There is a major concern with the speed and the high cost of the transaction in the blockchain industry. Transactions on a platform like bitcoin are slow and expensive. The growing usage of the blockchain and the Ethereum, the concern only continues to increase instead of decreasing. GoNetwork is a solid cryptocurrency platform that aims at solving these problems by allowing off-chain transactions simultaneously to create demand for its GOT Token.
To achieve their vision of bringing masses of cryptocurrencies together. The team behind the network starts by developing infrastructure that scaled the transactions per second and in a cheap way on the Ethereum. They also deploy the use case, a virtual goods commerce platform, Goexchange to leverage their scalable networking solution. By integrating their Goexchange with their app, it helps the network to work concurrently.
Gonetwork is designed for a trillion dollar commerce market and a mobile economy.
the prime objective of the platform team is to build a mobile first network for their ERC20 token. The infrastructure is going to be fast, cheap and of low latency.
Making transactions cheap
The high cost of transactions in the blockchain technology is the major concern of many people. The GoNetwork Solution solves the issue by allowing off-chain transactions.
Gonetwork makes Ethereum fast
State channels use the cost of transactions to amortize the number of off-chain transactions completed off-chain. This typically raises the cost of transactions and the typical high-frequency workflows lower than running the transaction on Ethereum directly.
GoNetwork also evangelizes and look for potential partners worldwide. It wants to partner with organizations and governments that are interested in applying the blockchain technology to parts of their infrastructure. Some of the benefits of GoNetwork are:
- Exclusive to large developers for adoption everywhere.
- Can be integrated into all infinity corps games with more than 15 million downloads
- To be integrated into Dubsquad app
- The project Hackathons worldwide to drive usage.
Moreover it uses the GOT token as its utility token. GOT is an ERC20 compatible token. The token is accepted on purchase methods such as ETH and BTC. A total supply of 1 billion tokens is in circulation.
According to their website, they claim the GoNetwork teams as the winner of ETHWaterloo. The team is led by CEO Rashid Khan, CTO Amit Shah, Coo Xun Cai and Miao Jiang among others. Jiang used to work as a core android application optimizer at Google, while Cai is a software engineer.