Poland’s Golem Network Blockchain Startup Raises 820000 ETH worth USD$8.2 million in 20 Minute ICO

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The Golem Network, the first global market for idle computing power – or CPU on the Blockchain – raised an astonishing 820000 ETH worth over USD$8 million in just 20  minutes on Friday for its Golem Network Token in a blazing Initial Coin Offering (ICO).

That placed them number three in the standings as the third largest platform ICO (Initial Coin Offering) in the history of cryptofinancing.

Often described as “Airbnb for computers”, the Polish-based Golem team plans to hold back 18 per cent of per all tokens (specifically, 6% to Golem’s founders, 12% to the operating company) for founders, developers, and the operating company, an incentivizing endowment for further development and innovation. 

The Golem Network Token does not grant its holders any voting rights or direct influence on the project’s development. The positive economic outcome for the owners is ensured by aligned incentives. In the future, Golem may evolve into a contract-driven organisation governed by GNT votes, but during the first stage, it is very much more traditional.

As a two-sided market, Golem allows users to either:

  • Sell unused computational resources (CPU or GPU time) to others, or
  • Buy unused computational resources (CPU or GPU time) from others.

Proceeds are being earmarked to advance the fintech’s ambitious objectives.

The Golem Network is a peer-to-peer (P2P) network with no central server that allows both application owners and individual users (‘requestors’) to rent the resources of other users’ (‘providers’) machines, and be paid in cryptocurrency. Users are equally privileged under this P2p network.

Further reading below:

  1. Crowdfunding contract code
  2. Description of how the contract code works
  3. Explanatory Note & Governance Terms
  4. Final Golem Whitepaper
  5. Crowdfunding Web page

About Richard Kastelein

Richard Kastelein is the Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News, co-founder and director at education company Blockchain Partners and partner of token design and ICO architecture company Cryptoassets Design Group.

As a prominent keynote presenter, Kastelein has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Munich, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona. San Meteo etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

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