There’s no doubt that cryptocurrencies are continually becoming a major part of business globally. For this reason, the cryptocurrency market cap has grown from a mere $15 billion to a staggering $718 billion. While the potential of blockchain technology is huge and world-changing, there are still a few major issues that are holding it back. Some of these issues include excessive energy use, lack of true decentralization, and lack of scalability.
One of the latest projects to hit the cryptocurrency streets is GoChain, a blockchain-based project that aims at solving blockchain’s scalability problem. GoChain promises to deliver up to 100 times the speed of Ethereum, 1,000 times less power consumption than Bitcoin, and 10 times more decentralized. In this article, we take a deep dive into the GoChain project assessing some key features of the project along with how you can buy GoChain tokens.
What is GoChain?
GoChain is a decentralized blockchain platform that utilizes a Proof-of-Authority (PoA) consensus protocol known as Proof-of-Reputation (PoR). Launched in 2017, GoChain was created as a solution to some of the problems that plague both the Ethereum and Bitcoin blockchains. Bitcoin’s Proof-of-Work (PoW) consensus mechanism is great but it comes with a lot of issues such as scalability, centralization, and high energy consumption. GoChain was created to offer a faster, more scalable, low-energy intensive alternative.
According to GoChain’s official website, GoChain’s goal is to be 10x decentralized, 100x faster, and 10,000 greener than Ethereum. However, GoChain’s platform still remains Ethereum compatible to enable developers to use GoChain without changing their code or tools. Additionally, participants in the GoChain network are required to have a reputation to be able to validate transactions or support governance within the network. Basically, nodes that have a high reputation add great value to the network.
Some of the key features of GoChain include:
- Ethereum Compatibility
As a developer, you can still use the same code and tools to deploy dApps on GoChain.
You can freely move assets between Ethereum and GoChain using Chainswap technology.
The GoChain platform makes it very easy to scale your business.
GoChain utilizes the Proof-of-Reputation consensus mechanism which means that it’s secured by some of the most reputable organizations globally.
GO coin is the platform’s native token that powers the GoChain network. The GO coin crypto is used by users to pay for network services such as storing a file, transferring tokens, or running a smart contract. It’s also used to compensate network nodes for providing storage, computations, and bandwidth. Compared to Ethereum’s 13 transactions per second, GO tokens can be transferred at a higher volume of 1,300 transactions per second. Additionally, GoChain transactions settle in less than 5 seconds compared to Bitcoin’s 10 minutes to 1 hour.
GoChain and DISH Network
GoChain has partnered up with DISH, a US-based leading satellite and streaming TV company, as a signing node on its network. DISH is not new to the blockchain scene as it began accepting payments in Bitcoin as early as 2014. According to Atilla Tinic, DISH’s CIO, the company feels that GoChain’s approach is different and therefore, they have given their developers the opportunity to take it out on a test drive. Only time will tell what will come from the GoChain DISH Network partnership.
In case you are wondering what kind of wallet you need to store your GO tokens, don’t worry. There are plenty of options to choose from. From cold wallets such as the Ledger Nano S to mobile wallets such as Trust Wallet, the options are endless. However, we are well aware that not every wallet is secure. Therefore, we have conducted tests on several wallets and we believe that these wallets are perfect for Go tokens. They include:
- Trust Wallet
- Turbo Wallet
The Agencia Nacional de Mineria (National Mining Agency of Columbia), or ANM announced plans to use blockchain technology to revolutionize Columbia’s mining industry. The move was in a bid to improve the sector’s transparency and the auditability of both supply chains and mining operations. In May this year, ANM successfully recorded its first SMA (Strategic Mining Area) contract as an NFT on GoChain. At the moment, plans are underway for more blockchain-based projects such as tokenization of mining projects and automation of workflow processes through smart contracts.
How to Buy GoChain or How to Exchange GoChain on Swapzone?
If you are unaware of how to buy GoChain, then this section is 100% for you. To avoid getting charged high fees, we recommend that you first convert your fiat holdings into crypto. The best bet will be to work with BTC. After you have received your BTC crypto, head on to Swapzone to conduct your GoChain exchange. The process is fairly simple and shouldn’t take long.
Step 1. Go to the official Swapzone website.
Step 2. On the homepage, you will see the “select pair” tab.
Step 3. In the “send” section, input the kind of coin that you wish to exchange for GO. In this case, it should be BTC. Enter the amount as well.
Step 4. In the “get up to” section, choose GO as the crypto that you want to receive. Therefore, the selected pair tab will have GO BTC as the exchange pair.
Step 5. Swapzone will then provide you with a list of exchange rate offers from several exchange partners. There is an option to filter out the results. Take your time and go through the different offers.
Step 6. Once you’ve narrowed it down to an offer that you want, select it and click “exchange”. A new window will pop up requesting you to provide a few more additional details such as your wallet address and email address (optional).
Step 7. Once you are done, simply click “proceed to exchange” to continue onto the next step.
Step 8. This will trigger the transaction process to begin. Be a little patient as the process runs in the background.
Step 9. The exchange partner will process your transaction and you will receive GO tokens in your wallet address. Simply take a moment to rate the exchange partner and rate the experience.