GoChain is being presented as a better cryptocurrency and a better blockchain than all of its forebears in the digital currency world. It is a high-performing, scalable, decentralized and low cost cryptocurrency that provides proper support for distributed apps and smart contracts.
It is a public cryptocurrency that is completely compatible with ethereum wallets, tools and smart contracts. It allows for fast contract execution and transactions. With a decentralized app platform coming in the fourth quarter of 2018 that will be superior to that of the Ethereum smart contracts platform.
What Is GoChain Crypto Blockchain Applications Aiming To Achieve?
GoChain has listed some lofty goals they want to achieve on their website. They want to become ten times more decentralized. They believe that open decentralization has not worked, as there are over 70% of mining conducted in China which is operated by just a handful of different firms. GoChain will force nodes to be located in a variety of nations that are run by companies and people who are unrelated.
They have a goal of being one hundred times faster with fast verifications even when there are extremely high volumes of transactions. At the moment, only 13 transactions per second can be processed by ethereum network, with GoChain targeting 1,300 transactions per second.
They also have the goal of using one thousand times less energy than is used to operate the bitcoin network. The bitcoin network currently utilities enough electricity that it could power over 3.5 million households in the United States. This is unsustainable and GoChain are looking to uses a tiny fraction of this amount when running their cryptocurrencies.
GoChain GOC ICO Details
Their private sale began in February of 2018 and they will be looking to launch their public token sale in April. There is a total token supply of 1 billion GOC tokens, with the soft cap of the token sale being set at 2,500 ETH and the hard cap being set at 26,5000 ETH. Every year will see the creation of about 50 million new tokens for authorized nodes, with this figures lowering in time.
50% of the total token supply will be available for investors during the token sale, 10% will be going towards the team with a lockup period of six months, 6% goes towards advisors and partners with a 6 month lockup, 10% goes towards bounties and the foundation, 4% goes towards marketing and legal expenses, 10% is kept in reserve with a lockup of one year and 10% is part of the GoChain fund.
The private sale took place between the 8th of February and the 28th of February. The pre-sale is set to take place between the 1st and 7th of April with the main sale happening between the 8th of April and the 15th of April.