Golem announced its token migration earlier this week. The blockchain was one of many first ICOs on Ethereum, elevating $8.6 million in 29 minutes and setting the precedent for 1000’s of different ICOs within the years since.
Its token will now change from the present Golem Network Token (GNT) to GLM, an ERC20 compliant Ethereum normal. That is partly as a result of the previous launched at a time when ERC20 was neither common nor widely-adopted, with the token ecosystem altering massively since.
The GNT –> GLM migration is dwell. Learn the blogpost and documentation CAREFULLY earlier than diving into it.
When you have any questions, attain us out at https://t.co/2Mnvk0IRIl https://t.co/XE9dpRjvU4
— golem – NOT DOING AIRDROPS. (@golemproject) November 19, 2020
“We’re migrating in the direction of an ERC20 token, primarily as a result of New Golem’s transaction framework is constructed on Ethereum’s Layer 2, and this scaling technique requires tokens to be ERC20,” the challenge stated in a launch.
The challenge was big again in 2016-17 when its decentralized computing narrative did the rounds on social media websites. However the recognition has waned since, Golem presently trades at simply $0.1 with a market cap of $103 million; down from an all-time excessive worth of $1.32 in January 2018.
Nonetheless, the token’s nonetheless not a lifeless coin. Its new migration represents years of labor in the direction of Golem’s imaginative and prescient, one which will see a resurgence within the coming months.
Golem, the “Airbnb for computer systems”
For people who weren’t round in 2017, Golem is a market for computing energy. On the peer-to-peer community, unused computational assets will be rented out to customers wishing to carry out memory-intensive duties, who pay the supplier in Golem’s cryptocurrency.
This permits a person possessing a high-end computing system, resembling a gaming laptop computer, to revenue from different customers by renting out its GPU/CPU cycles for something from CGI rendering to coaching neural nets. Sources that after would have sat idle can now be monetized on the decentralized community.
Customers who share their computing energy with the Golem community have been rewarded with GNT. Now, with GLM, token holders can get pleasure from better layer-2 scaling options and use instances:
“ERC-20 tokens are ready for use freely not just for L2, however throughout DeFi and DEXes (decentralized exchanges), and may give you entry to different advantages inside the Ethereum blockchain. The brand new GLM is the important thing for us to unlock all of this.”
As per a publish, the migration will be carried out through browser service MetaMask or the MyCrypto app utilizing the steps given right here. In the meantime, crypto exchanges like Bitfinex, Huobi, and Coinbase have already introduced their assist for the token swap, and customers on these exchanges wouldn’t must take additional steps.
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