Golem Post-ICO Update - October 2018 - Crush Crypto

Golem Post-ICO Update – October 2018

Overview

  • Project name: Golem
  • Ticker symbol: GNT
  • ICO dateNovember 2016
  • Market cap*: $163million
  • Circulating supply*: 959,242,000 GNT
  • Total supply: 1,000,000,0000 GNT

* As of October 31, 2018. Source: Coinmarketcap

Golem is building a decentralized supercomputer to create a global market for computing power. By using a peer-to-peer network, Golem aims to enable individual users, whom they call “requesters”, to rent the resources of other users, whom the call “providers.”

The resources are used to complete any sort of task that needs additional computation time or capacity, such as CGI rendering, scientific research computations, machine learning, and so on.

Golem’s goal is to function as both an Infrastructure-as-a-Service (IaaS) and Platform-as-a-service (PaaS). They want any party to be able to create and deploy software to the Golem network, by publishing it to Golem’s own Application Registry.

Golem initiated their crowdfunding on November 11, 2016 with a total of 1,000,000,000 GNT created and 82% of those tokens going to crowdfunding participants. Golem was able to raise 820,000 ETH and reached hard cap in less than one day.

The Golem Network Token, GNT, will be mainly used for the following three reasons:

  • As payment from requesters to providers for the use of the resource.
  • Submitting deposits by providers and software developers or to participate in the process of software validation and certification, once the Application Registry and Transaction Framework are implemented into the Golem Network.
  • Within each software integration, GNT could be used for specific parameters.

Golem’s long term vision is to be a building block of Web 3.0 and to become a primary platform for microservices in a decentralized way.


Key Milestones/News

The Golem project is open-source and their development progress can be tracked at https://github.com/golemfactory/golem. The project also has a Trello for anyone to track their to-dos.

Golem updates their blog and their reddit with key developments and these are some of the key milestones of the project:

November 2016: Golem crowdfunding was launched.

September 2017: Brass Golem Alpha2 was upgraded.

November 2017: Friend Software Corporation and Golem partnered to provide Friend with some funding and help transitioning into the decentralized world. Golem planned to improve user experience by integrating with Friend’s operating system.

January 2018: Golem opened their R&D repository to allow anyone to explore the research Golem has done on the problems of decentralized technologies.

February 2018: Golem was one of the projects that launched the Ethereum Community Fund (https://ecf.network/).

April 2018

  • Golem Brass Beta was launched on the Ethereum main net. 
  • Golem announced their Bug Bounty Competition. 
  • GNT was listed on Binance.

June 2018: Brass Golem Beta was upgraded to improve the overall performance of the Golem network

July 2018: Golem added an upgrade to Brass Golem Beta to mark confirmed transactions in the UI.

October 2018:

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Conclusion

Golem has launched the first wave of their project, Brass Golem onto the Ethereum Mainnet since April 2018 and has provided a peer-to-peer network for their requesters and providers.

Golem Brass only supports CGI rendering now, but this is the first use case while the project is being built out. Golem is constantly upgrading the platform based on user feedback which only improves the trust between the users and Golem.

The Golem team did a fair amount of research after their crowdfunding launch and this pushed back their project significantly, causing a six-month delay in release. However, the team is transparent and provides regular updates on their blog, GitHub, and Trello.


Additional Resources


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