Mobile is eating the world. Cryptocurrencies to date have served limited utility in the real world. By our estimation, the adoption of cryptocurrencies by consumer masses hinges on improving transaction latency and providing accessibility to blockchains via mobile platforms.
This paper presents GoNetwork; a highly scalable, low cost, low latency p2p network for Ethereum on mobile platforms. There are many exceptional communities (plasma, raiden) developing tools to overcome scalability limits on blockchains for desktop platforms. GoNetworks contributions address problems related to scalability on mobile platforms, namely, GoNetwork ports state channels transfers to mobile platforms.
GoNetworks first use case, GoExchange, aims to deliver a secure decentralized e-commerce platform for the virtual goods marketplace. The mobile app economy is set to grow to $6.3 trillion in 2021, user base to nearly double to 6.3 billion. Advancing at an annualized rate of 37% from $1.3 trillion in 2016. 10% of this revenue comes from in-app purchases and virtual goods which itself is experiencing exponential growth led by a 270 percent growth in mobile app markets — from $70 billion in 2015 to $189 billion by 2020.
To date, the major form of virtual goods that app and game developers offer to their users are localized to the app. Users can’t move it out from one app to another or get additional value from these virtual assets other than just spending inside the app. App developers are now struggling in a very cut throat app market where they are competing for users attention.
Moreover, content creators and app developers generate a majority of their virtual goods revenue from selling directly to the users, however; app users want to trade and purchase their items with community members to augment their in-app experience. The demand for a secondary marketplace gives rise to the global virtual goods black market worth $5 billion in 2015.
Recent advances in blockchain and years of experience in mobile app ecosystems, GoNetwork implements the first secure decentralized virtual goods marketplace with cross platform support for the $134 billion virtual goods marketplace.
GoExchange provides a platform that unifies app economies across Mobile platforms, allowing users seamless trade and purchase of virtual goods across game ecosystems and between users.
GoExhange will leverage the 15m downloads from GoNetworks hit mobile gaming platform Infinidy Corp. including titles such as: Happy Park, 2012 Zombies vs Aliens, Happy Monsters, Flappy Zoo, and Dubsquad to name a few. While most competitors in the space will be seeking early adopters, GoExchanges unique go to market strategy will allow it to reach critical mass on mobile.
GoExchange is designed to solve virtual asset liquidity, and create increased engagement and revenue per user for developers. As stated earlier; the app economy will grow to $6.3 trillion and 10% is attributed to virtual goods. GoExchange, leveraging GoNetworks scalability solution for mobile, is poised to be the dominant player in the space.