Scalability is a huge concern now with the Ethereum network. If games such as Cryptokitties can clog the network, how can applications designed to process 100s of transactions a second be built on the blockchain? That’s where off-chain scaling solutions come in. GoNetwork’s solution solves this problem by allowing off-chain transactions.
→ To prove that it works, they have a strong use case they want to implement: a platform - GoExchange – to allow users to seamless trade and purchase of virtual goods across game ecosystems and between users.
→ They also want to create a debit card to be able to use the GoTokens to purchases apps etc.: this will be called the Pocket card
An off-chain transaction is a transaction that takes place off the Ethereum blockchain. The reason why this method of making a transaction allows more scalability is because multiple transactions can be aggregated off-chain and then sent on to the block chain as a single transaction. The diagram below from the whitepaper helpfully visualizes how GoNetwork will aggregate transactions.
Team & Advisors – 8/10
The GoNetwork team gained prominence when they won the ETHWaterloo hackathon, the world’s largest Ethereum hackathon. Their winning project was called the Pocket Platform. The idea behind the platform is to teach kids financial literacy by creating a “smart contract debit card”.
Prior to this, the GoNetwork team had created various mobile games, including Happy 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.
Rashid Khan, CEO: Founder of Infinidy Corp, one of Canada’s leading game development studios.
Xun Cai, COO: Co-founder and CTO of Infinidy Corp. He is a serial entrepreneur who has created products that have been used by millions of people and have acquired a large active user base.
Amit Shah, CTO: He graduated from the University of Toronto. Specialist in software development, including on the blockchain. He held a post of Vice President of BlueRover on research and development of software. Participated in the development of applications for the Ethereum ecosystem.
Jeff Morris Jr., Advisor. Director of Product Management – Revenue at Tinder, Inc. Founder of Chapter One Ventures
Roadmap – 8.5/10
Q2, 2018: GoExchange Open Beta version launch, Exploration of partnership opportunities with industry
Q3, 2018: GoNetwork Sponsorship, Developer Meet-up
Q1, 2019: GoExchange exposure to Infinidy users, Hackathon, Global expansion
Sharding: ‘Sharding’ is a technical term for a scalability improvement that is currently being worked on by the Ethereum team. In a ‘sharded’ blockchain, scalability is much higher because the blockchain split to create multiple mini-blockchains that link together. This greatly increases on-chain scalability and makes solutions like GoNetwork redundant.
Raiden: Raiden is a scaling solution for the Ethereum network that has an ICO in October 2017. It uses a similar concept to GoNetwork for scaling transactions, via aggregating multiple transactions off-chain and sending a single transaction to the Ethereum Network.
Token Metrics – 8/10
ICO Hardcap: Dutch Auction
Dutch Auction Example:(Raiden Network) https://www.youtube.com/watch?v=xBF8s3FZnX0
Total tokens: 100,000,000 GOT
ICO Token sale %: 50%
Public Price: 15% Bonus ONLY on day 1. Nobody will buy Day 1 because the price will be at the highest price.
Positive for short term flip
Neutral for long term hold