RENO, NEVADA, USA, APRIL 15, 2019 — GoChain, The Blockchain Company, today announced the addition of DISH Network (NASDAQ: DISH), a Fortune 500 company and broadcast satellite television provider with 10 million subscribers, as a signing node operator for the GoChain blockchain network.
Founded in 1980, DISH is a leading satellite and streaming TV company in the U.S., with 16,000 employees and annual revenues of more than $13 billion. This isn’t DISH’s first foray into blockchain as they began accepting Bitcoin for payment in 2014 and last year announced it would accept Bitcoin Cash.
“We are curious about new and interesting technology that may help us better deliver for our customers. GoChain’s approach is unique, so we’re giving our top notch developers a chance to take it for a test drive.”DISH Chief Information Officer, Atilla Tinic
As a signing node, DISH will be one of up to 50 enterprises and organizations to run specialized servers that facilitate the GoChain network’s Proof of Reputation (PoR) consensus algorithm and validate the blocks of transactions produced on the blockchain network.
The DISH blockchain node and others on the network are run only by known and “reputable” corporations and organizations. Combined, these nodes foster the growth of the GoChain network while providing security through their geographic distribution.
PoR has several advantages over its predecessor, Proof of Work (PoW), which is used as the consensus algorithm for Bitcoin and Ethereum. The main benefits of PoR are that it’s faster, greener, and much more Enterprise friendly. GoChain’s PoR is in excess of 1000 times greener than PoW.
“DISH has always been a technology pioneer and we are extremely proud to have them as a Node signer. In the Enterprise world, trust and reputation are extremely important and having DISH join our node network is a vital first step in validating our approach.”GoChain’s CEO, Jason Dekker,
DISH Network Corporation (Fortune 500, NASDAQ: DISH) is a connectivity company. Since 1980, DISH has served as the disruptive force in the pay-TV industry, driving innovation and value on behalf of consumers. Through its subsidiaries, the company provides television entertainment and award-winning technology to millions of customers with its satellite DISH TV and streaming Sling TV services. DISH operates a national in-home installation workforce, as well as an advertising sales group delivering targeted advertising solutions on DISH TV and Sling TV. In addition to its TV services, DISH has commenced buildout of a national narrowband “Internet of Things” network that will apply capacity from its strategic spectrum portfolio. DISH Network Corporation (NASDAQ: DISH) is a Fortune 250 company.
About Proof of Reputation
Reputation is critical to a business. A business that acts in an unethical way suffers on many levels including financial (fines, loss of revenue), valuation decreases, branding (distrust) and public relations. Trust is cornerstone to a successful business and once a brand loses trust with their customers, it can take years to recover if ever.
GoChain uses the Proof of Reputation (PoR) consensus model that depends on the reputation of the participants to keep the network secure. The networks nodes are operated by up to 50 reputable enterprises and organizations around the world. These nodes validate the blocks of transactions produced on the blockchain network.
The benefits of Proof of Reputation are:
- It’s green — No need to consume large quantities of electricity in order to secure a blockchain (Bitcoin and Ethereum are estimated to burn over $12 million worth of electricity costs per day as part of their consensus mechanism).
- It’s secure.
- It can perform much faster due to removing the heavy calculations required for PoW and having a known number and size of nodes.
- It’s as decentralized as the companies are decentralized.