Bitcoin Gold Price Analysis Shows Bulls Losing Control Above $10


The latest crypto news show that the scalability issue for blockchains has been a big fight recently, and the winner of this fight could take a lead over all other cryptocurrencies. One of the latest coins to this battle is GoChain (GO), which is an altcoin that promises to deliver 100 times the speed of the Ethereum network as well as a better alternative to smart contracts by using its unique Proof-of-Reputation consensus instead of the Proof-of-Work or Proof-of-Authority. So, what does all of this mean? Basically, GoChain claims to be 100 times faster and 10 times more decentralized than Ethereum. Also, it uses 1,000 times less power consumption when compared to Bitcoin. In this beginners guide to GoChain (GO) today, we are taking an in-depth look of its features.

GoChain (GO) Overview

In the GoChain blockchain, all participants are required to have a reputation. Therefore, trying to cheat the system in either financial or branding terms will have severe consequences. In essence, the GoChain (GO) altcoin has also improved on the Proof-of-Authority model by turning it to Proof-of-Reputation for most network participants. Additionally, the blockchain was created to be Ethereum-compatible, meaning that the current ETH-based chains can easily switch to GoChain. With all of this, GoChain is looking to solve the centralization, scalability and energy consumption problems of blockchains which use Proof-of-Work as a consensus mechanism.

Incentives And Rewards

Even though there are no mining fees on the GoChain network, authorized nodes will receive a reward of 1 GO token for each block that they sign. This rate has been put to effect and will remain such until 5% of the total tokens have been distributed. After this, the reward will decrease steadily over time until all of the 50,000,000 tokens have been distributed. There are currently some plans to make a total of 1,000,000,000 tokens and the current circulating supply of GoChain (GO) is 498,943,652. The remaining tokens will be distributed as signing rewards, with 5% of them being distributed within the first year of mainnet operation.

Conclusion

GoChain (GO) has went through a couple of different phases in its roadmap and had a couple of interesting partnerships. GO has seen extensive optimism regarding its project. We can see that GO has been able to scale to 100 times the number of transactions that ETH is capable of handling. The current price of GO on the market is $0.006514.



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