GoNetwork to solve Ethereum’s pain points: scalability, mass adoption, and high cost

GoNetwork believes all problems of cryptocurrencies hinge on mobile accessibility and affordability.

The startup is taking on the three biggest challenges Ethereum ecosystem is facing today: Scalability of the network transactions, user mass adoption, and high cost of transactions.

They plan to solve these by creating a fast, cheap, and scalable mobile-first network for mobile off-chain transactions. The platform — GoExchange — will allow mobile app users to seamlessly trade virtual goods across ecosystems and between regular users and will ultimately bring blockchain to the masses.

The startup also plans to issue a debit card to be used with their own GoTokens for purchasing apps and games. They have built a prototype already, called the Pocket card.

 

GoNetwork’s solutions

GoNetwork is going to be built using State Channels, a classic way to address the workload issues on the blockchain, alongside Hashed TimeLock Contracts and Merkle Proofs.

The State Channels technology is key here. It allows a minimal number transactions on-chain because multiple transactions can be aggregated off-chain and then sent on to the block chain as a single transaction thus allowing for more scalability.

To address the on-chain transaction latency, GoNetwork will use an incentivization scheme to reward actors based on the longevity of their state channels.

And to drive down the transactional cost, again State Channels will help – they will help lower the cost of transactions due to a number of off-chain transactions completed off-chain.

 

Progress

Although their team has no track-record in this industry (the team members have little to no experience in cryptocurrencies or blockchain) the plan being ambitious, they have been making some good progress.

To prove that their idea works, they are piloting a strong use case: The GoExchange platform which will use an existing list of apps on Infinidy, a mobile gaming app developer (all Infinidy games and dubsquad.me apps).

GoNetwork now has over 70,000 members on Telegram, and over 40,000 Twitter followers.

The team plans to launch the ICO in Q1 2018 with 50 mln tokens and a beta in Q2 2018.

Currently, GoNetwork is looking for partnerships with governments and organizations interested in applying blockchain to various parts of their infrastructure.

Related News

The institutional-grade Bitcoin exchange, Globitex, soon to open a public token sale

Bitcoin offers solid advantages for international settlement due to its speed and low cost compared to legacy money transfer services.

Read-more

India Rumored to Ban Cryptocurrency Exchanges

On February 1st, 2018, risk aversion spread across the major cryptocurrencies after the media had misinterpreted an official statement released by India’s finance minister

Read-more

PureVPN Provides More Anonymity With Bitcoin Since 2013

With 2,000+ servers, 140+ countries, 180+ locations, and 3 million+ satisfied users PureVPN has earned itself a name in the VPN industry

Read-more

MoxyOne – secure debit cards and payment infrastructure for crypto companies

MoxyOne is a blockchain-based financial infrastructure that can be white labelled by any crypto company or project and make

Read-more