Golem, a decentralized, global market for computing power, has announced its upcoming crowdfunding, which will start on 11th November 2016 at 3 pm GMT and run until 2nd December 2016 at 3 pm GMT, or when the maximum cap – 820 000 ETH – is reached. If minimum financing – 150 000 ETH – is not reached, participants will be able to reclaim their ETH.
The company allows people to people to rent out their computer’s spare computational power and get paid for it. Combined with tools to aid developers in distributing and monetizing their software, Golem aims to change the way compute-intensive tasks are both organized and executed. Golem hopes to become key in building the future Internet by providing a platform for decentralized micro-services.
The start of the crowdfunding will be determined by a block number. Golem will announce the exact block number and crowdfunding contract address once it is deployed to the Ethereum network, the day before the start of crowdfunding. The company has warned users not to send ETH directly from an exchange to the crowdfunding address as the ETH can be lost.
The Golem Network Token (GNT) account is created during the crowdfunding. GNT is an essential elements of Golem network and will be designed to ensure flexibility and control over future evolution of the project. Following the first release version of Golem, GNT will be attributed a variety of functions in the Golem network.
Payments from requestors to providers for resource usage, and remuneration for software developers is going to be exclusively conducted 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. The general conditions for using GNT will be set in the Transaction Framework, but specific forms of these interactions will be possible to define within each software integration.