GoNetwork proposes to resolve the big issue of scaling in the Ethereum network. It is supposed to be a highly scalable, low cost mobile first network for Ethereum.
According to Anderson Horwitz’s presentation cited by Forbes, “mobile is eating the world.” Cryptocurrencies have helped small business in the real world to date. By their estimation, the adoption of cryptocurrencies by consumer masses connects to developing transaction latency and implementing accessibility to blockchains through mobile platforms.
The GoNetwork platform (“GoNetwork”) is being created and developed by the Company. The Token Generator is managing the generation and sale of GoTokens. The Company and the Token Generator are separate legal entities. There are many outstanding communities, such as Plasma or Raiden, generating tools to succeed scalability boundaries on blockchains for desktop platforms. However, GoNetwork’s participation address difficulties associated with scalability on mobile platforms into supporting state channel transfers to mobile platforms.
GoNetwork Platform Overview
A significant limitation of blockchain is transaction throughput, which points to high latency. A process that is broadly studied and the frontrunner to relieve the scalability issues involves state channels. State channels allow a minimum number of transactions on-chain to facilitate a set of balance transfers between parties “off-chain” effectively at no cost and with high throughput. State channels involve two participants, herein referred to as “actors.”
Transactions are serialized and signed13 by the payer so that neither party can modify the value transfer; as long as at shortest one of the actors chooses to present it to the blockchain which requires the final balance confirmation.
In the situation of dispute, resolution happens on-chain with a time window for each actor to perform counterparty approved transactions.
GoNetworks’ GoToken As A Promising Token
A significant concern with blockchain technology centers on speed and a high charge of transactions. Transactions on blockchains like bitcoin are costly and slow. With increasing usage, Ethereum will manage no difference over time. GoNetworks solution resolves this difficulty by enabling off-chain transactions.
Adjacent direct transfers, GoNetwork performs Hashed Time Lock Contracts (HTLC)14 which are state transfers that are secured with a cryptographic hash. It is only when the receipt of the secret can the transfer be accomplished. The development of HTLC mechanics permits future discharges to incorporate such functionality as; single-hop mediated transfers within the state channel network topology and atomicswaps. HTLC allows arbitrators to carefully forward value transfers amongst payer and payee.
GoNetwork uses GoToken, an ERC20 cryptocurrency, to perform all transactions.
The team is unquestionably exceptional, with skilled developers and business experts from major companies like Infinidy Corp and Tinder.
Founder of the Infinidy Corp, a major game development company. Khan has a background as the CEO of a major company, and with several connections in the business world already built, he’s an influential leader for the team.
Software architect & Blockchain specialist. Spearheaded research and development while operating at Internet of Things company BlueRover as Vice President of Software Architecture R&D. He has also served at several Ethereum based open source projects.
Cai graduated with distinction and honors 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 built outputs that have been adopted by millions of people and have gained a large active user base.