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.
- GoNetwork makes Ethereum fast – 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.
- Infrastructure layer – 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.
- Making Transactions Cheap – A major concern with blockchain technology centers on high cost of transactions. GoNetworks solution solves this problem by allowing off-chain transactions
“To achieve our vision of bringing cryptocurrency to the masses, we begin by developing infrastructure that cheaply scales the transactions per second on Ethereum for mobile platforms. ”
Exchanges
Positives -
- GoNetwork were the Winners of ETHWaterloo – The world’s largest Ethereum Hackathon. Quote from GoNetwork Medium – “GoNetworks Team of Amit Shah, Rashid Khan and Xun Cai had 32 hours to produce a functional product and managed to deliver a mobile-first bluetooth based tap and pay system leveraging the Ethereum blockchain and was the only native mobile product amongst the 400 participants.”
- GoNetwork has a fair amount of hype behind it. We usually don’t list “Hype” as a positive when we assess a project but from an investors standpoint, hype can result in higher trading volumes and often an increase in price action depending on the market. GoNetwork has been very consistent with their Social Media activity and have attracted a huge amount of interest in 2018 leading up to their ICO.
Concerns -
- GoNetwork has come under fire for supposedly being “scammy” and “deceptive”. Plenty of red flags began to pop up on Reddit leading to and after the GoNetwork ICO. Example. This is not a concern for the project but more of a concern for the way the ICO was advertised and held. The community doesn’t have a huge amount of trust in the project from what we could see on Reddit/Twitter
- We’re pretty surprised simply by the lack of useful content on GoNetworks Website and Whitepaper. If you’re planning on researching GoNetwork with the resources available on their website, you probably won’t even find out what they’re doing… If you jump into the Whitepaper, you’ll get the idea of what they are doing but 10 of the 27 pages are just a bunch of legal speak and 5 of the 27 pages are dedicated to the team and token model. You’ve got around 10 pages of actual useful research available. How are new investors supposed to research with very limited resources?
Official GoNetwork Links -