GoNetwork ICO Review - Lightning Network For Ethereum
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2017 was a banner year for cryptocurrencies, with hundreds of billions of dollars flowing into the market. Although the gains have been largely driven by speculation, consumers, businesses and investors are beginning to believe that decentralized payment systems are the wave of the future. While many cryptos have served as great stores of value, they offer limited utility from the perspective payments.
Slow transactions, Gonetwork Ico , and is developing a peer-to-peer network for Ethereum that can be accessed from your smart phone. It aims to do this through the GoExchange, a decentralized e-commerce platform for the gaming industry.
GoNetwork is concentrating its efforts entirely on the Ethereum, which is currently the third largest cryptocurrency network in the world by market capitalization. It aims to introduce greater accessibility and interoperability to a blockchain that has served as a great system for ICOs, but less so for mass consumer adoption.
In this vein, GoNetwork has unique first-mover advantage. If it can pull off the project successfully, it will essentially become the first off-chain payment system for Ethereum.
GoNetwork is issuing an ERC-20 token that will be used to create and finalize contracts on the exchange, a process it calls state channels. Conceivably, the token will be used to power GoExchange, which is the first use case provided by the company. A state channel essentially allows two parties to transact with one another off-chain for as long as necessary until they are ready to settle. Once settlement terms have been agreed, they move back to the blockchain where verification and mining can be done quicker and more efficiently. Although state channels have been successfully deployed by
, GoNetwork is attempting to bring a similar solution to the mobile arena.
Based on the use case, the GOT token will essentially fuel GoExchange, the decentralized mobile app marketplace to be used by gamers to purchase virtual goods. Users will have the opportunity to convert fiat money into GOT via the Integrated Payment Platform. They will also be able to purchase GOT through their Ethereum wallet.
The crowdraise itself will be used to generate funds for ongoing GoNetwork operations. Twenty-five percent of the tokens will be distributed to the team members, a figure that runs on the higher end of crowdraises we have reviewed in the past. Fifty percent of the tokens will be made available through the ICO.
GoNetwork has assembled a highly reputable team, with CEO Rashid Khan emerging as one of Canada’s leading mobile app entrepreneurs. He founded Infinidy Corp, which is one of Canada’s leading game development firms. Over 15 million people have downloaded Infinidy’s games.
CTO Amit Shah is described as a “blockchain expert,” although the only evidence provided is a line about past experience with “several Ethereum based open source projects.” His core strengthens appear to be R&D, software and IOT.
COO Xun Cai also brings a strong entrepreneurial mindset, having co-founded Infinidy with Shah. Four other people make up the core team, including two former Google employees. GoNetwork has also recruited the services of five advisers to assist in product management and business development.
Although this is a star-studded lineup, there doesn’t appear to be a focus on blockchain technology. This is true both of the core team and the group of advisers. Laurent Bernardin is COO and Chief Scientist at Maplesoft, but there isn’t much information on his experience in blockchain technology.
GoNetwork is converging on a highly lucrative industry that has the potential to grow significantly in the next three-to-five years. If history is any indication, the mobile app economy could easily reach the valuations GoNetwork has identified in its whitepaper. The challenge, however, is delivering on this extremely ambitious project. We foresee plenty of implementation risks that investors need to weigh before investing heavily into the project.
GoNetwork offers a large bounty program, which immediately ups the risk of a pump and dump after the token raise. Although this isn’t unique to this project, it is a widely observed phenomenon in the blockchain community.
GoNetwork is an ambitious project, but there are huge implementation issues, chief among them being the ability to disrupt the traditional payment and gaming industries. Even if the GoExchange pilot project succeeds, GoNetwork is an ambitious project Gonetwork Ico
The project is being spearheaded by a strong team of technology and business professionals with ample experience in mobile app development. As far as the author can tell, the same level of comfort hasn’t been extended to the blockchain arena. Although this isn’t the end of the world, the team is proposing to scale the Ethereum platform. This is an absolutely enormous task that has already divided the blockchain community. GoNetwork may need to recruit extra fire power to make this happen.
The team has provided an ambitious roadmap for 2018. The problem is, GoNetwork has already pushed back the date of its ICO, and at the time of writing, has not provided a new one. Given the enormous work that lies ahead, the team may need to push out its timeline further (the existing
says the GoExchange open beta version will be launched in Q2).
As we mentioned earlier, GoNetwork has first-mover advantage in becoming a viable off-chain network for ether payments. The GoExchange use case is a good example of how the project aims to achieve its goal. That GoExchange is a mobile-first platform also offers strong potential given the size and growth rate of the mobile app economy. As the whitepaper noted, mobile apps could generate $6.3 trillion in 2021. If anyone can capitalize on mobile gaming, its the brains behind Inffinidy.
