Detail Whitepaper GitHub Comment Analysis

WebSite	https://golem.network/
GitHub	golemfactory/golem
Update Date	2018 Aug 31 09:08:39

Circulating Supply	959,241,980
Total Supply	1,000,000,000
Max Supply	0
Price	$0.1370562
Volume 24h	$2,822,557
Market Cap	$131,470,064
Change 24h	-3.82%
Update Date	September 26th 2018, 1:37:15 am

vfinal version

Golem connects computers in a peer-to-peer network, enabling both application owners and individual users ("requestors") to rent resources of other users’ ("providers") machines. These resources can be used to complete tasksrequiringany amount of computation time and capacity. Today, such resources are supplied by centralized cloud providers which, are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Also core to Golem’s built-in feature set is a dedicated Ethereum-based transaction system, which enables direct payments between requestors, providers, and software developers.

ThefunctionofGolemasthebackboneofadecentralizedmarketforcomputingpower can be considered both Infrastructure-as-a-Service (IaaS), as well as Platform-as-a-Service (PaaS). However, Golem reveals its true potential by adding dedicated software integrations to the equation. Any interested party isfreetocreate anddeploysoftwaretotheGolemnetworkbypublishingittotheApplicationRegistry. Together with the Transaction Framework, developerscanalsoextendandcustomize the payment mechanism resulting in unique mechanisms for monetizing software.

Consensus is important for resilience and is another reason why Ethereum is utilized for transactions, as well as replicating some shared state and metadata. Golem tasks rely on integrity and consensus mechanisms for deployment, task execution, validation, and transactions. Naturally, Golem inherits Byzantine fault tolerance properties from Ethereum. For task execution and validation, Golem will initially rely on redundant validation and Ethereum state. As research anddevelopmentprogresses,optimizationswillbeimplemented to reduce costs, increase throughput, and improve resilience. Optimisations will result in improvements of integrity and consensus validation schemes, P2P network formation, asynchronous transactions, and off-chain state transitions.

Golem Network Token (GNT)
The Golem Network Token ("GNT") account is a core component ofGolemandisdesignedto ensure flexibility and control over the future evolution of the project. GNT is created during the crowdfunding period (described in thiswhitepaper)and,followingthefirstmajorrelease of Golem, GNT will be attributed a variety of functions in the Golem network.

● Payments from requestors to providers for resource usage, and remuneration for software developers is going to be exclusively conducted in GNT.

● Once the Application RegistryandTransactionFrameworkareimplemented,GNTwill be necessary for other interactions with Golem, such as submitting deposits by providers and software developers or participation in the process of software validation and certification (as described in the Application Registry section).

● The general conditions for using GNT will be set in the Transaction Framework, but specific parameters of these interactions will be possible to define within each software integration.

The supply of GNT will be limited to the pool of tokens created during crowdfunding period.

The crowdfunding of Golem and the corresponding token creation process are organised around smart contracts running on Ethereum.Participantswillingtosupportdevelopmentof the Golem Project can do so by sending ether to the designated address. By doing so they create Golem Network Tokens (GNT) at the rate of 1 000 GNT per 1 ETH.

Crowdfunding is implemented as a smart contract with a few simple parameters:

● Golem Factory GmbH: controls the contract and the address to which gathered ether will be sent (implemented as a multisig address);

● Percent of pre-allocated tokens is 18% (6% - Golem team, 12% - Golem Factory GmbH);

● StartBlock, EndBlock: these block numbers indicate the start and the end of the crowdfunding process; ● minTarget: minimum cap for this crowdfunding, crowdfunding fails if not reached;

● maxCap: maximum cap for this crowdfunding, denominated in GNT;

● GNT creation rate, denominated in ETH.

The crowdfunding contract conforms to a few important rules:

● Before the crowdfunding starts, no ether can be sent to the crowdfunding contract;

● After the crowdfunding (either maxCap was reached or the crowdfunding deadline passed), no ether can be sent to the contract;

● During the crowdfunding,participants simply send ether to the crowd funding contract which results in GNT creation;

● All created tokens are non-transferable during the crowdfunding;

● Only after the crowdfunding period has ended:

○ Any user can initiate the transfer of ether to the specified address of Golem Factory GmbH;

○ The crowdfunding contract creates an 18% endowment of tokens such that crowdfunding participants’ tokens constitute 82% of supply, regardless ofthe level of funding;

○ The crowdfunding contract finalizes funding which results in an allocation of founders’ tokens and unlocking the created GNT.