What is GoNetwork?

The problem that GoNetwork aims to address is the issue of scalability on the Ethereum blockchain. Currently, blockchain transactions like bitcoin are costly and slow, and as Ethereum continues to grow in popularity, it faces many of the same issues with performance. GoNetwork seeks to solve these issues by allowing off chain transactions.

By sending transactions off-chain to be handled it can allow more scalability because the multiple transactions that are aggregated off-chain can be sent back to the blockchain as a single transaction, therefor helping to prevent the blockchain from getting clogged up. The service will require a small transaction fee that is paid for in GoTokens. The fee is charged and paid on-chain then shared with several off-chain transactions.

A roadmap for GoNetwork breaks down in detail the anticipated steps to be taken during 2024. The first quarter will be used for ongoing development of the platform and the creation of a user dashboard. The second quarter will feature the open beta launch of GoExchange and will look into partnership opportunities. By the fourth quarter they plan to have a Unity launch for Android and desktop, then hold a GoNetwork Hackathon and expand globally.

How Does GoNetwork Work?

GoNetwork still has a lot of aspects that it needs to develop before we can say for certain how it works, but they state that they will begin by developing infrastructure that will cheaply scale the transactions per second on Ethereum mobile platforms. It also is planning on starting a digital goods exchange for Infinidy mobile games, which was founded by the CEO of GoNetwork.
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What we know now regarding how the platform will work, is that it will aggregate transactions and move them off-chain where they will be performed. After the transactions are completed, several of them will be moved back on-chain as one transaction thereby not clogging up the blockchain.
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Features and Benefits of GoNetwork

Though the product is still being developed and the specific features being worked on during the first quarter of 2024, there are some potential benefits that are laid out by the platform website. One of the primary aspects that is highlighted is the massive potential GoNetwork possesses because it is designed to accommodate a trillion-dollar mobile economy and commerce market. Furthermore, the GoNetwork will make the Ethereum blockchain network significantly faster and the more transactions are completed off-chain, the lower the overall cost of the transactions will be.

The infrastructure is another aspect highlighted by GoNetwork. They state that it is their objective to build a mobile first network for Ethereum ERC20 tokens that is off-chain, and as a result will be fast, affordable, and have low latency. The main appeal to many users regarding GoNetwork will likely be that it will make transactions significantly cheaper, as currently it can be quite costly to perform on-chain transactions. By moving the transactions off-chain, the overall cost will decline because transactions will be able to be bundled together once they are moved back onto the Ethereum chain, allowing them to be processed as just one single transaction.

The GoNetwork Token Sale

The GoNetwork token sale has not yet been announced to the public, though the whitelist is available to join through their website. There are a number of countries that are not allowed to participate in the token sale, including the USA, Canada, China, and Singapore. The tokens will be referred to as GOT and distributed as ERC20. In total, 100,000,000 tokens are being created, and 50% of them will be made available for the public sale.

A fundraising goal has not been set yet either and no plans for a pre-sale have been announced. The sale will accept both ETH and BTC, but no minimum or maximum contributions have been identified, while no bonuses have been mentioned either.

Of the 100 million tokens that are being created the site offers a breakdown of the planned allocation of all the tokens. As mentioned, 50% will go to the public sale, 25% will go to the team, 20% will be invested into development, ecosystem incentives, marketing, and more. The final 5% will go to the advisors.
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Unfortunately, there is not yet any information provided regarding how the funds raised from the token sale will be used.

Who’s Behind GoNetwork?

The core team of GoNetwork is profiled through their website and they begin by stating that they are the winners of the world’s largest Ethereum hackathon known as ETHWaterloo. Collectively they have over 30 years of experience is blockchain, software, mobile apps, and game development.

The CEO is Rashid Kahn who founded Infinidy Corp, one of the leading game development studios in Canada after graduating from the University of Waterloo. Additionally, he created a very popular iOS theme park simulation game called Happy Park. Amit Shah is the company’s CTO, and he is presented as an expert on software and blockchain.
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Previously he has served as the Vice President of Software Architecture at BlueRover and has works on several Ethereum open source projects. The COO is Xun Cai, who also graduated from the University of Waterloo after studying Software Engineering and is described as a serial entrepreneur. There are seven people identified in total covering areas such as legal, financial, and business development.
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They also feature an advisory board of six people including the Director of Product Management at Tinder, Director of Advancement at the University of Waterloo, and the COO and Chief Scientist at Maplesoft.

Conclusion

There is some competition already regarding the scalability of transactions through the Ethereum network. Most notably a platform called Raiden which performed their ICO in October of 2024 and utilizes a similar approach of aggregating transactions off-chain then sending them on-chain as a single transaction. The advantage the GoNetwork has is a focus on making mobile payments available and providing a platform for gaming.

The team behind GoNetwork looks impressive on paper, but when you dig into some of the claims made by the top members they seem to be exaggerating their importance in some areas. Additionally, despite a detailed roadmap that is provided the platform has not been making a lot of progress lately as there has not been any code committed to Github in a couple of months. That said, there is a significant amount of hype behind GoNetwork and there is a belief that once the public sale commences, it will sell out fairly quickly depending on the cap.

Overall, the significant buzz about the project is encouraging and if they can actually stick to their projected roadmap then they should be in good shape, but they have a lot to try to accomplish over the coming year.