State channel can and has reduced the cost of higher frequency workflows. The off-chain solution will help the project achieve one of its core missions of building a cheap network for Ethereum.
Much of the whitepaper is essentially a use case of how the project will build a fast, cost-effective and scalable mobile network for Ethereum. That’s essentially GoExchange, which means that a similar model can be adopted elsewhere. So, while the project is highly ambitious, it has a clear focus. This also applies to GOT as well (in other words, you don’t have to worry about the token not having an actual use).
There’s a good possibility that the token distribution model will inflict many investors with the ‘fear of missing out’ mentality. There’s only 50 million tokens available, and with the hype the project is generating, could sellout fairly quickly. The ICO will probably succeed from a funding perspective.
Implementation issues aside, GoNetwork is backed by a very talented team. We just wish there was more blockchain experience outlined in the whitepaper. The author is going to take a leap of faith and say there is blockchain experience somewhere on the team given that it won the ETHWaterloo Ethereum Hackathon, which is the largest of its kind anywhere in the world.
On the technical side, we also like the state channel solution, as this provides a tangible example of how the platform aims to reduce the cost of transactions. The size and growth rate of GoNetwork’s online community (Telegram, Twitter, etc.) also suggests this will be a successful ICO.
Against this backdrop, we have assigned the project a score of
Note: Investment details are subject to change as pre-ICO/ICO dates have not been set.
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Sam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.
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Game Protocol is a decentralized gaming ecosystem for blockchain video games, based on Ethereum. Its primary purpose will be to allow game fans to fund developers and benefit from their success. Brought to us by the same team that’s behind
app that has been downloaded over 1 million times, GamyTech has decided to open up their platform to the public so that everyone can produce and release their own games without dealing with publishers or any other middlemen.
When a development team has an idea for a new blockchain game, the Game Protocol Ecosystem will be its incubator and help it scale in every way possible.
Game Starter – A smart contract based, fully automated crowdfunding system. Developers can create and sell their own crypto-based in-game currency based on Game Protocol Token. This is done via smart contracts that allow the easy creation of tokens. With the use of the Bancor liquidity pool, players can easily exchange between in-game currencies
Game Store – A decentralized platform where fans can play games that have been funded and developed.
Community – The GamyTech website has an “existing premium user base (users who actually spent money in the game) of about 700,000 members.
Developers Tools – The developer’s tool contains a set of utilities that developers can leverage to quickly build a new real money game. These tools will simplify a developer’s work and provide API access to the following:
A Provably fair random number generator found on page 15 of the
There will be two types of tokens in this ecosystem. The native Game Protocol Tokens (GPT), and Game-Specific Chips (GSC).
When investors contribute to the Game Protocol ICO they will receive GPT to be used for services and resources provided by others via smart contracts. GPT will be traded on different exchanges.
When investors see a game they want to fund, they will exchange GPTs for the new game projects own original token (GSCs). The utility of a new GSC is completely at the game producer’s discretion; they can, for example, exchange it for in-game special features or provide full access to the new game.
Holders of GPT and GSC will be able to quickly exchange back and forth through use of the Bancor Protocol.
Game Protocol’s team is 21 people deep. Most all of them currently work for partner company
Jonathan Swerdlow – CEO. He’s been head of marketing at Makor Capital since 2014. And CEO of GamyTech since 2014.
Michael Halimi – Chairman Executive Manager. He is also the CEO of Makor Capital, a global brokerage with offices in Paris, Geneva, New York, and London. 10 years as Managing director for Cantor Fizgerald.
Avi Bouhadana – President Executive Manager. He was also a founding partner at Makor and a managing director at Cantor Fitzgerald.
Paul Huang – Technology Executive Manager. He too is a senior managing director at Makor. Spent 10 years as a Research Staff Member for IBM Math and Science Dept.
Moshe Elbaz – CTO. He is CTO of GameyTech since 2014. Spent 1.5 years as Head of a game dev team for Bio-gaming.
Sandra Elbase – CMO. She spent three years as Senior Marketing Mobile Manager for Pokerstars (the #1 online poker site ever).
Efraim (Evan) Wolpert – CFO. He was also CFO for Makor Capital since 2010.
They have 11 advisors with different areas of expertise, some of them will be helpful to the project. The strongest advisor on paper is Michael (ByungSoo) Kim, who worked for EA Sporsts, Microsoft, Blizzard, and Wargaming.
