Today we thank our community and supporters for their patience while we set up our Company and developed our Framework. We are adjusting to the differences in operating a blockchain company vs a traditional tech startup, and considering the market we totally understand some of the questions that have come up. We hope this blog post brings clarity and insight into our progress.
Furthermore, to ensure our token sale goes smoothly and everyone has an opportunity to participate, we will be releasing the date of the token sale and starting the registration process next. More updates on our technology and how it can be used will soon follow as well.
We moved to the Cayman Islands!
The team has been working hard on all the fronts ranging from legal to software development. We started this journey in Kitchener, Waterloo but we were advised by our legal staff that continuing operation in Canada could pose a high degree of uncertainty in the immediate and long term future. We had a very positive experience with incubators in Canada, so we planned a similar route when establishing GoNetwork. We began the application process globally and subsequently we were welcomed to Cayman Enterprise City; We received a zone trade certificate from the Cayman government. We packed our bags, and the entire core team relocated to the Cayman Islands to pursue GoNetworks vision.
The updated whitepaper will be released soon
We wanted to maintain regulatory compliance and our initial whitepaper draft required legal approval. A major effort was undertaken to establish a legal framework to ensure compliance with a wide number of jurisdictions. This was important to us. Working alongside DLA Piper and Ogier, we are setting a legal precedence for token sales. Our whitepaper is going through a review process and we are obtaining legal memorandums; thus far the overall feedback has been extremely positive when considering GoToken as a utility token. We will be issuing a public version of our whitepaper when analysis across all major jurisdictions has been completed.
The first version of GoNetworks’ state-channel framework has been released
We have made the repo’s publicly available at this time for the community to review. We have 3 components we have worked on: The engine, the transport channel implementation using Mqtt, and the blockchain-service for Ethereum. The GoNetwork State-Channel Engine is the core of the framework.
You can access our documentation [WIP] here: https://gonetwork.co/docs.
Check out the code on our github:
We could sense the eagerness from our community, so we decided to release our working codebase along with documentation which is currently a work in progress. We will have a series of technical blog posts that outline design decisions and tradeoffs we assessed during the initial release alongside quick start guides for application developers.
Furthermore, in the coming weeks we will be releasing a Demo Mobile app that makes use of our framework. This will give early adopters a means to rapidly integrate GoNetworks off-chain scaling solution into their apps. Our goal with the mobile app release is to take a more iterative approach with the community, allowing them to follow along with our dev efforts.
About the Token Sale
We will be releasing the date of the token sale and starting the registration process next. A ton of effort has gone into streamlining the process. Our private sale which started on April 18th is going on right now. We are super excited by our supporters enthusiasm!
We have been engaged on many fronts concurrently, and we continue to operate with a bootstrapped team which is now growing fast! We haven’t had the time to fully engage with the community at a level we would like to, and that is something we are hoping to improve on very quickly. Our drive, our passion and the vision we have for blockchain remains unwavered. We thank you again for your support. We know it has been a difficult journey at times, but together we are sure we can pave the way to Crypto for the masses.