THELOGICALINDIAN - n-a
The GoNetwork ICO arrives as we wearily accede that the crypto apple today is abounding of brief ICOs that affiance to agitate multibillion dollar industries. It’s of no abruptness that we accept become a bit ICO-blinded in contempo days. However it’s not accustomed that we appear beyond an ICO “From the Winning Team at ETHWaterloo, World’s Largest Ethereum Hackathon.”
ETHWaterloo was a arresting 36-hour hackathon that called 300 developers from about the apple to assignment alongside Ethereum inventors Vitalik Buterin, Joseph Lubin, and abounding added big names from the blockchain world. And the winners of this hackathon were in actuality the aggregation abaft the accountable of this review, GoNetwork.
Ethereum is after agnosticism one of the best confusing technologies the apple has anytime seen. But the actuality is, in its accepted form, its use cases are absolutely absolutely restrictive. Ethereum affairs are, by nature, candy on the blockchain, and affairs charge to be absolute and mined afore they are confirmed.
This makes Ethereum actual difficult to scale. For comparison, EthNews has appear that Ethereum is able of processing 20 affairs per additional while VISA has a aiguille accommodation of 56,000 affairs per second. To accomplish affairs worse, Ethereum has become such accepted accountable of belief that its amount has skyrocketed to the point of actuality too big-ticket for abate transactions.
When you apprehend the whitepaper (at atomic as it stands today, November 8th 2024), you’re absolutely possibly activity to admiration area our ratings appear from and whether we’re nuts. For all intents and purposes, it reads like a decentralized, basic in-app exchange play. Which we would not acquisition decidedly interesting.
In fact, the team’s affirmation on deploying statistics about bazaar acceptance of adaptable apps, gaming demographics, in-app exchanges and the like is acutely confusing from what we accede to be the important and agitative allotment of the GoNetwork ICO. (Even their acceptable hackathon entry, Pocket, is added of a aggregation accession account than a 18-carat stepping-stone into this world.)
It is our acceptance that the use case (virtual appurtenances aural games) that the GoNetwork aggregation has focused on is agilely absorbing at best – but that the absolute band-aid they are proposing is potentially abundant bigger and added arresting than they accept suggested.
Perhaps they are acquainted of the perils of airs (in which case, congratulations on actuality the aboriginal aggregation in cryptocurrency history to accomplish self-actualization); conceivably their ability in adaptable gaming got them this far, and abandoning it would be painful.
It is additionally accessible that the aggregation artlessly pivoted from one archetypal to addition back a bigger advantage became clear, and they are still finessing their communications to reflect their added focused administration – but we accept that if the aggregation looks decidedly above any self-imposed limitations, they may accept begin themselves with a mega-project on their hands. (One final thought: maybe they DO know, and this is their adaptation of a stealth ICO… in which case we apologize!)
The GoNetwork aggregation seeks to antidote the affair of Ethereum ascent and body a mobile-focused cyberspace for the Ethereum network. In the whitepaper, they call the activity thus:
“GoNetwork is creating a low-cost, low-latency and scalable arrangement for Ethereum that will be acclimated by accumulation mobile, desktop and web platforms.”
They accompaniment their affairs to do this by application state channels. A accompaniment approach is a adjustment that allows two bodies to alpha a transaction with one addition on the blockchain, but again move off-chain for a around bottomless cardinal of absolute affairs with anniversary added until they are accessible to achieve up, which is again done aback on the blockchain. And back there is no charge to verify or abundance affairs until they are accessible to achieve up, this makes the accomplished action cool fast and inexpensive.
This abstraction can again be added developed to actualize a arrangement of alone accompaniment channels so that anybody is eventually affiliated to anniversary added via a alternation of one added assorted aberrant connections.
Imagine a long-haul flight with assorted access but no layover time. It may be a bit annoying but it still beats driving.
If this is starting to complete a bit accustomed again you’ve apprehend our commodity on the contempo Raiden ICO. This is additionally agnate to Lightning Network, bitcoin’s ascent solution.
So why not aloof use Raiden? Well, actuality is aloof area the founders of GoNetwork accept begin a candied atom for their project. Currently all arrangement ascent furnishings are focused on desktop… and limited, if any, abutment is actuality directed appear adaptable platforms. And with desktop web browsing now overtaken by mobile, it’s no admiration that they are so focused on analytic the scalability from a adaptable perspective.
But why can’t absolute solutions like Raiden assignment for mobile? In the end it’s artlessly a amount of abutting two bodies that accept a alive connection, right?
