We publish guides, reviews and news on tech, cryptocurrency, Bitcoin, blockchain & privacy. Our content is updated regularly to keep our privacy-minded readers safe, informed & up to date. Trading Platform In the upcoming GoNetwork ICO, the target amount is $30m, which seems very high for such a project . Further, 25% of these funds are allocated for the team, which seems ridiculously high.
If games such as Cryptokitties can clog the network, how can applications designed to process 100s of transactions Cryptocurrency a second be built on the blockchain? GoNetwork’s solution solves this problem by allowing off-chain transactions.
GoNetwork has 7 advisors, University Professors and other ranked crypto advisors, couple of them were featuring in Forbes, Wall Street Journal, etc. ( top Canada’s game development studios) and has created different games which were highly ranked. The main team consists of 7 members, 3 developers, 4 members with expertise in financials, business management and legal with good background in their fields as well as successful career records. ICO Drops receives a fee for advertising certain token sales, in which case such listing will be designated accordingly. Four times a week, crypto news, ICO reviews and more, direct to your inbox. Sign up for our newsletter for all the hottest crypto stories, ICO reviews, and insights from leading experts of the crypto world – four times a week. Raiden has already ICOd and is further along than GoNetwork.
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GoNetwork is the first platform in its way, allowing users to make quick and inexpensive transactions via mobile devices. The problem of transaction speed in the largest networks, such as Bitcoin and Ethereum, is one of the key problems in the cryptocurrency world. As the popularity of the system grows, and more and more users join it, the load on the network also increases, which leads to a slowdown.
Specialist in software development, including on the blockchain. He held a post of Vice President of BlueRover on research and development of software. Participated gonetwork ico review in the development of applications for the Ethereum ecosystem. Supervised the development of Happy Park, Dubsquad and other top-end studio projects.
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State channels amortize the cost of transactions based on the number of off-chain transactions completed off-chain. Thus, in typical high-frequency workflows, the cost of transactions will be several orders of magnitude lower than running the transactions on Ethereum directly. Opening or closing a state channel requires a small transaction fee that is paid in GoTokens.
The prime objective is to build a mobile first network for Ethereum ERC20 tokens that’s off chain. A major concern with blockchain technology centers on speed and high cost of transactions. Transactions on blockchains like bitcoin are expensive and slow. With growing usage, Ethereum will fare no differently over time. GoNetworks solution solves this problem by allowing off-chain transactions. The infrastructure is another aspect highlighted by GoNetwork.
You must obtain professional or specialist advice or carry out your own due diligence before taking, or refraining from, any action on the basis of the content on our site. Any terms and conditions entered into by contributors in respect of the acquisition of Tokens are between them and the issuer of the Token and ICOholder is not the seller of such Tokens. Because there may be time differences in information updates, accurate information about each ICO project should be verified through its official website or other communication channels. In general the community seems to have a great interest in InsurePal. This is evident based on the project’s very successful presale.
They also claim that the network is compatible with Raiden network. They are observing the space closely and will combine both off chain solutions into a hybrid lightning network. With GoNetwork, the founders appear to have come up with a dependable solution for their ecosystem by utilizing Raiden state channels. State channels allow for transactions to take place off chain, which reduces congestion on the main chain. This technology was envisioned several years ago and hopefully we can see its implementation with the GoNetwork. This will allow for Dapps that can be ported to mobile phones thereby capturing the huge mobile economy.
This would presumably be a great way for the team to kick the tires on the platform and show real-world adoption, as they already run several successful mobile games with millions of users. And since there is no need to verify or mine transactions until they are ready to settle up, this makes the whole process super fast and inexpensive.
When you read the whitepaper , you’re quite possibly going to wonder where our ratings come from and whether we’re nuts. For all intents and purposes, it reads like a decentralized, virtual in-app marketplace play.
Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development. The CEO is Rashid Kahn who founded Infinidy Corp, one of the leading game development studios in Canada after graduating from the University of Waterloo. Additionally, he created a very popular iOS theme park simulation game called Happy Park. Amit Shah is the company’s CTO, and he is presented as an expert on software and blockchain. Previously he has served as the Vice President of Software Architecture at BlueRover and has works on several Ethereum open source projects. The COO is Xun Cai, who also graduated from the University of Waterloo after studying Software Engineering and is described as a serial entrepreneur. There are seven people identified in total covering areas such as legal, financial, and business development.
- The team at Crypto Briefing analyzes an initial coin offering against ten criteria, as shown above.
- We strongly recommend that you consult a licensed investment advisor or other qualified financial professional of your choosing if you are seeking investment advice on an ICO or other investment.
- You would think that the lack of a whitepaper when the ICO is so close at hand would be something the GoNetwork team would be rushing to address, but they don’t seem too concerned about it at all.
The technology described or in use must be maintainable, achievable, and realistic, otherwise the risk of it never coming into existence is incredibly high. If you don’t have a team willing and able to build the thing, it won’t matter who is ethereum at the helm. Developer profiles should be scrutinized to ensure that they have a proven history of working in a field where they should be able to succeed. Poor quality, weak, or inexperienced leadership can doom a project from the outset.
Ethereum transactions are, by nature, processed on the blockchain, and transactions need to be verified and mined before they are confirmed. The subsequent response by the GoNetwork GitHub admin was even funnier, claiming that Xun Cai had been hacked! Needless to say, many users remain skeptical, noting that signing up for Telegram does not require an email address, only a mobile number. Prior to this, the GoNetwork team had created various mobile games, includingHappy Park, a game that had once entered a weekly Top Ten list of top-grossing iOS games. The team is also responsible for Dubsquad, a social networking app where people can share dubbed videos of themselves. The GoNetwork team’s name gained prominence when they won the ETHWaterloo hackathon, allegedly the world’s largest Ethereum hackathon. Their winning project was something called the Pocket Platform.
I also feel that the team’s qualifications are being overplayed here. For example on Rashid Khan’s profile , it says he founded https://coinbreakingnews.info/ Infinidy Games “one of Canada’s leading game studios.” I’m not sure how we can call a studio with eight employees ‘leading’.
GoNetworks main selling point is the ability for the protocol to make Ethereum transactions fast and cheap. With Ethereum planning to roll updates such as Casper, Raiden, etc, we aren’t really sure how GoNetwork will stand up and retain a use-case. GoNetwork HAVE addressed this concern and have definitely found their own “mobile” solution but we can’t help but point this out. Usually we strive to find at least five “Positives” about a Project/ICO but in GoNetworks case we simply can’t. This doesn’t mean GoNetwork is a bad project but we just don’t have any information or development progress to properly assess the project.
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