What is GoChain?
GoChain is a next generation scalable blockchain and smart contract platform built upon an improved Ethereum code base. Our aim is to solve the Ethereum scaling problem with immediacy by being 10x more decentralized, 100x faster, and 1000x greener.
~The GoChain Team
Paxtradings Quick Facts
- An Ethereum-compatible smart contract platform running on Proof of Reputation, with leading companies in diverse industries as nodes
- 1 ETH = 20,000 GOC (Pre-ICO)
1 ETH = 16,000 GOC (main ICO)
- Pre-ICO open May 1–May 15, 2018
Main ICO open May 16–31, 2018
- 400,000,000 total available / 1,000,000,000 total supply (plus inflation curve)
- 1300 transactions per second demonstrated so far, with plans to increase TPS by 10x
Q&A with the GoChain Team
Paxtradings: For those who are not familiar with GoChain, can you explain what it is, and what the team aims to accomplish?
GoChain: GoChain is a next generation scalable blockchain and smart contract platform built upon an improved Ethereum code base. Our aim is to solve the Ethereum scaling problem with immediacy by being 10x more decentralized, 100x faster, and 1000x greener. Any current Ethereum users will be able to “lift and shift” to seamlessly transition to GoChain with no code changes. We are interoperable with Ethereum.
Our TestNet is 100x faster than Ethereum, and our MainNet launches in May 2018.
Paxtradings: How does the GoChain token (GOC) function within the platform, and why is it needed?
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GoChain: The GOC tokens will function the exact same way that Ethereum functions on its platform. It will serve the exact same utility: gas to run smart contracts. It’s needed as gas/fees to power the computers running smart contracts and dApps.
Paxtradings: Comparisons with Visa and other payment processors actually seem insufficient, as a smart contract system could have a TPS requirement orders of magnitude greater than a payment processor alone. Your “initial target” is 1300 transactions per second. Can you comment on GoChain’s plans to increase this in the future?
GoChain: Our TestNet is live showing in excess of 1300 TPS.
We plan to expand that number to 13,000 by next year.
More importantly, our lead dev and architect, Travis Reeder, built Iron.io to over 1 million TPS. As such, we have one of the only devs on the planet that’s built anything to over 1 million TPS. If this is possible in blockchain, we will be leading that charge.
Paxtradings: Your whitepaper explains Proof of Reputation and how you select the first 50 “signers,” a diverse set of companies which will then have self-governance going forward. Can you briefly summarize this process? What will your marketing campaign facing these signers look like? What happens if the signers you select have no interest in joining GoChain?
GoChain: Initially, companies will apply to us to run a node. We may also approach some companies as well. Ideally, we’d like to partner with companies that have a similar mission to make the world more green, decentralized, connected. We don’t anticipate any problems finding node partners.
Paxtradings: Have you tested with any third parties? What has their experience/feedback been like?
GoChain: We have had several TGE contributors and potential contributors test the network and we have had great feedback. We also have a Telegram group where anyone can try our TestNet.
Paxtradings: Some ideas of your governance model as well as your aspirations for greater scalability, speed, energy efficiency, etc. reminds me of a handful of other projects, such as EOS. As a business, why should I choose GoChain over the alternatives?
GoChain: The reason to choose us over any other platform is because we are interoperable with Ethereum. Any current Ethereum users can simply lift and shift to GoChain with no code changes. And, anything written on GoChain will also work on Ethereum.
Paxtradings: How far along is the project towards its next big launch, and when can contributors expect to fully use the platform? Please feel free to share any recent updates.
GoChain: Our TestNet is live, showing in excess of 1300 TPS and as high as 2400 TPS. Our MainNet will launch in May 2018.
Paxtradings: As a non-GoChain question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?
GoChain: I think we will see a few large boom and bust cycles over the next 3–5 years in both the crypto and ICO space. With each cycle we will see a big advancement in the technology and also a necessary clearing out of the weaker companies.
