Golem Network Token Sale Starts This September
Today, the Golem Project announced its sale for their Golem Network Tokens.
The Golem network is essentially software that’s built with a platform that joins efforts across a number of specializations (blockchain, computer, image processing, and more). They aim to integrate use cases and projects, giving Ethereum a wider audience that is dependent upon its core functionality. The idea of Golem was started by the will to change the way the computing world is organized. They want to use the existing infrastructure of idle computers all around the globe to take over the job that’s currently done by mainframes, computing farms, and supercomputers. Enter decentralized technology.
The Golem network will be a fully decentralized P2P network, which is why they wish to use cryptocurrency for their transactions. They aim to add a market for computing resources, and propose fast, automatic and secure trading utilizing Ethereum and Ether to fuel transactions and the contracting system. 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.
The Golem Network Token (GNT) is an Ethereum-based token, which will be used for all transactions within the Golem network. Rewards will be built on top of the token in a manner which ensures the security of the token and transaction fees.
The Golem Project adds the disclaimer that their network is not a DAO. They don’t grant their holders any voting rights or direct influence on the project’s development. The positive economic outcome for the owners is ensured by aligned incentives. They stated that they may evolve into a contract-driven organization governed by GNT votes in the future, but they’re currently keeping it traditional within the first stage of development.
They’ve allocated their timeline for the project as follows:
- Semi-public Alpha: TODAY!
- Brass Golem public alpha, and opening of repository: 2nd half of August 2016
- GNT sale locked details announcement: End of August 2016
- Whitepaper: September 2016
- GNT sale opens: September 2016
Details of the Token Sale:
TOKEN SALE DETAILS
Minimum financing: 100K ETH, maximum financing (cap): 650k ETH.
Note: We reserve the right to change the minimum/max financing any time before the sale begins, pending sudden and significant ETH price movements.
A percentage of the tokens will be held back for founders, developers, and the operating company, an incentivizing endowment for further development and innovation. We define this endowment as 18% of all tokens (specifically, 6% to Golem’s founders, 12% to the operating company).
At the opening of the sale, tokens are created for every ETH sent to us, up to the cap. At the close of the sale period, we will generate tokens for both the developers and the company (only at such a point are we are able to determine how much we need to reach 18%). This is the total pool of tokens, representing entitlement to 100% of the Golem network’s fee revenue. There will be no technical possibility to create any new tokens at this point.
For more details on Golem, read their official blog statement.