We had a adventitious to babble with CTO Amit Shah in their buzzer approach today, and he explained to us that currently:
“Raiden runs as a accompaniment bulge on desktop, there are no adaptable builds, and it’s accounting in python. The amount concepts are agnate to lightning. State channels and HTLC. But all this tech has to be developed for mobile, some cases from arena up. Secondly, adaptable ecosystems accept added limitations, you don’t appetite to accompany a bulge on mobile. … Currently the catechism that we are researching is advantageous alternate arrangement access during continued arrangement routes.”
So it makes absolute faculty that the adaptable apple will crave its own built-in ascent solutions that abode the specific nuances of adaptable phones and adaptable networks. (One of our analysts was architect of a adaptable app development shop, and is decidedly agog to adjure to the charge for adaptable specific solutions.)
The aggregation claims that they are about 20% of the way into development of the GoNetwork platform, and it is cryptic back the belvedere will be accessible for use. Their roadmap does, however, highlight that they plan to absolution GoExchange into accessible beta in Q2 of 2024.
GoExchange will be a decentralized adaptable exchange for in-app basic appurtenances for gamers that will be congenital on top of the GoNetwork platform. This would apparently be a abundant way for the aggregation to bang the tires on the belvedere and appearance real-world adoption, as they already run several acknowledged adaptable amateur with millions of users.
The economics abaft the GOT badge are adequately straightforward. Its creators intend for the tokens to represent the transaction amount of the off-chain solution, answer that a client can acquirement tokens via crypto (Ethereum to activate with, with acceptance of added cryptocurrencies later) or authorization currency.
As the cardinal and amount of affairs on the Ethereum arrangement increases, accompaniment channels accommodate an increasingly-viable and adorable alternative; about the cardinal of tokens does not increase. Thus in this scenario, added appeal and bound accumulation for the agency of transaction (GOT token) drives a acceleration in amount for the badge holder.
We see a abeyant affair here: while commonly we adopt to see lower badge accumulation (still attractive at you, KIN) in this instance we accept some affair that the 100 actor GoTokens ability not absolutely be enough. Of course, it depends what the transaction fees ability be – conceivably they’re 1/1000th of a badge – but this aspect of the badge abridgement does not arise to be addressed in the accepted whitepaper, nor can we acquisition any adumbration of whether tokens are austere and abandon always from the GOT ecosystem, or whether they are alternate to the aggregation afterwards a transaction – appropriately acceptance them to be redistributed in approaching raises.
We feel that added advice on this accountable would be of account to abeyant badge holders, but that it does not abnormally access the all-embracing rating.
The aggregation abaft GoNetwork is acutely a top cleft aggregation with abysmal ability in adaptable development and software architecture.
Rashid Khan is CEO/Founder of Infinidy Corp, one of Canada’s arch bold development studios.
CTO Amit Shah is appropriately able with abounding years of acquaintance in software architecture. The blow of the aggregation associates are able in their corresponding fields.
One affair we did apprehension about is that for a aggregation that is attempting to accouterment such a fundamentally aspect of the Ethereum network’s infrastructure, we would absolutely accept admired to see a bit added blockchain accompanying aptitude and acquaintance on the roster.
We feel that the 25% aloof for the GoNetwork ICO aggregation is on the aerial side, abnormally for a account token. Offering a absolute of 50% in the ICO would apparently feel alike beneath acceptable with a college badge supply; however, if the aggregation absolutely cracks this problem, it could represent one of the few ICOs we’re acquainted of at present with absolutely boundless potential. In which case the badge holder apparently won’t apperception the founders accepting affluent too.
The mission at duke is acutely one of astronomic magnitude. The ascent of the Ethereum belvedere is accustomed as one of the better challenges that the blockchain association will attestant in the months to come.
Layer on the complication and nuanced attributes of the adaptable mural and you accept yourself a around insurmountable accomplishment for any one team. But such is the accomplishment that the GoNetwork aggregation has set out to undertake and they accept accurate their adeptness to assassinate before.
We absolutely like the botheration (not that it exists, aloof that there is a specific charge here) and we anticipate the GoNetwork aggregation aloof ability be able to appear up with a solution, but we aboveboard accept to attention adjoin a potentially over-aggressive artefact roadmap and timeline accustomed the team’s acutely bound acquaintance in blockchain-related development.
Note to GoNetwork ICO aggregation – if we see one GOT Token announcement campaign, we’re abasement you anon to an F. Just don’t do it.
