The GoNetwork ICO
What is the GoNetwork ICO?
GoNetwork aims to create a low cost, low latency scalable network for the Ethereum network, specifically aimed at problems related to scalability on mobile platforms through supporting state channel transfers to mobile platforms. Scalability is a major issue being faced by the Ethereum network which currently has a latency (transaction time) measured in minutes in some cases. Scalability for mobile computing, variable smart contract execution, and off-chain scaling through the GoNetwork platform are all features of the project.
How does GoNetwork work?
GoNetwork platform will allow some of the processes involved in smart contract execution and transactions to take place "off-chain", with only the confirmations taking place on the blockchain itself, allowing the Ethereum Network to keep up with the pace of increased usership. GoNetwork will achieve this by using state channels involving two participants or “actors”. Actors allocate funds to a smart contract which locks the total balance of transfers that can occur off-chain, freeing up the actors to make a number of transactions within the contract off-chain while only requiring one contract to be logged on the blockchain instead of each transaction. Because only the actors have access to the tokens allocated to the contract, it is said to be secured in the same way as on-chain. GOT tokens are used to stake the smart contracts.
Why is GoNetwork unique?
While GoNetwork is not the only project tackling Ethereum’s scaling problem, the project is unique in focusing on the mobile application side of things specifically, drawing on the team’s experience as mobile game and app developers. DApps on the Ethereum blockchain are still in the early phases of development, with much room for improvement. Once the technology is perfected it stands to completely revolutionize mobile browsing and web browsing, providing a decentralized back-end for applications like uncensorable social media platforms and search engines that never need to shut down for maintenance operate entirely on their own. A team capable of creating DApps with prior mobile development experience may be well suited to taking on the goals at hand.
Who makes up the team behind GoNetwork?
Rashid Khan – CEO
Founder of the Infinidy Corp, a major game development company. Khan has experience as the CEO of a major company and with many connections in the business world already established, he’s a strong leader for the team. Khan created one of the biggest iOS theme park simulation games ever, called Happy Park, and his apps were rated #1 in 23 different countries.
Amit Shah – CTO
Software architect & Blockchain expert. Spearheaded research and development while working at Internet of Things company BlueRover as Vice President of Software Architecture R&D. He has also worked at several Ethereum based open source projects.
Xun Cai – COO
Graduated with distinction and honours in Software Engineering from the University of Waterloo, Ontario, Canada. He’s the co-founder and CTO of Infinidy Corp, and a serial entrepreneur who has created products that have been used by millions of people and have acquired a large active user base. He helped lead Infinidy to become one of the first companies to join Communitech, Canada’s top digital media incubator.
More details about the GoNetwork ICO
The GoNetwork ICO dates have not yet been announced. The public sale is due to begin on June 11. Tokens bought during the sale are not transferable until KYC auditing is completed, with no date set for that process at this time. The ICO is not available in Canada, the US, China, or Singapore.
The GoNetwork token is called GoToken (GOT), and is ERC20 compliant. The price of a single GoToken is undetermined, and the team say it will depend on the level of funding raised. There is no hard cap, soft cap, or maximum amount that can be invested. The team have not released details on what will happen to any tokens unallocated after the sale ends.
50% available for Public Sale
25% for the Team
20% for Development, Marketing, Ecosystem Incentives, "etc."
Projected use of contributions:
The team have not released a plan detailing the projected use of contributions.
The total supply is 100 million tokens.