GoChain
GOThere’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.
Key Features
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.
Interoperability. You can freely move assets between Ethereum and GoChain using Chainswap technology.
Scalability. The GoChain platform makes it very easy to scale your business.
Security. GoChain utilizes the Proof-of-Reputation consensus mechanism which means that it’s secured by some of the most reputable organizations globally.
GO Coin
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.
GoChain Wallets
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
- MyEtherWallet
- Turbo Wallet
- Ledger
Latest Achievements
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.
Frequently asked questions
What is the GoChain exchange rate?
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Where to find the lowest transaction fees?
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
What is average transaction time?
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
How to choose a cryptocurrency wallet to store GoChain?
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
What is the best cryptocurrency exchange for beginners?
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
What is Swapzone?
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
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