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

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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