Golem, a decentralized global market for computing power, has raised more than $8.6 million in just 29 minutes for its Golem Network Token (GNT) on November 11, 2016. This makes it one of the largest ICOs (Initial Coin Offering) for a platform to date, behind Ethereum ($18 million in 42 days) and Waves ($16 million in 30 days).
Acting as an “Airbnb for computers”, Golem allows people to rent their unused computing power and be paid in cryptocurrency. It aims to substantially lower the price of computations to make applications such as CGI rendering, scientific calculation, and machine learning more accessible.
“We are pleased to see that the Ethereum community has so profoundly embraced our vision by providing us with our full funding in under 30 minutes. We now look forward to completing our technology and launching our network,” said Julian Zawistowski, CEO and founder of Golem. “We thank everyone who participated and see a very bright future for decentralizing computer power using the Golem Project network.”
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The Golem Network Token is designed to ensure flexibility and control over the future evolution of the project. Following the first release version of Golem, GNT will be given a variety of functions in the network. Payments between requesters and providers of computing resource usage and remuneration for software developers will be conducted exclusively in GNT.
Once the Application Registry and Transaction Framework are implemented, GNT will also be required for other interactions with Golem, such as submitting deposits by providers and software developers or participation in the process of software validation and certification.