The Golem Network is one of the multiple Ethereum-based projects under active development right now. Part of its success stems forth from their promise of established a global decentralized market for computing power. To do so, however, the team hosted a token ICO, during which they raised US$8.6m in less than thirty minutes.

Golem Network Tolen Sale Shatters Expectations

On paper, it sounds very ambitious to develop a decentralized marketplace for computing power. Despite the possible challenges that lie ahead, the Golem team feels they have what it takes to deliver on that promise. Building this platform requires a lot of funding, and the team decided to hold a crowdsale.

During this crowdsale, also known as an Initial Coin offering or ICO, Golem network Tokens were sold to early investors. Similarly to any other crowdfunding campaign, anyone in the world could participate and make a financial pledge. Every single Golem network Token will provide control over the future evolution of this Ethereum-based Project.

To many people’s surprise, the Golem Network Token crowdsale did not last all that long. In fact, it only took 29 minutes to raise a stunning US$9.6m in funding from investors all over the world. This makes the project the third-largest ICO for any platform, right behind Ethereum itself, and the Waves platform.

Julian Zawistowski, CEO and Founder of Golem, stated:

“We are pleased to see that the Ethereum community has so profoundly embraced our vision by providing us with our full funding in under 30 minutes.  We now look forward to completing our technology and launching our network. We thank everyone who participated and see a very bright future for decentralizing computer power using the Golem Project network.”

What makes Golem so attractive is how anyone can rent their unused computing power and get paid while doing so. All payments are made in cryptocurrency, which can be kept as an investment vehicle, or converted to other currencies whenever needed. In doing so, the project actually lowers the price of computational power required for any project.

But Golem serves a second purpose, as it also makes computation applications more accessible to the rest of the world. Whether it is machine learning or finding a cure for cancer, anyone in the world can be part of and use the Golem Network.Tokens will serve as a way to settle payments, as well as a remuneration for software developers. As time progresses, more use cases for these tokens will be unlocked.

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