Golem just announced its migration to ERC20 as one of the first Ethereum ICO’s so let’s find out more in today’s altcoin news.
Golem just announced the token migration earlier this week with the blockchain being one of the first ICOs on Ethereum as it raised $8.6 million in 29 minutes and set the precedent for other ICOs in the years since. The token will change from the current Golem Network Token GNT to GLM which is an ERC20 compliant ethereum standard partly because of the former being launched at a time when ERC20 was not so popular and was not so widely-adopted with the entire ecosystem changing since then. The project said:
“We are migrating towards an ERC20 token, mainly because New Golem’s transaction framework is built on Ethereum’s Layer 2, and this scaling method requires tokens to be ERC20.”
The project was extremely big in 2016 and 2017 when its decentralized computing narrative did some rounds on social media sites. The popularity waned since then but Golem is now trading at just $0.1 a market cap of $103 million which is down from its all-time high of $1.32 back in January 2018. The token is not a dead coin still since the new migration represents years of work towards its new vision which could mean a resurgence in the upcoming months.
— golem – NOT DOING AIRDROPS. (@golemproject) November 21, 2020
For those that don’t remember the market scene in 2017, Golem is a marketplace for computing power and on the peer to peer network, the unused computation resources can be rented in order to perform memory-intensive tasks pay the provider in the Golem cryptocurrency. This allows for an individual possessing a high-end computing system like laptops, for example, to profit from other users by renting out the GPU/CPU cycles for anything from CGI rendering to training neutral nets so resources that were once idle can now be monetized on the network.
— golem – NOT DOING AIRDROPS. (@golemproject) November 19, 2020
The users who share their computing power with the Golem network got rewards in GNT and now with the new GLM token holders can enjoy more layer-2 scaling solutions and use cases:
“ERC-20 tokens are able to be used freely not only for L2, but across DeFi and DEXes (decentralized exchanges), and can give you access to other benefits within the Ethereum blockchain. The new GLM is the key for us to unlock all of this.”
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