All Eyes On GoChain As It Records Double-Digit Gains After Winning Binance Competition
Ethereum World News
All Eyes On GoChain As It Records Double-Digit Gains After Winning Binance Competition
GoChain, a crypto that entered the market just a few months ago, is now making headlines, and for good reasons. Over the last 24 hours, GoChain has jumped into double-digit growth that has left crypto enthusiasts wondering what’s next.
GoChain’s Journey To The Market
GoChain made a timely debut into the crypto world back in May, precisely on May 16th, 2018. At the time, things weren’t going very well for most of the coins in the market. Since then, the new crypto has picked up pace and become one of the most talked about cryptos. With about a billion coins in total supply, GoChain’s current circulating total is just about 600 million tokens.
Despite the many challenges facing new cryptocurrencies, one of which is the steep competition from the already established ones like bitcoin and Ethereum, GoChain has so far managed to stay afloat. Basically, this crypto was stepped into the market right in the middle of a generally bear market. Despite that, it still managed to bag important listings on a few popular crypto exchanges. It was listed by Upbit and Bittrex. Today, the cryptocurrency is trading on Bittrex, Upbit, KuCoin, Bilaxy, and Binance.
GoChain: What Makes It Tick?
Perhaps one of the strongest contributing factors to GoChain’s success is its network’s incredible transaction speeds. Compared to the likes of NEO and ETH, GoChain clearly wins hands down. NEO’s tps (transactions per second) clocks 33 while ETH scores 13. GoChain scores a miraculous 1,300 tps. The crypto’s network uses a rather radical consensus system called Proof-of-Reputation. That’s very different from Ethereum’s Proof-of-Work (PoW) and Proof-of-Stake (PoS) used by some others.
However, the most impacting development that could have caused GoChain’s sudden surge is something connected to Binance. Every month, Binance, a very popular crypto exchange platform, runs its checkers to pick out a winner among the many unlisted cryptocurrencies. As such, cryptos that want to score a listing on Binance must meet the specified criteria to impress the exchange. The winner gets a free listing on the exchange. Last month, competition. Now, that’s the kind of news that puts a cryptocurrency on the map within the crypto community.
A Parting Shot
As already known, cryptos tend to gain hugely in price when it gets on a large exchange. It has happened before, and therefore GoChain’s case was almost expected. But it’s the speed and magnitude by which it has jumped that warrants special attention.
In the last 24 hours, GoChain’s market price has jumped by over 40%, signaling a major bull run. Two months ago, its market cap was $18 million. Today, GoChain is clocking over $30 million in market cap. In the last 24 hours, its daily trading volume has hit upwards of $2 million. At the time of this writing, GoChain is still up 35% and trading at $0.065 per token. Now the question is: Could GoChain’s market situation trigger a on others like bitcoin? How high can GoChain soar?
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Blockchain on Medium
How Blockchain Seduced the Supply Chain
As we touched upon in our first article of this series, nearly a decade after its introduction, Fortune 500 companies are in a love affair…
(Bcash) forked from the bitcoin blockchain to create a new cryptocurrency (BCH), and ahead of the that may do the same thing, a third bitcoin fork is in the making: Gold (Bgold; BTG). But where Bcash and SegWit2X are scaling-related forks — both mainly increase bitcoin’s block size limit — Bgold wants to re-decentralize mining by implementing a new proof-of-work algorithm.
“What was born as decentralized is now centralized,” bitcoin Gold contributor J. Alejandro Regojo told bitcoin Magazine, referring to the current state of bitcoin mining. “With this fork, we want to show how bitcoin can be as ‘Satoshi’ as possible, as social as possible, and as decentralized as possible.”
Mining Centralization
bitcoin Gold was initiated by Jack Liao, CEO of Hong Kong–based mining hardware producer, and was first announced in late August. The open project has been gaining traction and support in the wider cryptocurrency space since, with a as a main hub for discussion and organization. Bgold is currently being developed by the pseudonymous developer “h4x3rotab” along with a small group of volunteers contributing to the project in other ways.
