a total supply of 1,000,000,000 GOC, and close to 50,000,000 new tokens, it will be generating per year for authorized nodes. However, as the time goes ahead, the number of token generation will start decreasing. The token sale soft cap is 2,500 ETH, while the token sale hard cap is set at 26,500 ETH.

GoChain GOC token distribution

Following are the ways GoChain will be distributing the generated token:

6 percent will be distributed for partners/advisors with 6 months lockup period

10 percent will be kept in reserve with 12 months lockup period

10 percent will be for team with 24 month vesting period

4 percent will be distributed for marketing/legal

50 percent will be distributed for token sale

10 percent will be for foundation/bounties

10 percent will be for GoChain fund

GOC token sale details

The GoChain token sale will be taking place in 3 phases. When the public sale will start, the company will be distributing and tracking all tokens in an ERC20 token. All these tokens can be transferred to GOC as soon as the GoChain main net is live.

Key details of GOC token three phase are as follows:

Phase 1 — GOC private sale

The GOC token private sale started on 8 February 2018 and lasted until 28 February 2018. The total token cap during this phase was 100,000,000 GOC, and the minimum token to be purchased was 50 ETH

Phase 2 — GOC Pre token sale

The GOC pre token sale will start from 1 April 2018 and last until 7 April 2018. The total token cap during this phase will be 200,000,000 GOC, while the minimum purchase is to 5 ETH. During the same phase, per ETH will be equivalent to 20,000 GOC. This sale is yet to take place. At the time of writing this, around 5291 prospective investors have already registered. You can also do the same if you are also impressed with this ICO.

Phase 3 — GOC public sale

The GOC public sale will start from 8 April 2018 and last until 15 April 2018. The total token cap during this period will be 200,000,000 GOC, and the minimum value is set at 0.5 ETH. There will also be 16,000 GOC per ETH.

GoChain development timeline

Dec 2017 – Proof of Concept (COMPLETE) — implemented proof of concept, proved validity of ideas February 2018 – Private Sale — Private Sale, build out testnet March 2018 – Testnet live and available for review — Closed period for partners and media to try it and verify our claims April 2018 – Public Sale — Public token sale May 2018 – Public Network Launch — Mainnet live and open to the public with nodes around the world, supporting 1300 tx/sec Q4 2018 – Next Generation Smart Contracts – easy, accessible, upgradeable smart contracts Q1 2019 – Apache0 Licensed Rewrite — To increase enterprise adoption of GoChain. Q2 2019 – 13,000 Tx/Second — 10x increase in performance and volume over initial launch.

GoChain team

Dissimilar to other ICOs, such as Enlte, Adblurb, BlockFood, ECOS, World Wifi, PumaPay, ShopIn, BunnyToken and many more, the GoChain team comprises of software engineers, tech founders and business leaders. These members of the team have sacrificed their professional lives in building high scale, distributed cloud systems, such as high performance messaging, data storage and compute services for cloud infrastructure. This enriched experience works great for an inherently distributed system like a public blockchain. The founders have built and exited successful startups with funding from top-tier Silicon Valley VCs. Some of the key members, right from the CEO/founder, are as follows:

Jason Dekker – CEO – extensively C-level experienced in finance, biotech, tech, and the food & beverage industries.

Chad Arimura — VP Cloud at Oracle

Morgan Mackles — VP Sales at X.ai

Final remarks

Ever since, GoChain is introduced, it has become the talk of the town. Where some are calling it an Ethereum killer, some believe it have enough potential to make a curve in the crypto space. Whatever is people’s opinion about it, one thing is sure that this project is throwing challenge to Ethereum itself.

And this could be the catch of this project, hence all prospective investors are already glued to its every existing and prospective move. If you too believe the same, then get ready to join GOC Pre token sale, which will start from 1 April 2018 and last until 7 April 2018.

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