GoNetwork — a Thorough Review
Overview
The blockchain revolution is rapidly taking over the world. Thanks to this technology, most segments of the economy are now witnessing disruptive innovations that change the way humankind conduct transactions. These innovations have not yet adequately penetrated the mobile space which is rather unfortunate considering that the mobile platform holds the key to universal adoption of any world trend.
GoNetwork wants to change this situation. Their proposed platform is built on the premise that enhancing the scalability of the Ethereum network using mobile solutions is a sure way to strengthen the utility of the blockchain network and shift the consumer markets to the digital economy. In order to achieve this elaborate vision, GoNetwork wants to implement the following procedures:
· Create an infrastructure on mobile that makes the Ethereum network highly-scalable to allow a considerable number of transactions per second. The team hopes to achieve this by enabling the infrastructure to carry out off-chain transactions.
· Leverage GoNetwork to promote strong use case and use GoExchange, their virtual goods trading platform to exhibit the network’s overall capacity to deliver on its mandate.
· Develop and launch the pocket product and use it to enable cryptocurrencies to attain mass adoption.
The GoNetwork Product
The GoNetwork team contends that the two main impediments to working on the Ethereum network in future are scaling up of the network transactions and attaining mass user adoption. They aim to help Ethereum solve these problems by using mobile’s accessibility and compatibility using their platform, GoExchange.
GoExchange
GoExchange is GoNetwork’s platform that enables users to sell or purchase virtual goods across several game ecosystems. In attaining this dream, virtual goods and virtual money availed in the system will open the transaction space so users can acquire what many of them choose to get on the black market.
The team intends to solve the scalability conundrum by applying state channels, which is a method that permits two people to initiate a transaction on the blockchain and then transfer the underlying dealing off-chain where they can carry out an unlimited number of direct deals until they are ready to settle. Before settling, the transacting pair will bring the trade back to the blockchain for a conclusion, verification, and mining. Since the blockchain only verifies and avails for mining, deals that are prime for settling, conducting the other dealings out of the blockchain makes the whole process fast and less expensive.
Access and utility of the GoExchange will be facilitated by the custom token, GoToken (GOT). Aside from GoExchange, the network will also roll out Pocket, an award-winning entrant of the Waterloo Hackathon and a financial literacy tool that enhances both gamification, transparency and parental controls.
Use case of the platform
The use case of the GoExchange is strong because of the following points:
· It will apply mainly to virtual goods and in-app purchases
· The mobile app economy is growing fast; its year on year growth stands at 37% with a projected worth of about US$ 6.5 trillion in 2021.
· Virtual goods, the prime target of GoNetwork now constitute about 10% of the overall mobile app economy.
· An average mobile app user will spend US$ 1,000 or more every year on mobile app-related purchases by 2021.
· The rise in demand for Ethereum.
The Target Market Capitalization
The market capitalization of a token refers to the value of the tokens in circulation. GoNetwork is offering 100,000,000 GoTokens to go into circulation. Of these, 50% or 50,000,000 are available to the public via the ICO while the development team will retain 20% to go towards platform development, ecosystem incentives, marketing and other housekeeping purposes. The other 25% is reserved for the core developers while the advisors’ stake is 5%. The target market capitalization given so far by the GoNetwork team is US$ 30,000,000.
Roadmap
According to the GoNetwork roadmap, the team will oversee the development of GoExchange in Q1 of 2018, which includes creating the core payment platform for iOS as well as the user dashboard. During this period, GoNetwork shall undertake closed testing of the exchange on dubsquad.me. Other tests that shall be conducted during this quarter include the lifetime incentivizes and off-chain transaction metrics.
The network will then launch the beta version of GoExchange in Q2 of 2018. This will serve as the virtual good exchange platform mainly for InfiniDy Corp mobile games. However, the network intends to provide convenient solutions for other gaming houses and is already inviting game developers to enlist to make the most of GoNetwork’s innovation. The team will also explore partnership opportunities both within governments and other blockchain applications within the gaming industry.
In the third quarter of 2018, GoNetwork will undertake marketing, awareness, and meetups among developers as well as incentivized developer partnership agreements. Q3 of 2018 will be the busiest; InfiniDy users will get a feel of GoExchange when the team integrates GoExchange SDK into all InfiniDy Corp games and dubsquad.me
Finally, the year will culminate with the Unity launch of GoExchange for both Android and desktop followed by global expansion and a series of hackathons.
The Team
The team behind GoNetwork includes proven business people that have both collectively and individually developed companies and products that serve millions of users. The core team is made up of seven individuals who have over 50 years of collective experience in the finance, banking, legal and human resource fields and another eight years of experience specifically in developing mobile applications. Rashid Khan, who is the CEO, founded InfiniDy Corp in 2009 and he oversaw the creation of Happy Park, an iOS theme park simulation game that will incorporate the GoExchange solutions.
Conclusion
GoNetwork is an elaborate and ambitious project. The team is headed by entrepreneurs with substantial experience in developing apps and there is already an established user base. Considering its low market cap and the hype surrounding the project (at the moment it is one of the most busy ICO telegram channels), it could be a great investment opportunity.
