GoNetwork ICO Review – Bringing Cryptocurrency To The Masses Through Mobile

gonetwork ico review

These are just short term solutions, and it remains to be seen what happens in the long run. It is assumed that GoNetwork will enable users to make transactions faster and cheaper using State Channels – channels separate from the main blockchain. They use similar mechanics in the Lightning Network – a separate channel between the two users, within which they can make any number of transfers.

Parents can then teach them financial management skills by incentivizing various spending patterns using the smart contract. GoExchange will be a decentralized mobile marketplace for in-app virtual goods for gamers that will be built on top of the GoNetwork platform. This would presumably be a great way for the team to kick the tires on the platform and show real-world adoption, as they already run several successful mobile games with millions of users. Compared to Ethereum transactions per second capacity of TPS, Qtum has a TPS of 60-70. This is still not sufficient to power future Dapps on the platform but they are working on a number of solutions.

GoNetwork ICO Team

The platform’s native tokens, ZIPs, can be spent in various ways such as in-app purchases, peer-to-peer lending or selling them for other cryptocurrencies. They can also be staked in the Zipper directory, and then used to curate content and make the best apps stand out. With GoNetwork, the founders appear to have come up with a dependable solution for their ecosystem by utilizing Raiden state channels. State channels allow for transactions to take place off chain, which reduces congestion on the main chain.

GoNetwork is funding its development work via ICO; the date has yet to be announced as at the time of this writing. To sum it up we would recommend buying the GoNetwork ICO. We choose it because they are tapping into the very viable mobile market. Whether it’s paying bills, buying tickets, or entertainment, we all use mobile apps on a daily basis. The team also have a real use case in the form of a mobile-first Bluetooth based tap and pay system leveraging the Ethereum blockchain which was their winning product at ETHWaterloo. It’s no secret that mobile apps and browsers have taken over desktop based equivalents.

GoNetwork

In addition, the invited blockchain specialist holds the CTO post, he “moved” from this position Infinidy’s technical director Huna Chea. Solutions to the speed problem simply had to appear in the nearest time. The first was the Lightning Network, which allows users to make protected translations bypassing the blockchain, reducing the load on it.

Transactions on blockchain like Bitcoin are expensive and slow. With growing usage and increasing market dominance in comparison to other coins, Ethereum will fare no differently over time. GoNetwork’s solution solves this problem by allowing off-chain transactions simultaneously creating demand for GOT. If games such as Cryptokitties can clog the network, how can applications designed to process 100s of transactions a second be built on the blockchain? GoNetwork’s solution solves this problem by allowing off-chain transactions.

Originally developers have designed Bitcoin not for such loads, the Ethereum, despite optimizing, drags 90% of the ICO of other tokens on itself, and even supports games like Cryptokitties. Opening or closing a link between the blockchain and GoNetwork’s aggregation service requires a small transaction fee that is paid in GoTokens. As the on-chain fee is shared over multiple off-chain transactions, the fee per-transaction is significantly lower. An off-chain transaction is a transaction that takes place off the Ethereum blockchain. The reason why this method of making a transaction allows more scalability is because multiple transactions can be aggregated off-chain and then sent on to the block chain as a single transaction.

The team intends to do this by creating a state channel off-chain network similar to the Raiden Network for Ethereum and the Lightning Network for Bitcoin. A simple explanation of how these networks work is that they reduce bottlenecks by taking on transactions that would otherwise be done on the blockchain.

gonetwork ico review

The company’s prime objective is to build a mobile first network for Ethereum ERC20 tokens that is off chain. State channels will amortize the cost of transactions based on the number of off-chain transactions completed. Thus, in typical high-frequency workflows, the cost of transactions will be several orders of magnitude lower than running the transactions on Ethereum only. A major concern with blockchain technology centers on speed and high cost of transactions.

GoNetworks solution solves this problem by allowing off-chain transactions. GoNetwork is going to use State Channels, which is a classic way to reduce the workload issues on the blockchain. It allows a minimal number transactions on-chain to facilitate a series of balance transfers between parties off-chain effectively at no cost.

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This caused a great uproar on social channels, with some ICOs even being canceled. The creators of the game are still pondering over possible solutions such as increasing the gas price and raising the transaction fees for users.

  • The first, light version of the platform, will allow to carry out fast mobile transactions of ethereum, in the future the service will support all the most popular cryptocurrencies.
  • The infrastructure of the GoNetwork itself is still at the stage of creation, and the project team needs money to continue the work, which they planned to raise through the ICO.
  • GoNetwork ICO will fund the development of the GoNetwork exchange, which enables the creation, distribution and trading of virtual goods on a massive scale.

