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Golem Crowdsale Completed Under 30 Minutes, Crowd Reacts




The Golem ICO ended in under 30 minutes, yet participants were angered by the process. ETHNews talks with MyEtherWallet about how the crowdsale occurred.

Golem declared their Initial Coin Offering (ICO) with their whitepaper, and a release of their Golem Network Token (GNT) code. Because of the transparency of this project and the anticipation surrounding it, Golem announced their ICO many days in advance to prepare those who wanted to partake in the crowdsale. On November 11th, 2016 (3 pm GMT) at block 2607800, their crowdfunding began. Within 30 minutes, Golem reached their crowdfunding cap.

Golem’s goal was achieved very quickly due to the excitement of those wanting to participate. However, even though the ICO was a success, a lot of participants joined together in anger to lay blame to MyEtherWallet for not being able to participate due to slow transactions. As each person iterated that they performed each step correctly, they openly denounced MyEtherWallet.

ETHNews spoke with tayvano at MyEtherWallet:

“1. We doubled the size of our nodes in prep for this.

2. We increased gas price to 61 from 21 to ensure transactions got mined

3. We woke up at 6am to be around in case something went wrong. 

And yet the massive amount of people that showed up and all tried to broadcast transactions in a single 10-minute window caused our node to slow to a crawl. There was nothing we could do when it had been 5 minutes and the contract was halfway to its goal already.

The way that token sales are set up is simply not conducive to allowing people to participate. People are understandably angry that they didn’t get in and we are easy to blame in this case. But if we had worked flawlessly - like we did in every other recent crowdsale and they also ended in < 20 minutes - there still would have been ~1000 people who got in in ~20 minutes and someone else would be catching the hate for it.”

This scenario furthers the point of how this space is a growing ecosystem comprised of companies, startups, and individuals that are all contributing everything in order to grow the technology. MyEtherWallet notes that they are a free, open source service and have not made significant financial gains over the last fifteen months. They state that they always aim to do their very best, but this is still a growing ecosystem that they’re contributing their time, energy, and resources into.

The Golem Network has been a fervently watched project with much talk surrounding its promise of streamlining computing power. By using the existing infrastructure of idle computers all around the globe to take over jobs that are currently done by mainframes, computing farms, and supercomputers, this decentralized computing model proposes fast, automatic, and secure trading utilizing Ethereum. In contrast to existing systems, there will not only be a reward provided to users for contributing to the network, but anyone interested will be able to pay for using its potential.

To read more about Golem, head to their site.

Brianne Rivlin

Brianne Rivlin has been writing within the internet field for over seven years. During the last few years, she has been heavily influenced by blockchain tech, virtual currencies, and Ethereum.

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