[ICO Watch] GoChain is a working high performance blockchain
Hardcap: 26,500 ETH
ICO Price: TBA
The problem with current blockchains 🐌
The current consensus mechanisms with PoW and PoS face the problem of being too slow. Ethereum’s 13 transactions per second and lack of scalability make its uneconomic use questionable in the future. Alternatives like NEO and EOS exist but bring along their own disadvantages. Currently, most businesses run their platforms on Ethereum and changing to a different blockchain is difficult.
Ethereum: 7-15 tps,🛴 GoChain: 1300 tps 🚄
Gochain is a decentralized cryptocurrency and blockchain that is compatible with Ethereum, but faster. You can use it with current Ethereum wallets, smart contracts and decentralized applications.
To allow 100 times more transactions per second, it relies on Proof of Reputation to reach consensus, which is a stronger and more secure version of Proof of Authority. This algorithm will be far more energy efficient, needing about 0.001% of the power used to currently mine Ethereum. Also, the nodes will be spread geographically, to prevent them from being taken over by governments or, like currently, being pseudo-decentralized with the majority of the miners being in China.
They already built 1M/s solutions and have a 1000/s testnet 👨💻
The team consists of founders, long-term investors and software engineers with years of experience in distributed cloud systems and high scale applications.
Team
The team is lead by Jason Dekker, who was a hedge fund manager who has managed in excess of $250 million, angel investor, board member and advisor with an exit to a public company.
Chief Solution architect Travis Reeder has over 20 years of experience developing high-throughput, high scale applications and cloud services and has founded successful technology companies and has raised tens of millions in funding from some of the top VC firms in Silicon Valley.
Verdict (8/10)
There is a strong need for high scale and robust blockchains and GoChain is a step in the right direction. The testnet and mainnet updates at a pre-ICO stage is a very positive sign and the team behind the project is strong.
Worth having a look at if you’re in the market for a solid ICO to back – https://gochain.io/
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
