What is gonetwork project?
GoNetwork creates an inexpensive, small and scalable network for Ethereum, which will be used by mass mobile and web platforms. This will help accelerate the massive introduction of the crypto currency, will spur the development of consumer markets to the digital economy. GoNetwork is implementing the first secure decentralized virtual trading platform with cross-platform support for $ 134 billion of virtual products on the market. A unique platform allows the creation of virtual goods, their distribution and trade on a large scale.
Blockchain transactions, while secure and decentralized, can be slow and expensive. Especially in the case of Bitcoin, as it’s fees at one point hit $20 per transaction. If cryptocurrencies are to be adopted worldwide, they need to have low fees and high processing speed.
GoNetwork wants to prevent Ethereum from becoming a slow, costly network, which is inevitable without changes in software and design, as popularity of the coin soars. The company claims that if transactions are handled off chain, the problem will be alleviated.
GoExchange – GoNetwork’s First Product?
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”. It sounds like a standard e-commerce mobile platform that uses cryptocurrencies.
The GoNetwork team claims that GoExchange already has an alpha (first release) version and have a link called ‘Try MVP’ on their website. However, you will notice the link only brings you to GoNetwork’s GitHub page which does not appear to contain any MVP at all. Further, the last repository on said page was last updated in mid-October 2017, over three months ago.
This is definitely a red flag for GoNetwork. But it isn’t the only red flag to be found, and you should be aware of them before making your decision on GoNetwork’s upcoming ICO. Let’s start with….
ADVANTAGES OF GONETWORK
Huge Potantseal
Fast ETH transactions
Low cost price
Low latency in the network
Thanks to transactions outside the network, the cost of the operation will be several orders of magnitude lower than the performance of operations on the Etherarium directly.
To achieve the introduction of crypto currency into the masses, GoNetwork starts with infrastructure development, which cheaply estimates transactions per second on Ethereum for mobile platforms.
Team
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.
Token Distribution
We feel that the 25% reserved for the GoNetwork ICO team is on the high side, especially for a utility token. Offering a total of 50% in the ICO would probably feel even less generous with a higher token supply; however, if the team actually cracks this problem, it could represent one of the few ICOs we’re aware of at present with truly stratospheric potential. In which case the token holder probably won’t mind the founders getting wealthy too.
For more information:
Website : https://gonetwork.co/
Whitepaper : https://gonetwork.co/whitepaper_v2.pdf
Twitter : https://twitter.com/gonetwork_co
Telegram : https://t.me/joinchat/Geu7vA2LFdDv5RqxFYqCtw
Author: tinhkhuat
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1885373