“GamyTech has developed over seven successful mobile games with millions of downloads in both Apple’s App Store and Google play store. With a focus on real-money skill-based games, this experience has given the GamyTech staff a unique perspective on the video game industry and its issues. Using their knowledge and massive community, In the past 3 years, we raised over 3 million dollars and released 8 new games. Our games have been downloaded more than 4 million times.” (whitepaper)
It’s very important we note how hard it is to verify this quote. For sure their Backgammon game is a hit. But, there are zero other playable games that we could find. The only game that is available to play that we know of is
If they aren’t being completely honest about creating several successful games, that’s a giant red flag.
Although they probably really need it to compete with the big dogs, the $30 million hard cap is high and will prevent early token price gains.
Lots of competition, including Indigogo and Kickstarter.
The founders of Game Protocol also founded GamyTech, and also founded and managed Makor Capital.
Ten percent of the GPTs issued will be retained in a special Game Support Fund. This fund will allow the company to support promising game projects that will be listed on GameStarter.
They do have an MVP, if you want to call it that. It’s their
With the low supply of 150 million tokens, If just one project that’s created on with Game Protocol becomes popular it would create a huge token price increase.
They spoke at Consensus 2018 as well as several other conferences.
It’s a fascinating project with a lot going for it long team. However, the ICO seems too risky. Maybe keep an eye on it, and wait for the probable post-exchange price drop.
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Joshua Larson is also known as the "Bullshit Man" for his ability to spot it a mile away. Avid ICO researcher and contributor. Former professional poker player/backer. Spent 10 years analyzing hand history, stats, and player data.
Discovered blockchain in late 2016, and never looked back. He now uses his analysis skills to investigate ICOs full time. What a perfect match, because in today's crazy world of ICOs, information, passion, and diligence = dollar bills!
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You are the head of a company and want to learn what people think of your products. Normally you would hire a market research firm which charges you high fees for their services. They would ask people to fill out surveys express their opinions about your company or some of your products. This takes a long time, costs you a good amount and is not always fully representative of public opinion.
comes in. They cut the middleman, decreasing fees and allows companies to reach their customers directly, removing the possibility of data manipulation. Also the data is obtained in real-time, meaning that the whole process of getting reviews and feedback is much faster now. Everyone is incentivized to act honestly by a staking and rewarding mechanism. There are three main actors in the system and their roles are as follows:
Reviewers: Reviewers are actors that provide feedback, fill out surveys, etc. They are asked to stake some REW tokens prior to doing work and if their work is not genuine and, they lose those staked tokens. If a reviewer is honest and provides genuine feedback, he or she is rewarded.
Validators: Validators are actors that basically check data provided by reviewers. They shall conduct a validity check according to some pre-determined guidelines. The same staking mechanism applies to validators as well. In some sense validators’ role in the system is quite similar to proof of work miners. Honest and genuine validations will be rewarded as well.
Companies: Companies are actors that demand market research and then pay REW tokens for them. They will be asked to stake tokens since they might be reluctant to pay rewards to reviewers once the research is conducted. Validated data shall be available to companies in real-time.
But it is a mistake to think that Review Network is a mere human-based automated review system based on blockchain technology. The project’s appealing to machine learning and data analytics provides great utility as well. For instance, an algorithm to determine fake reviews shall be implemented, thus fake reviews will be removed instantly once they are determined to be fake.
The use of blockchain is a great fit for this project’s purposes also. Transparency and immutability of reviews is a necessity for honest and genuine reviews and the automated reward payment system removes any concern that reviewers and validators might have regarding their rewards. Furthermore, responses with higher quality completed in a shorter time shall yield more rewards.
REW tokens will be used for interactions between reviewers, validators and companies within the system as explained before.
The initial total supply of REW is 5 billion tokens with the following token distribution:
The token sale will be conducted in six stages. Although it is not disclosed what bonuses stage one investors got, a bonus of 50% for stage 2 investors is made public, which is quite concerning for later stage investors. These bonus tokens will be locked for two to three months, creating an immediate selling pressure. Stage 3 and later stage investors’ tokens do not have any lock-up period.
Team and advisor tokens are locked for 3 and 2 months, vested over 12 months respectively.
The team is planning to use the token sale proceeds as follows.
CFO & Partner Reinhard Fellman: Fellman was an analyst at Commerzbank AG and an associate at Morgan Stanley before he started to work towards a PhD degree at London School of Economics.
Data Analyst Olivera Sazos: Sazos is the current manager of data analytics at nbn
Australia, a telecommunications company. Previously she has worked as a data analyst at Optus, another telecommunications company, and BT Financial Group.
Ivan Bjelajac: Bjelajac was an advisor at Lemon.mail, the world’s first encrypted and decentralized e-mail service.
Robert Golladay: Golladay has worked as the head of IBM Europe’s digital business automation business. He is the managing director at CognitiveScale, a blockchain and artificial intelligence company.
Payxpert: A payment provider company based in Cambridge, Great Britain.
