What is GoChain (GO)?
GoChain is a blockchain that uses the Proof-of-Reputation consensus mechanism. In comparison to other blockchains like Ethereum and Bitcoin, it is faster, more scalable, and consumes less power. In fact, the project is said to be 100 times faster than Ethereum and it plans to be 10 times more decentralized as well.
The Proof-of-Reputation mechanism considers and reviews the reputations of all network participants to ensure that a network is fully secure. Thus, to use the GoChain blockchain, all users must have and maintain a good reputation. Any activity that is deemed dangerous to the integrity of the network is frowned upon and can carry serious penalties. These penalties include removal and total ban from the blockchain, as well as the loss of financial assets.
The network is also Ethereum-compatible, providing a gateway for chains existing on Ethereum to easily switch to GoChain.
Some of the main problems the project desires to solve are the issues of centralization, scalability, and energy consumption. This is the reason for their adoption of the POR consensus. Besides that, GoChain also aims to improve smart contracts to make them more secure, error-free, and easy to use.
The GO token is the native token used on the blockchain for various transactions and utilities. You can find the current GO price on the GoChain price chart featured above.
Use Cases of GO Tokens
The GO coin powers the entire GoChain network. GO coins are required for all transactions that take place within the network.
Users, businesses, and developers on the network use GO tokens to pay for network services that include running smart contracts, accessing file storage, and making token transfers.
Moreover, the GO token is also used to compensate authorized signers on the network, validators, and node operators. These are the people that ensure the network is fast, secure, and safe for all users.
You can also stake your GO tokens for rewards. GoChain offers a 19.93% APR for all staked tokens. This is a good option for a user that just wants to earn passively on the network.
Interested in purchasing GoChain tokens? Make sure to analyze the current and the previous GO price before doing that. You can use the GoChain price chart above.
Who Founded GoChain?
Travis Reed founded the GoChain crypto project in 2017. Before starting the project, he worked as a software engineer at different companies such as IBM Canada, Clarity INC, ThinkVirtual, Rhythm New Media, and DB4objects INC. He is also the co-founder of iron.io and SideStripe Inc. Reed attended the University of Calgary where he studied computer science.
The leading team is also comprised of Henry Ines, Benn Godenzi, and Jason Dekker. Jason Dekker is the CEO of the platform while Henry Ines is the COO. Ben, on the other hand, works as the Lead Pre & Post ICO strategist. The three men are experienced blockchain entrepreneurs.
GO Tokenomics
The GO token was launched in May 2018. Although the number of coins available as maximum supply is not known, the total supply at the time of writing this article is 1.19 billion GO coins.
In terms of distribution, 10% of this total supply goes to the core development team. A further 6% goes to the advisors of the project. 50% of the tokens are earmarked for token sales and 10% is reserved for the GoChain fund. This fund is designed to award grants to developers who may want to build apps on the network. Finally, 4% is set aside for the marketing and legal needs of the platform while 10% goes to the foundation.
All allocations have lockup schedules and are released through a mechanism designed to prevent the dumping of tokens to prevent a fast decrease in the GO price.
