The Golem Network is a new project touted as the worldwide supercomputer. It’s essentially software that’s built with a platform that joins efforts across a number of specializations (blockchain, computer, image processing, and more). They aim to integrate use cases and projects, giving Ethereum a wider audience that is dependent upon its core functionality. The idea of Golem was started by the will to change the way the computing world is organized, in that they want to use the existing infrastructure of idle computers all around the globe to take over jobs that are currently done by mainframes, computing farms, and supercomputers.

“Golem is the first truly decentralized supercomputer, creating a global market for computing power. Combined with flexible tools to aid developers in securely distributing and monetizing their software, Golem altogether changes the way compute tasks are organized and executed. By powering decentralized microservices and asynchronous task execution, Golem is set to become a key building block for future Internet service providers and software development. And, by substantially lowering the price of computations, complex applications such as CGI rendering, scientific calculation, and machine learning become more accessible to everyone.”

Starting November 11th, 2016, at 3 pm GMT, they will begin their crowdfunding that will last for three weeks, (or until the maximum cap of 820,000 ETH is reached). The contract will be deployed on the Ethereum mainnet and the address will be announced one day before the crowdfunding begins.

To participate, users will need to send ETH to the crowdfunding address, from an address the user fully controls, no earlier than at the start block of the crowdfunding. Users must own their wallet, and have a password-protected private key.

Golem warns that sending ETH to a crowdfunding address directly from an exchange will likely result in the loss of ETH. Since Golem is not working with exchanges to integrate their services of the Golem crowdfunding contract, this results in the lost ETH. Golem extends this warning to any services that may offer this integration as well.

Information about the crowdfund:

  • The maximum financing is 820,000 ETH.
  • The minimum financing is 150,000 ETH.
  • 1 ETH creates 1,000 GNT.
  • An 18% endowment is included (12% Golem Factory GmbH, 6% team).
  • No new token creation will take place after the crowdfunding period.
  • GNT will be transferable once the crowdfunding successfully completes.
  • Endowment tokens will be locked for 6 months.

Brianne Rivlin

Brianne Rivlin has been writing within the internet field for over six years. For more than a year of that time, she has been heavily inundated with blockchain, virtual currency, and Ethereum technology. Read More
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