The blockchain is currently the world's biggest financial software that helps promote decentralized transactions to take place. It enables platforms to carry out transparent, efficient and secure transactions with the help of their public ledger. This technology has helped in the development of several cryptocurrencies.
GoNetwrok, an ambitious new project, aims to employ this same technology to its advantage and create a highly scalable, cheap, and fast network for Ethereum, on mobile platforms.
In order to achieve this, a first use case, called the GoExchange, has been developed to deliver a secure decentralized e-commerce platform for the digital market.
**Problems that currently exist in the market**
Currently, latency has become an issue for several cryptocurrencies. By developing a network that has low latency through a P2P system, GoNetwork can help solve this problem. Ethereum transactions duration has been found to take time for processing and could be drastically improved with the help of a new system. This will help enhance the scalability of Ethereum on mobile phones, alongside desktop.
Ethereum as of now, is only limited to being used on the desktop of computers. However, the Ethereum technology can be extended to mobile phones as well. This will allow Ethereum to be accessible to the masses and would further promote its growth.
Moreover, variable smart contact execution costs also pose a problem for Ether transfers. According to GoNetwork's whitepaper, opcodes within smart contracts have associated gas costs on the Ethereum Virtual Machine. This is happening in order to ensure that the network that is being used is DDOS resistant.
**How it works**
GoNetworks's main aim is to provide mobile accessibility and interoperability to cryptocurrencies, in order to gain mass adoption and participation in the market. This will mainly be focused on helping Ethereum become a more cheap, fast and scalable network. In order to do this, GoNetwork has created GoExchange, a system that will act as a virtual goods commerce platform. GoExchange will be implemented on all Infinidy games and dubsquad.me apps. Alongside this, the company will also look into potential partnerships with government and organizations interested in using blockchain on various other platforms.
In order to deal with the problem of latency, state channels will be used. According to their whitepaper, state channels will allow minimal number transactions on-chain to facilitate a series of balance transfers between parties' off-chain effectively at no cost and with high throughput. This technology will also help make transactions much cheaper as state channels allow no-fee transactions between the parties involved.
However, keeping state channels to a minimum is essential. For this to be done, GoNetwork will use an incentivization scheme that will reward actors depending on the longevity of state channels and will even provide dispute free resolution at the time of closing the channel. GoNetwork is also developing direct P2P connections and transfer of signed balances between individuals. This will help reduce unnecessary data to flow on the network.
For its implementation, GoNetwork will be starting off with the implementation of Pockets and GoExchange. The Pocket will allow users to use ERC20 tokens not only for trading purposes but for day to day purchases as well. It will also implement features such as gamification, parental controls, and transparency for youth leveraging the Ethereum blockchain. GoExchange will employ the technology of state channels and will solve the problem of micro transactions in case of virtual asset exchanges.
**Market for this project**
According to GoNetwork's whitepaper, the mobile app economy is set to grow to $6.3 trillion in 2021. This just shows how much potential the mobile app industry currently has. In-app purchases and virtual goods have allowed the revenue of mobile companies to grow drastically.
This platform would help grow the current blockchain technology by making it more accessible to the masses and will further promote the use of cryptocurrencies and blockchain. Mobile phones currently influence the business world and are an important gadget in today's world.
Having blockchain and cryptocurrency available on smartphones would provide a market like never before.
**Conclusion**
The revenue collected through in-app purchases and virtual goods has been estimated to rise to $189 billion by 2020. With a market as big and as potent as this, GoNetwork will prove to be a success.
There is clearly a demand for blockchain and cryptocurrencies to take over smartphones. This will allow users to access their digital assets on the go.
Moreover, it will further improve the current blockchain technology in multiple ways. More people will be able to access Ethereum with the help of GoNetwork, which will, in turn, increase its demand and hence increase its value.
The advantage of having a platform such as GoNetwrok will be numerous. Hence this would prove to be worth the investment for users and investors alike.
**Website** : [https://gonetwork.co/](https://gonetwork.co/)
**Whitepaper:** [**https://gonetwork.co/GoNetwork\_WhitePaper.pdf**](https://gonetwork.co/GoNetwork_WhitePaper.pdf)
**Autored by: Etheran**
**Telegram name: @PrakashBhojane**
**Btalk profile:** **https://bitcointalk.org/index.php?action=profile;u=1108165**
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