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Infrastructure to make Ethereum transactions fast, cheap, and manageable with a mobile app.
ICO is over
In spite of the huge investments and interest to cryptocurrency the transactions are still slow and unobvious to masses. Mainstream adoption of cryptocurrency is one of the main goals of the GoNetwork project, and they plan to do it basing on mobile technology by developing a peer-to-peer network for Ethereum. All you need to access it is your smartphone. For that purpose, they plan to use the GoExchange, a decentralized e-commerce platform for the gaming industry. In case of success, the project can become the first off-chain payment system for Ethereum.
The token is ERC-20 and it will be used to create and finalize contracts on the exchange. This process (called state channel) will allow two sides to transact with one another off-chain for as long as necessary until they are ready to settle. After that agreement, they move back to the blockchain where verification and mining can be done quicker and more efficiently.
In its turn, the GOT token will fuel GoExchange, the mobile app marketplace for gamers to purchase virtual goods. Users will be able to convert fiat money into GOT via the Integrated Payment Platform or purchase GOT through their Ethereum wallet.
A quarter of the tokens will be distributed to the team members, and a half will be made available through the ICO.
GoNetwork’s CEO Rashid Khan is known as a founder of Infinidy Corp, a solid Canada’s game development company with more than 15 million customers.
CTO Amit Shah is a blockchain expert, although he only had several Ethereum-based open source projects, also experienced in R&D, software, and IOT.
COO Xun Cai is also an entrepreneur, co-founded Infinidy with Shah.
The rest four members are the core team, including two former Google employees. In addition, take into account five advisers consulting in product management and business development.
The entire team including the advisers is experienced and smart, but the focus on blockchain technology looks weaker than expected.
GoNetwork is aiming to step into a highly lucrative mobile app industry that has the potential to grow significantly in the next several years. However, the main risk and challenge is implementing this complex project. We’d advise to take into account the technical part and corresponding obstacles that may rise during the project development.
A major concern with blockchain technology centers on speed and high cost of transactions. Transactions on blockchains like bitcoin are expensive and slow. With growing usage, Ethereum will fare no differently over time. GoNetworks solution solves this problem by allowing off-chain transactions.
GoNetwork is designed for the trillion dollar mobile economy and commerce market.
State channels amortize the cost of transactions based on the number of off-chain transactions completed off-chain. Thus, in typical high-frequency workflows, the cost of transactions will be several orders of magnitude lower than running the transactions on Ethereum directly.
Our prime objective is to build a mobile first network for Ethereum ERC20 tokens that’s off chain. It is a fast, cheap and low latency infrastructure.
A major concern with blockchain technology centers on high cost of transactions. GoNetworks solution solves this problem by allowing off-chain transactions.
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