GoNetwork ICO Review: GoNetwork Token Scam or legit ?

GoNetwork ICO

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GoNetwork ICO
7.4

TEAM COMPOSITION

6.5 /10

BITCOINTALK.ORG THREAD

8.5 /10

Community and Media

8.0 /10

TOKEN DISTRIBUTION

6.5 /10

WHITEPAPER

7.5 /10

Pros

  • Fiat currency are supported on the platform.
  • Lower rated because of no mining and verification process for the transaction.
  • High scalability due to off-chain transactions where more users can complete their transaction without mining or verifying.
  • The team is ranked high after winning the ETH Waterloo Hackathon.

Cons

  • No working product yet and also problems with whitepaper as previously it was tough to find whitepaper on the internet as the company don’t have at that time.
  • Information about company and registration has been ignored constantly by the CEO itself as well as by the team.
  • Anonymous and highly suspicious screenshots of telegram chat between co-founder Xun Cai, discuss how the GoNetwork ICO is, to put it bluntly, nothing but a moneymaking scheme.
  • No smart contract verification and lack of code updates.
  • A few users who have challenged the GoNetwork admin on their responses to the legitimate questions have reported having their accounts banned from the Telegram group.

More than 370 million people are using smartphone in 2018. It is estimated to reach 490 million till 2021. In addition to that Ethereum has approx. 35,000 developers all over the world and more than 530 startups are developed on the Ethereum blockchain which is now running in the market.

Now you may be thinking that why I am telling all these things and what is the relation between them?

Yes! It has a relation most of the people from our technological community knows that mobile using as well as blockchain adoption is increasing by day by day in peoples.

The transaction speed of Ethereum is measured in minutes and they are quick. It varies from transaction to transaction. Lots of companies are working to reduce their transaction time to cover networks and off-chain transaction networks. This will provide high scalability on the desktop platform but there is hardly or you can say no support for the mobile platforms.

The cost to execute smart contracts differs highly from one project to other. Most of the existing blockchain development is not that much suited for the mobile computing platforms. Though they are dealing with intermittent and threshold networking, limited local storage, and battery preserving computation.

Coinmama: Buy Bitcoin with Credit Card

Developers understands the limitations of mobile computing platforms and seeks to adopt technologies and incentives to make cryptocurrencies accessible for mobile also. E.g. if you will run proof of work mining on mobile devices the battery life will deplete rapidly.

GoNetwork is another solution of all these problems.

What is GoNetwork?

GoNetwork is a low cost, low latency highly scalable for the Ethereum network. This intends to do the same as the Lightning Networks aims to do for Bitcoin. The project has large following with about 50,000 twitter and 70,000 telegram followers. The team have a background in game development and business, and have already launched a product.

What are the current problems associated with Ethereum?

Ethereum could be a massive redistributed network that will over permitting crypto users to form sensible contracts for his or her own comes. It conjointly lets them produce ICOs that helps create their project receive funding whereas conjointly causation out their own new cryptocurrency token within the method.

As of now, there are over 1,000 ICOs working in the crypto assets’ market. And, it’s dealing times tend to require a while since every of the transactions has got to be mined and verified before they’re confirmed.

Ethereum faces tough difficulties in scalability when the number of users increase on the platform. For immediate, VISA will perform 56,000 transactions a second whereas Ethereum can perform only 20. In fact, the Ethereum’s quality and user speculation have enlarged its value to some extent wherever it’s expensive to conduct smaller transactions.

How GoNetwork will solve these problems?

Firstly it will create state channels for Ethereum. 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.

On GoNetwork you don’t have to do mining or verification to complete the transaction. Therefore the transaction speed becomes much faster and cheaper.

How does the GoNetwork platform works?

  • It’s GOT token is used to pay for the off-chain cost for the transaction.
  • This allows user to buy other coins with fiat currency or with in exchange with other cryptocurrencies. Here they will accept only Ethereum in the initial stages of the platform and then later on the support for other coins will be increased with time to time.
  • So the GoNetwork becomes faster and scalable for the users on the platform.
  • It works way even faster than the Ethereum network as it uses the state of channels.

Token Details

Token – GOT

Token type – ERC20

Total tokens – 100,000,000

Available tokens for sale – 50%

Accepting – ETH, BTC

Bonus

Day 1 BONUS: 15%

Day 2 BONUS: 10%

Day 3 BONUS: 5%

Day 4 Onwards: no bonus

Token Distribution

Conclusion

Well, this is the tough part because in one part of the section the project has good hype, popularity and every suitable environment that a ICO project needs and on the other hands there various incidents that indicates a red flag to the project such as – the co-founder chat in which he accepted that the project has nothing to produce and it is just for money making. Whitepaper is continuously missing and the company don’t want to provide legal informations such as registration or information about the project.

So I hope you like this post. Please share this post with your friends and family and stay safe from scams.

Cheers!!

VirWoX

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