What is GoChain?

The GoChain is a fast and carbon-neutral blockchain on which VeVe collectibles used to be stored on before they were migrated to Immutable X in December of 2021.

Usage:

VeVe collectibles used to be on the GO chain before we migrated to IMX.

Full Definition:

The GoChain claims to be the “fastest, greenest, most cost-effective blockchain”. It boasts 1,300 transactions per second with a 5 second transaction latency and an average cost per transaction of $0.01.

GoChain is also environmentally friendly and boasts companies such as Lenovo, Dish Network, Sling and Penn State University as its customers.

$GO is also the name for the cryptographic token that powers the GoChain, so its blockchain is also referred to as the “GO chain”.

When the VeVe app first launched, its NFTs were minted on GoChain and the OMI token was also built on top of the GO chain.

However, because Ethereum is the leading blockchain for NFTs, VeVe made the decision to migrate their NFTs to the Ethereum blockchain via IMX for greater interoperability with the wider NFT ecosystem.

GoChain is also not supported on as many crypto exchanges as Ethereum, which limited OMI to just 4 exchanges (OKEx, AscendEx, Bitforex, and Uniswap).

Thus, in December of 2021 the collectibles on VeVe were re-minted on Immutable X, a layer-2 scaling solution for Ethereum. The OMI token was also migrated over to IMX in January of 2022.