Poland-based Golem Factory has spun off a new entity, the Golem Foundation, that is expected to increase the value of the entire project.
Golem is a cryptocurrency and P2P app that was in development for 3 years before its release. Sales of Golem tokens lasted for 20 minutes, during which the app team gathered about 820000ETH. Golem is based on the Ethereum blockchain and has created a peer-to-peer computing infrastructure in order to provide a global, distributed market of a central processor unit (CPU) power. The platform is a so-called Worldwide Computer which allows everyone to make a contribution. At this stage, the system allows users or providers to lease some extra CPU power in exchange for a reward from customers who create products that require large sources of energy. Golem uses Ethereum’s smart-contracts as a transactional system of payments within the network. The purpose of this technology is to provide everyone with the necessary energy at a low cost. Currently, applications are working as a beta-version in order to solve any bugs through the help of its users.
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