Golem ad its symbolic migration earlier this week. The blockchain was one of the first ICOs on Ethereum, raising $ 8.6 million in 29 minutes and setting a precedent for thousands of other ICOs in the years that followed.
Its token will now switch from the current Golem Network Token (GNT) to GLM, an ERC20 compliant Ethereum standard. This is in part due to the fact that the first was launched at a time when ERC20 was neither popular nor widely adopted, with the symbolic ecosystem having changed massively since.
The GNT -> GLM migration is live. Read the blog and the documentation CAREFULLY before you dive into it.
If you have any questions please contact us at https://t.co/2Mnvk0IRIl https://t.co/XE9dpRjvU4
– golem – DO NOT DO AIRDROPS. (@golemproject) November 19, 2020
“We are migrating to an ERC20 token, mainly because the New Golem transaction framework is built on Layer 2 of Ethereum, and this method of scaling requires the tokens to be ERC20,” the project said in a statement.
The project was huge in 2016-2017 when its decentralized computing narrative hit social media sites. But popularity has waned since, Golem is currently trading at just $ 0.1 with a market cap of $ 103 million; against a record price of $ 1.32 in January 2018.
However, the token is still not a dead coin. His new migration represents years of work towards Golem’s vision, which could see a resurgence in the months to come.
Golem, “Airbnb for computers”
For those who weren’t there in 2017, Golem is a marketplace for computing power. On the peer-to-peer network, unused compute resources can be leased to users who want to perform memory-intensive tasks, who pay the provider in the Golem cryptocurrency.
This allows someone with a high-end computer system, such as a gaming laptop, to take advantage of other users by renting out their GPU / CPU cycles for everything from CGI rendering to neural network training. Resources that were once inactive can now be monetized on the decentralized network.
Users who share their computing power with the Golem network have been rewarded by GNT. Now with GLM, token holders can benefit from better Layer 2 scaling solutions and use cases:
“ERC-20 tokens can be used freely not only for L2, but between DeFi and DEX (decentralized exchanges), and can give you access to other benefits within the Ethereum blockchain. The new GLM is the key so that we can unlock all of this. “
According to one article, the migration can be done through the MetaMask browser service or the MyCrypto app by following the steps given here. Meanwhile, crypto exchanges like Bitfinex, Huobi, and Coinbase have already announced their support for token exchange, and users of those exchanges would not need to take any further action.
Golem, currently ranked No. 106 in terms of market cap, is on the rise 2.31% in the last 24 hours. GNT has a market cap of $ 96.44 million with a 24-hour volume of $ 8.73 million.
Golem Price Table
GNTUSD chart by TradingView
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