GoChain is a decentralized blockchain network that uses Proof of Reputation as a consensus model to support smart contracts and distributed applications. The Project aims to be the following:
GoChain's primary mission is to be "10x more decentralized, 100x faster and 1,000x greener (less energy used to run the network) than Ethereum." The Project would also like to remain Ethereum compatible so that users can use GoChain without changing their code or developer tools.
Some of its key features include:
In addition, GoChain also features:
Similar to ETH, users of the GoChain platform must pay transaction fees (or "gas") in GO tokens to perform transactions on the blockchain. Authorized signers will create, sign, and distribute blocks to other nodes and earn GO tokens. The rate of rewards will be 4.4% of total tokens (44MM) in year 1 and will decrease over time. The amount awarded per block will depend on the finalized block times. Block times are 5 seconds so each node is rewarded 7 tokens per signed block in the first year. There will also be small transaction fees that the authoritative node will keep for signing the block containing the transactions.
GoChain claims that current gas fees are already 7,500x cheaper than ETH's, and will remain low until capacity is maxed out.
GoChain Management Team.
GoChain has implemented a two-phase voting process. For the initial rollout, the GoChain Foundation will add the first 50 signers to the authorization list. This will help ensure forced decentralization and avoid interference by any single government. Once 50 authorized signers have been established then voting control will be handed over to the signers to govern themselves. The PoA implementation repurposes several block headers to pass voting information between nodes.
Initially, 50 reputable companies from different industries and countries will be chosen by the GoChain Foundation to be the authorized signers. This aligns with the PoR consensus model where a participant must have a reputation that is important enough that they would face dire consequences if they were to cheat the system–in both brand and financial terms. Most businesses would face serious consequences if they were caught cheating a financial network. Larger companies with well known, strong brands will be chosen over smaller companies with less to lose in the event of a malicious act.
GoChain will look at a variety of factors for onboarding new nodes:
Source: GoChain Management Team.
GoChain will then compare the potential candidate to the existing nodes as a relative comparison. As the reputation of nodes on the network increases, the threshold for becoming a new node will continue to increase as well.
Companies which operate authorized signer nodes will go through a verification process to ensure that their identity is correct. These validation steps will be automated through the use of smart contracts on the blockchain. The Proof of Authority ("PoA") implementation provides a point-in-time signer and voting state to provide full transparency to end users. Combined with the verification data stored within smart contracts, users can see what companies are running nodes. More detailed information on the verification process can be found in the GoChain whitepaper.
As of October 2018, GoChain has onboarded only 11 out of the 50 targeted authorized signers. Below is a list of the current companies signing blocks.
|GoChain||https://gochain.io||0xed7f2e81b0264177e0df8f275f97fd74fa51a896 0x3ad14430951aba12068a8167cebe3ddd57614432 0x3729d2e93e8037f87a2c9afe34cb84b7069e4dea 0xf6290b7f9f871d21317acc259f2ae23c0aa69c73|
GoChain ran a live load test in March 2018 and achieved an average transaction speed of ~1,354 TPS with 3 live nodes.
Statistics can be found here.
GO tokens are paid out as transaction fees to trusted nodes run by up to 50 authorized signers who create, sign, and distribute blocks to other nodes. A list of authorized signers is maintained on the blockchain and they are rewarded with GO tokens for each signed block.
|Token Type||Native Coin|
|Private Sale Allocation||34% of Total Supply|
|Public Sale Allocation||17% of Total Supply|
|Private Sale Dates||Feb-Apr 2018|
|Public Sale Dates||Apr-May 2018|
|Token Sale Price||20,000 GO / 1 ETH|
|Circulating Supply||627,603,035 (61%)|
A total of 20,484 ETH (~$12MM) was raised in private and public token sales, representing 51% of all tokens
The following chart represents the number and breakdown of all GO tokens released into circulation on a monthly basis from May 2018 (token sale date) to March 2021, at which point all GO tokens are expected to be in circulation.
As of October 2018, Gochain has already used approximately 50% of its ICO funds on the following activities in the ratios below:
All remaining token sales proceeds are locked in a multi-sig cold wallet which requires both the team's and their lawyers' keys to access.
GoChain has hit the milestones that they originally set out in the ICO, the most significant of which was launching their mainnet launch in May 2018. GoChain's latest focus has been on rewriting the storage engine to support a much larger blockchain in order to better support more data.
The next major change on the project's roadmap for this year is upgradeable smart contracts. A key security issue with the Ethereum network is the lack of theft prevention measures — GoChain aims to reduce the chance of theft from bugs, by equipping smart contracts with the ability to pause a contract (stop the theft) and upgrade it (fix the bug that made the theft possible). Read more on the upgradeable smart contracts proposal here.
The team has continuously worked on stability and performance improvements with a target of hitting 13,000 TPS in 2019.
|Dec 17||Proof of Concept||Dec 17||On Time||N/A|
|Feb 18||Private Sale. Build out testnet||Feb 18||On Time||Medium|
|Mar 18||Testnet live and available for review||Mar 18||On Time||Medium|
|May 18||Public Sale||May 18||On Time||Medium|
|May 18||Public Network Launch||May 18||On Time||Medium|
|Q4 2018||Next Generation Smart Contracts||In Progress||In Progress||Github|
|Q1 2019||Apache 2.0 Licensed Rewrite||In Progress||In Progress||N/A|
|Q2 2019||Achieve 13,000 TPS||In Progress||In Progress||N/A|
As GoChain's success largely revolves around its ability to drive adoption to its platform, the project has been very active in closing key commercial and strategic partnerships. This progress includes:
The GoChain team will not receive any tokens from projects that choose to conduct an ICO using the GoChain platform. However, team members are free to become advisors on projects as they see fit, as long as they are transparent and the roles do not conflict directly with GoChain.
The GoChain team has made significant technical progress as highlighted within each of these repositories.
Additionally, key public repositories have documentation in Github, as well as in the separate documentation repository.
GoChain's primary strategy to grow its community is to drive adoption through dApps that are built on GoChain.
Its current community activity is globally distributed, with a concentration in Asia and Europe.