Over the past year we have learned what is lacking in the blockchain ecosystem and preventing adoption. We have been working closely with our customers, from startups to Fortune 200 companies, to help them build blockchain solutions and that has given us a lot of insight into how things could be made better. We’re devoting our efforts in 2019 towards building the foundation for a decentralized future. GoChain is already one of the best performing blockchains on the market and the projects we’re working on this year build upon that base. By the end of the year we’ll have a full suite of products and services enabling people to build the next generation of decentralized applications.
Here is a visualization of the the puzzle pieces required to build decentralized applications that provide a level of trust, censorship resistance and ownership which wasn’t possible before blockchain.
If we want to see widespread adoption, we need to make it easier for developers to build great products. We have first hand experience with the tools that are available today and we learned a lot from other developers during our GoBuild Hackathon. The current tools are way more complicated than they need to be so we’re on a mission to change that. We want to make building decentralized apps just as easy as building regular apps.
We’ve already released the awesome web3 CLI tool (it really is awesome) that makes building, deploying and interacting with smart contracts on any web3 based blockchain a piece of cake.
One of the big benefits of blockchain is anonymity, but there are certain situations where it is important to know the person that you are interacting with. For instance, a government facilitating an election on the blockchain would need to know who is voting to ensure that they are a citizen of their country. Or if you are applying for a job, the potential employer would need to know who you are and if you wanted to show the proof of diploma, that would have to be tied to you via your identity. Or maybe you’re a gamer, your scores and accomplishments would be tied to your gamer profile.
GoChain will be releasing an identity framework, based on the W3C Credentials Community Group specifications dealing with identity and claims. This means everything we do will be based on open standards using GoChain as the backbone. We are also exploring using biometrics to tie the physical world to digital identities in particular for government use cases.
Timeline: First Release in Q2
Blockchain is great for storing small bits of data, like proofs and references to data stored elsewhere, but it’s not good (at all) for storing large amounts of data. The smaller the data you can store on the blockchain itself, the better.
So applications need a place to put the bigger pieces of data. Examples of this are documents, images, videos and metadata. For instance, the identity data and claims data from Identity above needs to be stored somewhere. Or if you buy a crypto-collectible like a CryptoKitty, the metadata about your kitty and the image of your kitty needs to be stored somewhere, and it definitely shouldn’t be on blockchain.
GoChain will be releasing the Go File System (GOFS) which will make decentralized storage easy and powerful. GOFS will use IPFS, a decentralized data storage system, and provide additional features to make it drop dead simple to use, provide unlimited storage potential, and guarantee your data will always be available.
Timeline: First Release in Q3
Stablecoin and Payments
In order to provide a product or service and build a business, it is essential to be able to accept payments and those payments need to be stable. The value of the payments received needs to be secure to avoid a decrease in value by the time you need to spend it. It would be difficult to run a business efficiently if the value of the money you had on hand was unpredictable.
GoChain will be working on two related projects: a stablecoin framework and payment processing services.
The GoChain Stablecoin protocol (GOST) will tokenize collateral backed assets on GoChain and with GoChain’s high volume and high speed capabilities, this will enable a whole new wave of next generation payment and transfer services. Existing stablecoins are on the Bitcoin blockchain (7 tps) and the Ethereum blockchain (13 tps), which simply cannot handle the volume to make any real world use cases a reality. GOST Protocol will change that.
GoChain is also building payment processing service that utilizes GOST tokens to bring real world use cases to life. Merchants and service providers around the world will be able to easily integrate and accept payments both online and in brick and mortar locations around the globe at a fraction of the cost that existing systems charge.
Timeline: GOUSD Stablecoin in Q2, Payment Processing Service in Q4
Other Things We’re Working On
A quick update on the other items we had on our original roadmap both targeting 2019: Upgradeable Smart Contracts and increasing performance to 13,000 transactions per second. While those are still on our roadmap, due to the state of the entire blockchain industry, our priorities have shifted to focus on enterprise adoption. That said, upgradeable smart contracts should be released in the coming months and we still plan to get a significant performance upgrade in 2019 as well.
Let’s Make 2019 Epic
Remember, we’re all in this together. The whole industry should be looking for ways to achieve similar goals of increasing adoption. We’re 100% committed to these goals as we believe blockchain can revolutionize many of the worlds existing systems to make the world more efficient, more transparent and more free.