Visit the GoChain homepage and you will find the usual crypto buzzwords: a Smarter Better Faster Stronger blockchain than the rest that is enterprise tough. What if we dig a little deeper? Let's unpack this marketing back into English! GoChain is an Ethereum compatible blockchain, part of our series of articles comparing different EVM blockchains.
While TomoChain may be the blockchain with the shortest block time in our comparison, Gochain ends up being the blockchain with the highest scalability ceiling, being able to process as many transactions as the VISA network. This makes gochain a perfect candidate for dapps that plan to really use the network, like social media dapps.
- Ticker: GO
- Consensus: Proof of Reputation (masternode)
- Block time: 5 seconds
Of course, the price for speed is always centralization. The innovation behind GoChain is that centralization happens dynamically. In case one of the masternodes fails to sustain the necessary transaction throughput requirements (fails to sign the block in its allocated slot) the network is able to agree on which other signer should take over instead. This allows the network to not collapse under the heaviest of loads and makes GoChain code a perfect candidate to be used as a base for a corporate private blockchain. And of course, corporations will greatly benefit from having a standardized way to develop and launch dapps!
Unlike TOMO, where anyone can become a signer (or a masternode operator, same thing really) as long as they can pay the masternode fee, or unlike POA Network where every validator must be an individual with an active notarial public license in the United States, in GoChain's case every validator must be a registered business. The existing coalition of signers strives to select businesses from a diverse set of geographic locations to ensure that a single court order won't shut down the whole network. GoChain refers to this consensus algorithm as Proof-of-Reputation (POR).
It is easy to see how the amount of transactions gochain can handle puts itself in a position to challenge Ethereum, as there are no fears of any scaling issues, but it is a chain that is yet to really be put to the test when it comes to running decentralized applications - in the sense that there is not many independent dApps on their network. Could it be that developers may consider the lack of decentralization a turn off when it comes to deciding which platform to use - can they be sure their dApps will not be censored? That being said it is easy to see gochain becoming the go-to candidate in the corporate blockchain world.
Future is bright!
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