12 July, 2018
We knew taking on the challenge of verifying personal information in a decentralized system wasn’t going to be easy, but that didn’t dissuade us. We’re fortunate to share our vision of restoring data ownership to the individual with incredible advisors. Our advisors can also help guide VeriToken’s efforts in other industries that need to harness the power of blockchain.
As our vision grew over time, we kept an eye out for other ventures whose goals are in line with our own. We’re proud to announce our new partnership with GoChain.
Founded in 2017, GoChain is a standalone blockchain that looks to solve the scalability issues of the popular blockchain Ethereum. They offer a low-cost solution for digital currencies and other decentralized applications like VeriToken.
GoChain states they are “10x more decentralized, 100x faster, and 1000x greener.”
Breaking it down further:
For those who have been in the crypto world for awhile, you won’t need to worry about compatibility with GoChain. They promise to be “fully compatible with existing Ethereum wallets, smart contracts and other tools.”
Forcing nodes into different countries means that they need to be verified. GoChain’s solution is to distribute verification power among 50 businesses across the globe. Each business is put through an algorithm GoChain developed called Proof of Reputation (PoR). This is an upgraded process that is stronger and more secure than Proof of Authority (PoA). GoChain goes into greater detail in their whitepaper discussing the difference between PoR and PoA.
GoChain expresses, “A company with a reputation has a lot more to lose than an individual and is a much stronger deterrent to be a bad actor because the risk is much larger.” Verifying companies and measuring their reputation is the tricky part, and that’s where VeriToken comes in.
GoChain’s PoR is similar to our protocol that enables users to verify and own their data. As a result, we can keep track of the reputations of various companies that are acting as nodes for GoChain. Just like we verify the credentials and data of individuals, we can verify the reputability of nodes.
This partnership couldn’t have come at a better time. While we were looking for a way to solve the scalability issue of the Ethereum blockchain, GoChain was looking for a way to solve their verification issue for nodes. With each of us contributing a piece of the puzzle, we anticipate a fruitful partnership.