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Golem announced its token migration earlier this week. The blockchain was one of the first ICOs on Ethereum, raising $ 8.6 million in 29 minutes and setting the precedent for thousands of other ICOs in subsequent years.
Its token will now change from the current Golem Network Token (GNT) to GLM, an ERC20 compliant Ethereum standard. This is partly due to the fact that the former was launched at a time when ERC20 was neither popular nor widely adopted, with the token ecosystem having changed massively since then.
GNT -> GLM migration is active. CAREFULLY read the blog post and documentation before delving into them.
If you have any questions, please contact us at https://t.co/2Mnvk0IRThe https://t.co/XE9dpRjvU4– golem – DO NOT AIRDROPS. (@golemproject) November 19, 2020
“We are migrating to an ERC20 token, mainly because New Golem’s transaction framework is based on Ethereum’s Layer 2 and this scaling method requires that the tokens be ERC20,” the project said in one release.
The project was huge in 2016-17, when its decentralized cyber narrative made the rounds on social media sites. But popularity has waned since then, Golem currently trading at just $ 0.1 for a market capitalization of $ 103 million; down from an all-time high of $ 1.32 in January 2018.
However, the token is not yet a dead coin. His new migration represents years of work towards Golem’s vision, which could see a resurgence in the coming months.
Golem, the “Airbnb for computers”
For those who weren’t there in 2017, Golem is a market for computing power. On the peer-to-peer network, unused computational resources can be leased to users who wish to perform memory-intensive tasks, which pay the provider in Golem’s cryptocurrency.
This allows an individual who owns a high-end computer system, such as a gaming laptop, to profit from other users by leasing its GPU / CPU cycles for anything from CGI rendering to neural network training. Resources that would once have been dormant can now be monetized on the decentralized network.
Users who share their computing power with the Golem network were rewarded with GNT. Now, with GLM, token holders can enjoy more level 2 scaling solutions and use cases:
“ERC-20 tokens can be used freely not only for L2, but through DeFi and DEX (decentralized exchanges) and can give you access to other benefits within the Ethereum blockchain. The new GLM is the key for us to unlock everything. this. “
As per post, the migration can be done via the MetaMask browser service or the MyCrypto app using the steps outlined here. Meanwhile, cryptocurrency exchanges like Bitfinex, Huobi, and Coinbase have already announced their support for the token exchange, and users of those exchanges would not need to take any further steps.
Golem, currently ranked 106 by market capitalization, 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 chart
TradingView GNTUSD chart
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