“YOOO Aaron turn up that Daft Punk, bruh”
*turns up volume*
“WAIT,” exclaimed Mike, “this reminds me of a slogan for a coin we have been getting requests for…”
Today’s review is GoChain which claims to be “smarter, better, faster, stronger” than other smart contract enabled blockchains. (holy crap that sounded nerdy)
Let’s dig in…
GoChain (ticker: GO)
Wtf is this shit?
GoChain actually has some unique efforts underway, with big ambitions. They have an extensive whitepaper with lots of information, so per usual, we will sum up the main points to paint a picture in your mind (think Bob Ross explaining crypto to you).
GoChain, which actually has their mainnet launched (wow!), was an ICO on Ethereum’s blockchain...but like many ICOs that crowdfunded on Ethereum, they plan to compete directly with Ethereum. This is a tangent we can go down, but we will refrain and save you some time.
So, GoChain is a blockchain platform that aims to solve the scalability, centralization, and performance issues that other blockchains are facing.
GoChain introduces a concept called Proof of Reputation (PoR), which is meant to be a more trusted and secure iteration of Proof of Authority (PoA). PoA is a system where transactions and blocks are validated by accounts which are approved along with their real identities. In exchange for contributing to the network (validating blocks) they are incentivized with new coins...like mining. If they decided to be a bad boy (bad actor lol), then their real identities are at risk. The GoChain team feels this is STILL not a high enough penalty as the incentive to be a bad actor will increase in time. Instead, Proof of Reputation has companies as validators...so in their eyes, more reputation is at risk - the company instead of the individual. Every company and reputable node has a reputation score...reputation scores are based on the brand significance, market cap, and if it is a publicly traded company. Think about it...companies with a larger market cap have more to lose, which would affect their reputation score.
To be honest, this is cool, but not sure that it warrants an entirely new name...nice marketing ploy, but it is nothing crazy. Still, it is nice that trust and decentralization is on their mind. There are some nodes which are ‘read-only’ nodes, that can vote on which nodes should be reputable enough to validate notes...basically acting as the true authority.
Each block validator will receive 1 GO per block signed.
Additionally, they are Ethereum compatible, so Ethereum dApps can easily launch on GoChain and vice-versa. This is actually a pretty big selling point for dApp adoption, since Ethereum is still king of dApps.
The final selling point...speed, they claim to be able to handle 1300 transactions per second at this time, on their mainnet. Pretty wild if true.
All in all - they are trying to be a better faster stronger smarter Ethereum.
Who tf is behind this shit?
Jason Dekker is their CEO. He is a former hedge fund manager, managing an excess of $250 million. He has C-level experience in finance, biotech, tech, and the food & beverage industry. Let’s see how he does in the crypto industry!
All in all, mid-tier shitcoin - big ambitions, mainnet is live (as of May 22, 2018), let’s see how they do.
Hope you learned some shit and make sure to follow us on Twitter!
- Mike and Aaron