GoNetwork ICO Review - Making Ethereum Fast & Cheap Again

Hey guys, today we're going to talk about GoNetwork ICO.

This is a highly scalable, low cost mobile first network infrastructure for Ethereum. Their goal is to make Ethereum transactions fast and cheap. This project attracted my attention because it’s pretty unusual. Its team won the largest Ethereum hackathon ETHWaterloo. Ones of the judges on this hackathon were Founder of Ethereum Vitalik Buterin, Founder of Ledger Labs Jeff Coleman, Founder of Augur Joey Krug, Engineering Manager of Coinbase Jesse Pollak, and many more reputable cryptocurrency experts.

The team wanted to start their presale in February 2018 but they haven’t started it yet. They say that currently they’re working to finalize the legal structure for the company. The team promises to give updates regarding the tokensale in May. They are planning on doing a dutch auction like Raiden. More details will be released in our announcement channel. A Dutch auction is a public offering auction structure in which the price of the offering is set after taking in all bids to determine the highest price at which the total offering can be sold.

Total token supply: 100,000,000 GOT
For sale during token sale: 50%
Purchase methods accepted: ETH

I’ve tried to find the project white paper and roadmap and failed. Their team explains it this way:

The team has removed their whitepaper and roadmap due to their legal team’s advice. The team is selling utility tokens only and white paper and roadmap are more for security in terms of legal. Once a stable version is ready the team will release their source codes, product document and technical tutorial.

How it works?

GoNetwork will solve the problems of today’s blockchain practices by using state channels.

A state channel is a technique that allows two people to start a transaction with one another on the blockchain, and then move off the blockchain chain for unlimited numbers of direct transactions with each other until they are ready to confirm the transaction, which is then done on the blockchain.

And since there is no need to verify or mine transactions until a transaction is ready to be confirmed, this makes the whole process extremely fast and cheap. State channels can then be further improved to create a network of individual state channels so every user on the network is eventually connected to each other via a series of indirect connections.

GoNetwork's MVP has smart contract stores, that update and manage virtual goods added by developers. It also contains an AssetManager that has a list of smart assets - when a user buys, sells an asset it issues the command through the AssetManager. It also has the DAPP, Wallet, Explorer, and more.

In short, GoNetwork’s master plan is:

1. Build a highly scalable, low-cost, low-latency mobile first network infrastructure for Ethereum. Their infrastructure will achieve this by creating a network for off-chain transactions.

2. After that they want to evangelize their platform worldwide and look at potential partnerships with governments and organizations interested in applying blockchain to various parts of their infrastructure.

3. Bring cryptocurrency to the masses.

The GoNetwork team consists of serial entrepreneurs who have created companies serving millions of users and have a proven track record. The core team has been developing mobile apps for over 8 years. More than 15 million people have downloaded and used their products. Two years ago they launched an app called dubsquad.me - a video social network. The app has grown to over 1 million users now.

GoNetwork’s community already has more than 100 thousands members in total.

I hope this post was useful for you, guys. If so, upvote it and subscribe for more ICO reviews! Good luck in your investments!

GoNetwork Site - https://gonetwork.co

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