The attention Bgold has attracted is probably in part because anyone who owns bitcoin (BTC) on October 25th will receive the equivalent amount of BTG. While this model has been criticized, particularly because it presents a burden on service providers and users, it has also proven successful. With the launch of bitcoin Cash in particular, users eagerly accepted their batch of “free money,” while exchanges, wallets and other service providers proved relatively willing to integrate the new coin.
Further, the Bgold team believes that this distribution method should also benefit bitcoin over altcoins as it provides an extra incentive to hold BTC on particular dates.
“But the key goal that we are trying to achieve with this fork is to build a perpetually ASIC-resistant version of bitcoin,” said Robert Kuhne, another bitcoin Gold contributor, in explaining the purpose of the project to bitcoin Magazine.
Bgold contributors like Regojo and Kuhne think that bitcoin’s proof-of-work hashing algorithm was essentially broken by the introduction of specialized ASIC (application-specific integrated circuit) mining hardware. In the early years of bitcoin’s existence, individual users were often also miners; this has since become concentrated into relatively centralized operated by professionals.
“And we’re now in a situation where 65 percent of hash power comes from a country that doesn’t like bitcoin,” Regojo noted, referring to China’s recent on cryptocurrencies.
An Uneven Playing Field
And while mining is centralized, ASIC production is even more centralized, the Bgold contributors pointed out. Only a handful of companies currently produce such specialized chips.
This means that anyone who wants to be a miner in any meaningful way is beholden to these companies, Kuhne argued.
“The way the monopoly manufacturer currently operates is abusive to its customers — individual miners — and the industry at large,” he said, referring to major Chinese ASIC producer Bitmain. “Manufacturers can produce ASICs at a tiny cost, but miners have to buy at a high price. This violates the one-CPU-one-vote ethos as described in the bitcoin white paper, because while everyone can buy CPU at the same price, the same is not true for ASIC hardware.”
Regojo and Kuhne see this as a fundamental problem — not something that free market dynamics can realistically resolve. They suggest that the barrier of entry to the ASIC market to compete with existing manufacturers is fundamentally too high to allow for open competition.
“You can’t build a factory without approval from the government and banking system. So there are really only a handful of entities in the world that have total authority over who can and can’t manufacture ASIC machines. And all this could potentially get much worse if and when those institution really start feeling the disruption from bitcoin, which hasn’t begun in earnest yet,” Kuhne said.
As opposed to the bitcoin Cash and (especially) the upcoming SegWit2X forks, bitcoin Gold very specifically does not make a claim to be the “real” bitcoin. Instead, the Bgold project hopes it can prove a valuable exercise for bitcoin; a sort of test case for a hard fork that bitcoin itself may one day require.
Concretely, bitcoin Gold is now implementing the proof-of-work algorithm. This is already used by and is relatively ASIC-resistant.
Full ASIC-resistance, however, is thought to be impossible: Any mining algorithm could be subject to specialized chips. Like, the Bgold community therefore plans to re-deploy a new proof-of-work algorithm hard fork if it is found out that ASIC-chips for Equihash are being produced. (This plan alone, of course, could be a deterrent for any potential ASIC-producer.)
For security, the project plans to implement strong replay protection to avoid loss of funds for unsuspecting or non-technical users. It will also adopt a new difficulty re-target algorithm to prevent the blockchain from stalling: Difficulty is re-adjusted at every block instead of once every two weeks.
While the coin is set to launch two weeks from now, the Bgold codebase is not yet fully developed and ready to be deployed. Implementation of the new proof-of-work algorithm and replay protection, as well as the new difficulty re-adjustment scheme, are yet to be finished.
Nor are all the details for the project even ironed out.
indicated that bitcoin Gold would have a closed launch and a presale of coins. A new batch of BTG was to be mined in the first week after the fork and subsequently distributed to designated investors, not unlike an ICO. Proceeds of this “ICO” were then to be used for development and other Bgold-related purposes.
However, as interest in the project grew, this idea became more controversial. Not everyone involved with bitcoin Gold likes the idea of an additional founders reward — something Bcash, for example, did not have.
Kuhne addressed the issue by stating: “We have heard a lot of feedback from the community, so this proposal will be replaced with an updated and improved plan. But we will not completely rule out the possibility of a modest pre-mine to provide a basic level of funding for the project.”
Disclaimer: The author of this article holds BTC and will therefore also own BTG at launch.
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