Thursday, 26 May 2022

Should you invest in GO in 2022?

Written by  The Dubrovnik Times Jan 21, 2022

The first step to investing in cryptocurrency is not buying coins on the cryptocurrency exchange online - Letsexchange or another platform. First you need to decide on the choice of investment strategy and a suitable asset that is available to you and potentially profitable.

There is no single solution for all occasions, cryptocurrencies are poorly predictable. Paradoxically, investing in a little-known coin can still be more profitable than investing in Bitcoin. Consider one of them - GO, which modestly occupies the 677th line in the rating of cryptocurrencies.

What is GoChain

Current blockchains have several common problems. Platform scalability is one of the biggest complaints. As the number of users increases, the decrease in network bandwidth creates a significant inconvenience. Cryptocurrency mining processes consume a huge amount of energy. Cryptocurrencies were originally positioned as a decentralized alternative to fiat money, but this does not quite correspond to the real state of affairs.

GoChain is a project that represents another possible solution to blockchain problems. GoChain is based on Ethereum and aims to reduce the energy consumption of deploying decentralized applications. Blockchain supports large volumes of transactions, its performance exceeds that of Ethereum by 100 times.

Instead of the energy-intensive Proof of Work consensus mechanism, GoChain uses the Proof of Reputation (PoR) mechanism in combination with Proof of Authority (PoA).

Verification and signing of blocks is performed by authorized nodes. Only a company with a good reputation can become such a node. Participants trying to increase their reputation through fraud face restrictions on actions within the platform, up to the blocking and liquidation of assets.

The native GO token is used to work with GoChain services. It is an ERC20 token.

Prospects for the development of the project

Based on the goals of the project and successfully implemented ideas for improving the performance of decentralized applications and smart contracts, analysts conclude that this project is promising.

The main advantage of GoChain in the short term is its high scalability. The difficulty lies in the fact that other projects are working on this problem, including Ethereum. It is very, very difficult to attract attention in such a serious competition. Other things being equal, users are more likely to prefer more well-known platforms.

The original consensus protocol is another advantage of GoChain. This is an elegant solution that increases network performance, its throughput and at the same time reduces energy consumption for mining processes. At first glance, this increases the competitiveness of GoChain. 

However, in this context, one of the basic principles of the functioning of digital projects is violated - anonymity. To participate in mining, you need a reputation, and its confirmation is possible only by registering a company on the network with the provision of a significant amount of data about the company and the absence of connections with other authoritative network nodes.

In the context of the above facts, short-term investments in GO, focused on news and further technical development, look most acceptable. The prospects for long-term investment look very doubtful. It is possible that as the project becomes popular and the partner base expands, the situation may change for the better.

Where to buy GO

According to CoinMarketCap token is traded on several major exchanges KuCoin, Binance, Upbit, Gate.io, Bittrex. The GO/BNB cryptocurrency pair is almost non-existent. Direct exchange is easiest to do on LetsExchange. It's as fast, simple and anonymous as possible.

 

The Voice of Dubrovnik

THE VOICE OF DUBROVNIK


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