Bancor: An exchange project, allowing direct trading between supported coins.
Below is a breakdown of the risks and growth potential of Review Network.
High bonuses for early-stage investors are definitely concerning. (-2)
No announcement with any company to adopt Review Network so far. (-1)
Partnership with Payxpert and Bancor should provide high liquidity both in early and later stages. (+3)
Their use of blockchain for an industry in which transparency and honesty are of utmost importance. (+3)
Review Network aims to solve problems in the market research industry by introducing a solution based on blockchain technology, machine learning and artificial intelligence. They seem to have made great progress so far and the project definitely has the potential to be adopted by big companies. Token metrics could be much better as they do not seem to be fair for small investors. Review Network receives a
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is a blockchain music economy, combining the best of crowdfunding platforms such as Kickstarter, music streaming services such as Spotify, social networks such as Facebook and multimedia sharing platforms such as YouTube. Aiming to create a better platform for the 21
-century music economy, Imusify uses blockchain ledgers and smart contracts to ensure a fairer distribution of assets within the industry.
In the current music industry, the middleman gets the highest cut while the actual work is done by artists. In many cases, artists do not have the ownership of their works and this results in a lower income distributed in a quite non-transparent way. Artists using the Imusify platform will have complete control over their artworks and royalties, solving one of the biggest problems in the industry. They will be automatically rewarded on a per stream basis, meaning that not only the fairness of distribution is ensured, but also that no payment will be delayed ever.
Some important components of the platform are as follows:
Crowdfunding engine: Any artist can run crowdfunding campaigns for her albums, videos or tours.
Transparent and fair payments: Thanks to the blockchain ledger and smart contracts, artists are automatically paid in a transparent and fair way.
Reward system: Imusify users who create posts, playlists and comments will be rewarded in return for their contributions.
Co-evolutionary copyright management: Content owners will be provided tools to manage copyrights.
Any interaction or transaction between users of the platform will be covered by Imusify’s IMU token pool or it will cost tokens for the exchange of digital assets and services. Some of IMU’s primary use-cases are as follows:
The initial total supply of IMU is 1,000,000,000 tokens with the following token distribution:
The team expects the actual circulation for the first few years to be around 650 million tokens. According to their estimations, only after five years, 1 billion tokens will be in the market. Tokens allocated for the team and advisors are locked for one year and then each month 4% of these tokens will be released.
In the ongoing private sale round, a bonus of 50% is offered to investors, which is quite concerning. During the pre-sale investors will have a 30% bonus and the main-sale contributors will be able to buy their tokens with a bonus between 12% and 0%. Unsold tokens will be allocated to “Ecosystem” and will be vested.
If no strict entry barrier for pre-sale is implemented so that anyone meeting the requirements for the main-sale can buy in the pre-sale stage, it is quite likely that most of the tokens allocated for the main sale will not be sold. Furthermore, no vesting periods for tokens sold in presale and for only some sold in private sale makes a dump just after the token hits the market quite possible.
The team is planning to use the token sale proceeds as follows:
CEO David Walters: Walters has worked as a portfolio manager at Generali, a German insurance company, and is a former artist, songwriter and performer.
Chris Hager: Hager is a developer at City of Zion, a group of developers supporting the NEO ecosystem.
Nikolaj Kuntner: Kuntner is an open source developer at City of Zion and a software engineer at DAQRI, a computer hardware company.
Marcus Brown: Brown has worked as a senior art director for several reputable marketing and advertising companies such as TBWA\Media Arts Lab, 180LA and Crispin Porter + Bogusky.
Dennis Chin: Chin is a former corporate development officer at EMI Music, one of the world’s leading music companies.
City of Zion: City of Zion is a group of developers supporting the NEO ecosystem.
O3 Labs: A leading light wallet application on the NEO blockchain.
Below is a breakdown of the risks and growth potential of Imusify.
High bonuses offered for private sale and presale make the public sale practically obsolete. It is quite unlikely that all tokens allocated for the public sale will be sold. (-2)
MVP will be launched in January 2019 and the platform in November 2019. One can expect a high selling pressure in the absence of any near milestone. (-1.5)
Backed by NEO and world-class developers of City of Zion should accelerate its adoption. (+1)
Blockchain ledgers and smart contracts have a high chance of solving crucial problems in the music industry. (+2)
Unless all public sale tokens are sold, the circulating supply will be smaller than initially expected and the value per token will be higher. (+1)
Imusify is a blockchain music platform, aiming to solve some of the most crucial problems in the industry. Although the lack of competition and the fact that they are backed by the NEO ecosystem might accelerate their adoption, that there is no milestone before the next year and questionable token metrics raise an eyebrow. Imusify receives a
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