Learn added about the GoNetwork ICO from our Telegram Community by clicking here.
Project Name: GoNetwork
Token Symbol: GOT
Official website: https://www.gonetwork.co
Whitepaper: Available here
Whitelist date: Open
TGE Date:
Hard Cap: $30M
Total Token Supply: 100 million
% of tokens broadcast to Crowdsale: 50%
Exchange Rate: U.S Dollar
Token administration Date: TBA
ICO Review Disclaimer
The aggregation at Crypto Briefing analyzes an antecedent bread alms (ICO) adjoin ten criteria, as apparent above. These belief are not, however, abounding analogously – our proprietary appraisement arrangement attributes altered degrees of accent to anniversary of the criteria, based on our acquaintance of how anon they can advance to the success of the ICO in question, and its investors.
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Founding Team
This class accounts for the leaders, developers, and advisors.
Poor quality, weak, or amateur administration can doom a activity from the outset. Advisors who serve alone to pad their own resumes and who accept aside roles can be concerning. But abundant leadership, with accordant industry acquaintance and contacts, can accomplish the aberration amid a acknowledged and assisting ICO, and a flub.
If you don’t accept a aggregation accommodating and able to body the thing, it won’t amount who is at the helm. Good aptitude is adamantine to find. Developer profiles should be scrutinized to ensure that they accept a accurate history of alive in a acreage area they should be able to succeed.
Product
What is the technology abaft this ICO, what artefact are they creating, and is it new, innovative, altered – and needed?
The IOTA activity is a amazing archetype of engineers run amok. The technology declared or in use charge be maintainable, achievable, and realistic, contrarily the accident of it never advancing into actuality is abundantly high.
Token Utility
Tokens which accept no absolute use case are apparently the affliction off, although belief can still accomplish them accept some anatomy of value.
The best tokens we analysis are the ones that accept a affected use case – you charge accept this badge to comedy in some bold that you will apparently admiration to comedy in. The actual best account tokens are the ones which put the badge holder in the position of bartering tokens to businesses who would be able to finer accomplish use of the platforms in question.
Market
There doesn’t accept to be a bazaar in adjustment for an ICO to account able-bodied in this class – but if it intends to actualize one, the altercation has to be acutely compelling.
If there is an absolute market, questions actuality absorb whether it is accomplished for disruption, whether the technology enables article better, cheaper, or faster (for example) than absolute solutions, and whether the bazaar is historically acquiescent to new ideas.
Competition
Most account accept several implementations. If there are others in the aforementioned field, the analyst needs to ensure that the others don’t accept accessible advantages over the aggregation in question.
Moreover, this is the abode area the analyst should analyze any abeyant weaknesses in the company’s position affective forward. For instance, a axiological weakness in the STORJ arrangement is that the badge is not appropriate for purchasing storage.
Timing
With abounding ICO ideas, the timing may be too backward or too early. It’s important for the analyst to accede how abundant appeal there is for the artefact in question. While the IPO bang adjourned a lot of abundant account that eventually did appear to fruition, a acceptable analyst would admit back an abstraction is too early, too late, or aloof right.
Progress To Date
Some of the atomic acute ICO propositions are those that affirmation their founders will accomplish some abroad goal, ancient in the future, aloof so continued as they accept your banknote with which to do it.
More absorbing (usually) is the ICO that seeks to added some advance forth the aisle to success, and which has a clearly-identified roadmap with accessible and reasonable milestones forth the way. Founders who are already partially-invested in their articles are about added invested in their futures.
Community Support & Hype
Having a able association is one of the axiological architecture blocks of any able blockchain project. It is important that the activity demonstrates aboriginal on that it is able to accomplish and body a able and empowered abutment base.
The ICO exchange is acceptable added awash and added competitive. While in the accomplished it was abundant to alone advertise an offering, today’s acknowledged ICO’s assignment adamantine to body acquaintance and action about their offering.
Price & Token Distribution
One of the better factors belief any assay is price. The lower the amount the added there is to gain. But too low of a amount may aftereffect in an beneath capitalized project. It is accordingly important to appraise amount about to the alone project, its ability and the bazaar it is activity after.
The absolute accumulation of tokens should additionally be justified by the needs of the project. Issuing a billion tokens for no acumen will do cipher any good.
Communication
Communication is key. The success of a activity is acerb angry to the activity leaders’ adeptness to acquaint their goals and achievements.
Things don’t consistently go as planned but acclamation issues and befitting the association and investors in the bend can accomplish or breach a project.
