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Go Network and the Future of Blockchain Payment

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Disruption to traditional markets, methods and structure of business is a cornerstone of the Blockchain philosophy. The e-commerce market is the latest to find itself in the sights of Blockchain disruption, albeit in a more nuanced manner. GoNetwork aims to provide a lowcost and highly-scalable network for Ethereum that is optimised for web and mobile platforms.

GoNetwork’s intention is to provide a solution to some of the shortcomings currently faced by the Ethereum network – such as the limited number of transactions per second. GoNetworks answer to these shortcomings is to evoke state channels - which allows people who have transacted once within a Blockchain to make an unlimited amount of transactions with each other until the final balances are confirmed and then processed on the Blockchain. Importantly, this makes the need for miners to verify every transaction obsolete, expediting the process greatly. The grand plan here is to create a network of state channels between all participants in the network.

This may sound familiar if you are acquainted with Raiden – a project striving for a similar solution. But GoNetwork differentiates itself in that – unlike all other network scaling projects – their focus is not confined to desktop. GoNetwork, unlike, Radien or any other similar projects will not only work for mobile but is being developed specifically at mobile platforms. As GoNetwork’s CTO Amit Shah has explained: mobile requires its own specific scaling solutions.

But how exactly will this disrupt the e-commerce market?

In addition to providing for easier, cheaper transactions through the aforementioned network of state-channels, the GoExchange is a planned decentralised marketplace for inapp purchases – which are ubiquitous within mobile games and other applications. On this exchange any virtual item will be tradeable with GoTokens – furthermore, the exchange and network will be protected from fraud due to security advantages of the Blockchain.

Essentially, GoNetwork’s primary end is to tap into the mobile economy and e-commerce market, and their means in achieving this is to make ethereum transactions efficient and cheaper.

The team have recently been in the spotlight for winning ETHwaterloo – the largest global Ethereum hackathon – boasting 400+ participants. The team were able to produce a mobile-first Bluetooth tap and pay system utilising the Ethereum Blockchain in 32 hours and their entry was rated top by an all-star team of judges including Vitalik Buterin, Jeff Coleman, Brian Bondy, Joseph Lubin and Dmitry Buterin.

Also of note, to the judges, was GoNetwork’s Pocket Platform – an application that allows young parents to teach their children financial literacy. Using the Ethereum Blockchain, parents are able to create digital debit cards and claimable rewards for financially savvy behaviour – such as decreased consumption and increased savings on a monthly basis.

Ultimately, the exposition at the Hackathon has only illustrated a small sample of the potential of GoNetwork team. With this in mind it is easy to see not only a bright future for the GoNetwork, but, subsequently – for crypto transactions in a much broader sense.

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Fintech Review

Fintech Review is a magazine focusing on the intersection of finance and technology in the modern age. We provide you with details and reviews of the latests fintech news, while analysing market trends and ventures so you don't have to. You will also find interviews wit hkey industry leaders and opinion pieces from those experienced in the game.

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