GoNetwork has recently won ETH Waterloo 2018 Hackathon competition. The competition was a 36-hour hackathon which was selected over 300 developers to work with professional Ethereum inventors Joseph Lubin, Vitalik Buterin, and other famous names found within the crypto community.
The reason for this review is to display how Go Network has won the competition due to their innovative technology and their ability to solve Ethereum’s problem of scaling.
What’s Ethereum Current Issue?
Ethereum is a large decentralized network that does more than allowing crypto users to create smart contracts for their own projects. It also lets them create ICOs which helps make their projects receive funding while also sending out their own new cryptocurrency token in the process.
As of now, there are over 1,000 ICOs present. And, it’s transaction times tend to take some time since each of the transactions has to be mined and verified before they are confirmed.
Because of this, Ethereum is hard to scale the more users that are on its network. For instance, VISA can process over 56,000 transactions a second while Ethereum can only process about 20. In fact, the Ethereum’s popularity and user speculation have increased its price to a point where it’s expensive to conduct smaller transactions.
GoNetwork plans to solve Ethereum’s problem through creating state channel. State channels allow for two users to begin a transaction without another part of it on the blockchain. The off chain transaction can be used to complete a limitless amount of transactions until the blockchain transaction is completed.
Put simply, GoNetwork doesn’t require any mining or verification to complete a transaction. As a result, each transaction that’s processed is inexpensive and faster than Ethereum’s current setup.
How Does it Work?
GoNetwork has a straightforward idea; it’s GOT token is used to pay for the off-chain cost for the transaction. This allows users to buy other coins with fiat money or with other cryptocurrencies (ETH is first, but other cryptos will be accepted later).
This gives GoNetwork the advantage of being used on a large network and work faster the more users within its platform. You’ll like GoNetwork if you’re already experiencing the slow network from Ethereum and want something that’s more responsive and intuitive.
Token Sale Information
- Accepted Payment: ETH, BTC
- Max Token Supply: 100,000,000
- KYC (Know Your Customer): Yes
- Pre-Sale: Completed
- Public Sale: Ongoing
- Website: https://gonetwork.co
Disclaimer: Our information should be treated as an educational piece and not investing advice. Do so at your own risk and speak to your adviser before partaking in any ICO.
- Built to Scale: Since it has transactions off-chain, more users can complete transactions without having to mine for the remaining cryptocurrency.
- Inexpensive: Its price will stay at a low rate because it doesn’t require any mining or verification.
- Fiat Acceptable: Most crypto tokens don’t allow for users to trade in USD. With GoNetwork, you can and receive your coins almost instantly.
- Competition: GoNetwork is in direct competition with popular cryptocurrencies (Bitcoin, Litecoin, Ethereum).
- User Interest: How will it build a platform where each user is ready to switch from Ethereum to GoNetwork?
- Banned in Major Countries: GoNetwork is banned in the United States, Canada, Singapore, and China.