In today’s world of digital commerce, cryptocurrencies rule. Designed to be extremely efficient, the alternate to fiat offers what every ordinary man or woman wants. Cryptos are highly fast, some cryptocurrencies only take a few seconds to transfer from one point of the world to another. Cryptocurrencies are cheaper to send. By eliminating the need of traditional banking systems, there are no commission fee involved. Best of all, the always online and secure nature of Blockchain makes them safe to keep, even as a simple code.
(https://gonetwork.co/)
Unforeseeable Issues
Even with the entire glamor cryptocurrencies have, not all issues can be predicted and problems can happen. Bitcoin, the first of cryptocurrencies, was the first to be affected. The way it is designed, nowadays, it is becoming frustrating to make a transaction. The block confirmation time is becoming extremely long, sometimes taking hours. The mining process is very expensive now and to compensate for it, the transaction fee has also risen dramatically.
The issue is Scalability. Never predicted to become so strong and highly sought after, the network is not designed to cater for such heavy demands.
Ethereum, as a design, is capable of scalability, but it will eventually become bogged down like bitcoin is. The Ethereum team and community is working on it, but their solutions are not a permanent answer.
Go Network
(https://gonetwork.co/)
Go Network is a Blockchain startup based on the Ethereum main chain. The team realized that the answer to scalability and slow transaction / higher cost is not making changes in the code, but to have a solution that is independent of the main chain itself.
The answer is the Go Network. Go Network helps transacting faster on Ethereum by implementing what the call State Channels. This is effectively off chain transactions, that are executed, compiled and then transferred to the Ethereum main chain in batches. With the micro transactions running off chain, the main chain’s load is reduced drastically. As more and more transactions start running on the Go Network, more load will be reduced, meaning even more faster and cheaper transactions on the Ethereum network.
The team is developing their system to run on a mobile based app rather than a PC one. They have their reasons:
• Mobiles use less resources than a PC, making the system lighter to run and implement.
• Mobile app economy is on the rise. An estimte puts the mobile economy growth at 37% per year, reaching an astounding USD 6.3 trillion by 2021.
• Most of transactions will be done on in app purchases and virtual goods, making sense that a mobile based app be developed by the Go Network.
• A study by the Boston Consulting Group shows that by 2021, an average app user will spend in excess of $1,000 per year. The rise of cryptocurrency means that a major chunk of that spending power will be through digital money.
Pocket Cards
The team also has plans to develop debit cards called Pocket. The debit cards will primarily make use of the platform’s internal tokens, called GoTokens. This will enable users to make purchases. Crypto debit cards are not new. There are a number of competitors, such as TokenCard, TenX and CoinMetro, but they all rely on onchain transactions, which will eventually make them slower. Pocket cards will grow as the choice of transaction cards and take away the competition.
Infinidy Corp
The team’s previous project is the Canadian game development success, Infinidy Corp. They have several games that are downloaded by millions of users, of which the Happy Park is their top game. Based on iOS, the game has been downloaded by more than 15 million users.
Another project, Dubsquad, is a video dubbing and social media sharing platform that has more than a million active users.
Go Team Go!
The Go Network team consists of highly professional people with extensive experience and background:
• Rashid Khan, CEO: Founder of Go Network and the Infinidy group, he graduated from University of Waterloo, Ontario and was selected YCombinator for an interview once. He was an early supporter of cryptocurrencies and has done a lot of bitcoin mining in the past.
• Amit Shah, COO: An Ethereum investor, Shah is a software architect and a Blockchain expert. A graduate from the University of Toronto, he was the Vice President at BlueRover, a Canadian Internet of Things (IoT) technology company.
• Xun Cai, COO: Also a graduate of University of Waterloo, he is a software engineer and co-founder of Infinidy group.
GoTokens
In order to make transaction cheaper, the off chain Go Network will use its in house tokens called GoTokens. The ERC 20 compliant tokens work on the off chain State Protocol and will be used as a fee to open, create, execute and close smart contracts. When the contract is closed, the final transaction will be converted to the Ethereum main chain.
There will be a total supply of 100,000,000 GOT in all and half of them will be available in their ICO.
For more information, visit their website: https://gonetwork.co/
Official Website: (https://gonetwork.co/)
Twitter Channel: (https://twitter.com/gonetwork_co)
Telegram Channel: (https://t.me/joinchat/Geu7vA2LFdDv5RqxFYqCtw)
Ann Thread: (https://bitcointalk.org/index.php?topic=2352537.msg23973678#msg23973678)