November 5, 2020

What is GoChain Coin (GO)

What is GoChain Coin (GO)

GoChain is a new innovative ETH-based coin with all sorts of features and perks in package. Despite being fresh, it’s already been involved in so many activities, like being the base of numerous applications and smart contracts.

It’s rapidly growing, and if you’re even somewhat interested in this, then come check out its upsides and downsides together.

General information about the cryptocurrency

The developers set an ambitious goal: increase the level of decentralization of cryptocurrency by 10 times. There are a lot of problems in this sphere because about 70% of Bitcoins are kept by Chinese companies. Moreover, these companies are almost monopolists in this sphere.

It can lead to big problems and remove the main advantage of Bitcoin within some time. All coins are going to be distributed between a lot of different countries and people who don’t know each other. It allows users to be sure that transaction confirmation is correct.

The developers also aim to increase the amount of operation to ten times the current amount, which is hardly more than 10/second now.

The third goal is to use less energy than Bitcoin. Now, Bitcoin uses a lot of energy, and this situation is very unstable. Thanks to a new effective blockchain based on Ethereum, GoChain can consume significantly less energy.

Advantages and disadvantages of the cryptocurrency

To understand whether you need to use this cryptocurrency or not, it’s important to describe the advantages and disadvantages of this cryptocurrency.

Advantages are the following:

  1. This is a part of the fast-developing market. Every cryptocoin is very promising.
  2. Test network is available.

Trading in crypto is a notoriously risky endeavor, and GoChain is no different. For this coin, the main bane is that it’s hard to find information about it: there aren’t many strategies, solutions or even development news. It’s unpredictable.

According to the World Payment Reports, in 2017, the total amount of dollars that operations were made for was 591.7 billion USD. Every day, about 2 million are spent if we convert all cryptocurrency to dollars. Now, this number is almost 50% more.

Description of technology

The technology of how this company works is the following. Every member has a rating that can check the level of reliability. The parameters for forming this rating are the following:

  1. Market capitalization
  2. Is the company connected to this platform publicly traded or not?
  3. How familiar this brand is for an average person.
  4. All members have to be authorized.

Checking occurs in the following steps:

  1. Verifying the DNS number.
  2. Setting up a DNS note of the company with any token – that’s standard.

The process of voting is carried out in 2 steps. First, the list of voters was 50 companies from different spheres. Second, other members can participate in this product. This is a roadmap of the company in a few words.

Conclusions

GO coin is beneficial in that all operations surrounding it are very fast, and the developers currently aim to make them even speedier. They are also closely tangled with smart contracts and other stuff associated with Ethereum network. Naturally, it inspires reliability and faith in this project, even by contrast with other similar projects.

You should note that this project is mostly for businesses, as GoChain developers prefer the ‘business-to-business’ model of interactions, which is opposed to user orientation.

API is open. Therefore, anyone willing is able to produce something totally new using GO principles. Like GO itself, everything created will be likewise open to interactions with ETH products. It’s very impressive, really. Even though they still have to polish a lot, the potential of GO is limitless.