I think we will see a big movement towards a global market where we see more investment from the global community in projects that level the playing field for small investors. ICOs provide a great opportunity for smaller investors to be a part of the next technological innovation cycle from an investment perspective. That is something that’s never happened before. It has typically been reserved for large institutions and venture capital. It’s really a pleasure to be a part of that leveling of the playing field.
The Pre-ICO will begin on May 1, 2018 and will end on May 15, 2018. There are a total of 200,000,000 GoChain tokens (GOC) available during the main ICO, representing 20% of the total GOC supply.
Only whitelisted contributors may contribute to the Pre-ICO. Visit GoChain’s website to register for the Pre-ICO.
1 ETH buys 20,000 GOC in the Pre-ICO.
The only currently accepted currency for GoChain is ETH. The minimum contribution for the Pre-ICO is 5 ETH.
GoChain is an ERC20 token, so Pre-ICO contributors must use ERC20 compatible wallets to send funds to the ICO smart contract and to receive their GoChain tokens. Your wallet address will be requested when registering for the Pre-ICO.
Main ICO Information
The main ICO will begin on May 16, 2018 and will end on May 31, 2018. There are a total of 200,000,000 GoChain tokens (GOC) available during the main ICO, representing 20% of the total GOC supply. A hard cap of 26,500 ETH is set for the combined Pre-ICO and main ICO.
1 ETH buys 16,000 GOC in the main ICO.
The only currently accepted currency for GoChain is ETH. The minimum contribution for the main ICO is 0.5 ETH.
GoChain is an ERC20 token, so contributors must use ERC20 compatible wallets to send funds to the ICO smart contract and to receive their GoChain tokens.
There are a total of 1,000,000,000 (plus inflation curve) GOC tokens being created, with 400,000,000 available during the Pre-ICO and main ICO.
According to the GoChain website, “approximately 50,000,000 new tokens will be generated per year for authorized nodes. This amount will decrease over time.”
Contributors will have their ERC20 tokens distributed at the start of the main ICO or, afterwards, when they contribute. The ERC20 tokens will be transferable to native GOC tokens once the GoChain mainnet is live.
Visit the GoChain website for more information and your contribution address.
The GoChain website states that “tokens will not be sold to the U.S. or Canada.” KYC documents may be requested by GoChain.
How To Participate
For the Pre-ICO, visit the GoChain website before the pre-ICO begins on May 1 and click “Register Now.” You will need to fill out some information in a Google Form. Further instructions will be sent to your email inbox from GoChain once contributions are open.
For those not participating in the Pre-ICO, once the main ICO has already begun GoChain contributors can register on the GoChain website to receive their Ethereum contribution address. Sending ETH to your GoChain contribution address will trigger the smart contract to issue GOC tokens back to the address you contributed from.
It’s worth repeating that GoChain is an ERC20 token, so contributors must use ERC20 compatible wallets to send funds to the ICO smart contract and to receive their GoChain tokens. Do not use an exchange address or your tokens will likely be lost.
The ERC20 tokens distributed in the ICO will be transferable to native GOC tokens once the GoChain mainnet is live.
GOC Token Allocation
According to GoChain, approximately 50,000,000 new tokens will be generated per year for authorized nodes in the GoChain network, and this amount will decrease over time.
Jason is a serial entrepreneur, former hedge fund manager managing in excess of $250 million, angel investor, board member and advisor with an exit to a public company. He has extensive C-level experience in finance, biotech, tech, and the food & beverage industries.
Travis has over 20 years of experience developing high-throughput, high scale applications and cloud services. He founded successful technology companies and has raised tens of millions in funding from some of the top VC firms in Silicon Valley. Having solved scaling problems and delivering scalable services for his entire career, he is now applying that knowledge and experience to blockchain. Travis holds a Bachelor’s degree in Computer Science.
Ben Johnson is an open source software developer specializing in writing databases and distributed systems. He created BoltDB, a very popular in-process, transactional, key/value store that is used by many projects including CoreOS’s etcd & Hashicorp’s Consul.