Welcome to the @OriginalWorks sponsored writing contest! Status: CLOSED. Accepted Languages: English

Start Time: 6 PM ET, Friday

End Time: 6 PM ET, Monday

This is a call to all great Steemit writers! GoChain has sponsored a Steemit writing contest!

Prizes: 180 STEEM + 40 Bonuses 1st Place: 32 STEEM

2nd Place: 25 STEEM

3rd Place: 22 STEEM

4th Place: 18 STEEM

5th Place: 15 STEEM

6th Place: 13 STEEM

7th Place: 11 STEEM

8th Place: 9 STEEM

9th Place: 8 STEEM

10th Place: 7 STEEM

11th - 15th: 4 STEEM

16th - 55th: 1 STEEM Bonus Deadline: 72 Hours

All articles must be submitted within 72 hours of this post to be considered!

Changes in submission rules below

What is GoChain?

GoChain is a smart contract platform blockchain aimed at solving the issues present in platforms like Ethereum. The Ethereum network has issues with scalability, decentralization and security. GoChain is designed for immediate integration, allowing developers and existing Ethereum projects to shift their projects into GoChain smoothly. GoChain currently has a TestNet that is fully functioning. The prototype currently handles 1300-2400 transactions per second.

Current State of Ethereum & DAPPs

Ethereum led a revolution in the world of cryptocurrencies. There are thousands of projects built on the network with no sign of slowing down. The problem is the number of transactions the network can handle per second, which stands at 13 transactions per second. Given how widely Ethereum is used, this is a small number that is already facing scaling issues.

The GoChain Solution

GoChain aims to solve the issues experienced by the Ethereum network by addressing three key components.

Energy Consumption:

GoChain will be 1000 times more energy efficient. Energy consumption is one of the huge problems faced by many POW networks.

Speed:

Transaction speeds of 100 times. This will allow GoChain to not only improve existing services but also enable new types of projects moving forward.

Decentralization:

The distribution of mining is very uneven. As per the GoChain WhitePaper, " ... time of this writing 4 companies in China account for 70-80% of all the mining activity for all the major coins/tokens including Ethereum." This will be addressed by shifting from POW to POR (Proof of Reputation), which is based on POA(Proof of Authority). With POR, instead of staking computer power, organizations can stake their reputations.

What is Proof of Reputation?

Different blockchains depend on various consensus algorithms to confirm transactions. The two most common being Proof-of-Work and Proof-of-Stake. GoChain works on Proof of Reputation (POR). POR will work with businesses and organizations staking their reputation in order to validate blocks. This is an upgrade to the existing concept of Proof of Authenticity (POA). The key difference is that POR never depends on an individual, but rather on entire companies. A natural incentivization system occurs, as companies have a bigger downside than individuals in the case that the trust is breached. The companies chosen to play the roles of validators will be distributed across 50 different countries to ensure a form of decentralization that is not dependent on any given countries agenda or regulation policies. With this distribution system, the possibility of a 51% attack becomes highly unlikely.

GoChain TestNet

GoChain has a strong beta that has proven to be able to perform 1300 transactions per second.

Below are the stats from a recent 10 hour test run.

GoChain Medium Test Result Publication

GOC Token Sale

GoChain will be starting their pre-sale on May 1st. It will run for two weeks, until May 15th.

The Public Sale will be held for two weeks after that, from May 16th to May 31st.

If you have any questions, the active team will always be happy to answer them on their Telegram!

GoChain Leadership

Chains are only as strong as their strongest links. This also holds true for GoChain. Their team is composed of members with the necessary experience to make GoChain a success. As evident by their TestNet, they are ready to bring GoChain to the forefront of economic, efficient and fair blockchain technology.

For a quick introduction, check out this video:

