GoNetwork aims to solve the huge problem of scaling in the Ethereum network.
It’s a low cost, low latency scalable network for the Ethereum network, essentially setting out to to do for Ethereum what the Lightning Network aims to do for Bitcoin. When you consider that the entire blockchain was almost brought to a standstill by people buying too many digital cats… it’s an important issue!
GoNetwork is an award winning project that took the main prize last year at ETH Waterloo, the world’s biggest Ethereum hackathon with Vitalik Buterin himself as one of the judges. The project has a large online following, with about 50,000 twitter and 70,000 telegram followers eager to see whether the team can pull it off. The team have a background in game development and business, and have already launched a product – however, like many promising projects, it’s not without its drawbacks. Let’s take a look.
Goals and products
The issue of scaling Ethereum is a major one, and that’s exactly what GoNetwork aim to do. The scaling problem is the centre of much debate, with sharding the network into fragments being discussed as one of the options, as well the plasma solution and also off-chain transaction capability which is essentially what’s being proposed by both GoNetwork and Lightning Network.
While Ethereum have established themselves as the number one smart contract blockchain platform, it’s painfully apparent that if they don’t do something soon the network will simply not be able to process the contracts at an acceptable speed. They’re in a race against time, and the issue has led to competitors like EOS coming up with alternative smart contract solutions that don’t require Ethereum.
GoNetwork’s main competitors are probably Raiden, which is a pretty big fish, and Monetha, which is way down the list on coinmarketcap. While Raiden are a major player, there’s always room for more than one project to work on different solutions, especially one as urgent as the Ethereum scaling problem. meaning there’s definitely room for more than one project to take a stab at it.
With more and more ERC20 tokens and Ethereum smart contracts on the way, the blockchain is on a trajectory to slowing down and becoming clogged, so the more projects trying to solve the issue the better.If games such as CryptoKitties can clog the entire Ethereum network, how can we expect it to handle all of the DAPPs that launched this past year. Not to mention all of the ones coming up.
GoNetwork drew upon the team’s game development experience to launch Pocket, named after pocket change. This is what impressed the judges and won them the prize at ETH Waterloo. The product aims to teach young people financial responsibility and technological literacy through gaming, offering parents the ability to create assignable digital debit cards and claimable rewards for good behavior such as decreased spending month to month and controlled spending across different categories (food, entertainment, etc.).
The team is definitely impressive, with experienced developers and business professionals from major companies like Infinidy Corp and Tinder.
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.
The team definitely have a very solid backing and look poised to create a great platform. So… where is it?
Issues with the ICO have plagued the project, and led to the loss of numerous followers. That’s not to say that the project is done, far from it – but updates have been slow, and their roadmap is vague and unclear. Worse than that, they seem to have made some pretty major mistakes along the way.
There are been a few warning signs throughout the ICO that not everything is completely above board.One issue is that the company have not been very forthcoming about certain important questions put to them by the Telegram group.
Where are they based? What’s the company registration number? Peter in the image asked them 8 times in a row, often as the Xun Cai skimmed over his questions to answer other ones live in the chat. The issue, it seems, is that they weren’t a registered company and as such didn’t have a base.
However, they lied about this, claiming to be a listed company on LinkedIn and their website.
The team posted their project and ICO plans with no set hard or soft cap, suggesting that they didn’t really know how much money they needed, or perhaps were fishing to see how much they could get. They settled on a $30 million hard cap, with 25% of earnings going to the team – that’s a pretty huge amount compared to most ICOs.
The messages continue, with Cai or someone using Cai’s device saying that the ICO was all a “marketing game”.
Cai responded saying that they were hacked, and that he wasn’t sure how or even which device was hacked.
OK. So either way, not great. If they were hacked, the fact that the ICO security was so easily breached is a bad sign, and many in the telgram group were unsatisfied with Cai’s brief explanation. People have since been banned from the telegram group for asking about all of these issues, all of which paints the ICO in a pretty negative light.
However – let’s be honest. The ICO team are hungry for money? You don’t say! There’s a huge amount of money in ICOs these days, and it’s possible to be greedy and run a successful project at the same time. Does anyone remember the Waltonchain fiasco? How could we forget, right? A massive company trying to avoid actually paying for a giveaway of a mere $25,000 caught lying about it, negatively impacting their own market value. It happens, but Waltonchain is still in action and perhaps still a highly promising project.
If GoNetwork can really scale the Ethereum platform, no-one will care if they lied about their company registration or if they gave themselves million dollar bonuses. It all comes down to whether GoNetwork can run a successful project or not. The team are experienced and have already launched a working project, Pocket. While the ICO has some major red flags, it remains to be seen whether they aim to deliver or not. As with anything, the best thing to do is wait and see – it’s important to be aware of the good and the bad when looking into a potential investment, and while I’m personally interested in the project as a whole, the scandal surrounding the ICO has put me off investing in it.
If you’re interested in GoNetwork, you can check out their website here, and always remember – perform due diligence! Like Cai/Fake Cai said – it’s all a marketing game. Don’t be fooled by the flashy websites and white papers, and look deeply into a project before deciding to take the plunge and invest.
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