Below we will take you through a brief overview of the ICO, its targeted market, partnerships and MVP. Blockchain-experts, investors and ordinary members of the cryptocommunity have no doubts concerning the success of GoNetwork project. There are periodic doubts about the competence of developers specifically in the field of blockchain in some GoNetwork ICO reviews and comments. All right, but, for a minute, these guys won the Ethereum Hackathon!

You can also transfer cryptocurrency to the other users, using some participants as intermediaries. The problem of transaction speed in the largest networks, such as Bitcoin and Ethereum, is one of the key problems in the cryptocurrency world. As the popularity of the system grows, and more and more users join it, the load on the network also increases, which leads to a slowdown.

They are now trying to add a monetization feature to their apps by incorporating ethereum blockchain technology into the apps. So far, the team has not demonstrated a concrete working prototype (they plan the launch of the beta version of the platform for the mid-2018). However, Infinidy Company, which is responsible for the project, has two products-the predecessors of GoNetwork – GoExchange and Pocket. The first allows you to make legal trading transactions between users inside mobile games and Infinidy applications, the second is something like a debit card application. The goal is to create a low-cost, low-latency scalable network for Ethereum.

Main points are to help adapt the cryptocurrency technologies to the mobile market, as it is one of the fastest growing markets in the world; mobile web browsing is quickly outpacing desktop. However, the support for technologies such as overlay networks, off-chain transaction networks like Plasma and Raiden networks ranges from limited to nonexistent on mobile, with no plans to implement it. It’s a solution for expensive and slow blockchain transactions, handling them off-chain. A small fee will be required for opening or closing a state channel to conduct an off-chain transaction, paid in GoTokens. After development of the infrastructure capable of handling massive amounts of payments, the company plans to release GoExchange, a virtual goods commerce platform, to prove the capabilities of GoNetwork.

It sounds like a standard e-commerce mobile platform that uses cryptocurrencies. The GoNetwork team’s name gained prominence when they won the ETHWaterloo hackathon, allegedly the world’s largest Ethereum hackathon. Their winning project was something called the Pocket Platform. The idea behind the platform is to teach kids financial literacy by creating a ‘smart contract debit card’.

The infrastructure of the GoNetwork itself is still at the stage of creation, and the project team needs money to continue the work, which they planned to raise through the ICO. The first, light version of the platform, will allow to carry out fast mobile transactions of ethereum, in the future the service will support all the most popular cryptocurrencies. GoNetwork ICO will fund the development of the GoNetwork exchange, which enables the creation, distribution and trading of virtual goods on a massive scale. The project developers come from a long background of mobile app development having built several successful apps in the past. One of their most successful apps is Dusquad.me, a video social network that allows users to create videos and share them with their friends.

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A prototype of lightning network is currently running on their test net. They also claim that the network is compatible with Raiden network. They are observing the space closely and will combine both off chain solutions into a hybrid lightning network. It offers blockchain based services such as wallets, storage and messaging while allowing users to retain their privacy. Zipper held a private token sale earlier this year and are now running a loyalty program to incentivize community participation.

This shouldn’t come as a surprise given the great usability features of smartphones and tablets. But a problem exists with the current range of apps available in appstores in that they are centralized and hence prone to hacking. This is paving way for a new age of decentralized apps which utilize blockchain technology. One such Damp is GoNetwork whose presale will be held sometime this February.

Development

The first product that GoNetwork is bringing to the market as part of its masterplan to bring cryptocurrency to the masses is GoExchange. The team describes GoExchange as “a scalable decentralized virtual goods commerce platform for mobile platforms”.

The concept, though new, but quite realizable, solves one of the most pressing problems of the cryptoindustry. The development team consists of experienced professionals with a number of successfully implemented projects. All the resources of Infinidy are at the disposal of specialists. And ICO will succeed thanks to the already growing excitement in the cryptocommunity.

The diagram below from the whitepaper helpfully visualizes how GoNetwork will aggregate transactions. Transactions on blockchains like bitcoin are expensive and slow. With growing usage, Ethereum will fare no differently over time.

However, they designed LN for users of desktop devices, while the whole world has been seeking mobility for years. GoNetwork is the first platform in its way, allowing users to make quick and inexpensive transactions via mobile devices. We believe that something as big as an off-chain transaction network, geared for mobile use, is a huge, demanding project. Only time can tell whether this ICO will turn out to be a success. Back to the theory side, I believe that something as big as an off-chain transaction network, geared for mobile use, is a huge, demanding project.

This technology was envisioned several years ago and hopefully we can see its implementation with the GoNetwork. This will allow for Dapps that can be ported to mobile phones thereby capturing the huge mobile economy. 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.

Status is an open source messaging platform and mobile browser used to interact with decentralized applications that run on the Ethereum Network. However we all know that cryptocurrencies are undergoing deep scaling issues at the moment. Just last December, Crypt kitties a cat trading game caused massive congestion on ethereum, and at one time left over 30,000 transactions stuck on the network.