[GLM] MIP6 Collateral Application

Hi All!

On behalf of the Golem team, I would like to submit our first application to MakerDAO!

Technical Specifications

  1. What is the token contract address? 0x7DD9c5Cba05E151C895FDe1CF355C9A1D5DA6429
  2. Where can the source code be viewed? Please provide links to the source code for all contracts providing functionality to the token, including, but not limited to, transfers, freezes, whitelists, blacklists, transaction approvals/rejections, authorizations, upgradability, etc. https://github.com/golemfactory/golem
  3. Which token standard does your token comply with? ERC20
  4. Does the token have any special mechanics for handling forks? This may include forks in the token app or in the underlying blockchain. It’s an ERC-20 token, and it does not need mechanics for handling forks
    1. If yes, please provide a reference to more information on fork handling.
  5. My token fits with the following Dai Credit System adapter:
    1. GemJoin
    2. I will supply my own adapter contract. Input reference below. It’s an erc-20 token, should be compatible or we can supply an adapter based on the one that was created when GNT was proposed
  6. Has the token passed formal verification? no
    1. If yes:
      1. Please describe the specification.
      2. Who composed the specification?
      3. Please provide a link to the result of the verification.
  7. Upload audit report created by qualified research personnel. https://blog.golemproject.net/gnt-migration-audit-report/

Financial Specifications

Overview Questions

  1. Please provide a short summary of your project. Golem Network is a marketplace for idle computing power. It enables providers and requestors of computing power to connect in a trustless peer-to-peer network enabling both application owners and individual users (“requestors”) to rent resources from other users’ (“providers”) machines. These resources can be used to complete tasks requiring any amount of computation time and capacity. Nowadays, centralized cloud providers are in control of these services, these platforms are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Golem proposes an open-source, decentralized and user controlled alternative.
  2. Please list the founding members. Founders were Piotr Janiuk, Aleksandra Skrzypczak, Julian Zawistowki. Current leadership team member are: Piotr Janiuk, Jakub Kucharski, Maria Paula Fernandez, Grzegorz Nowakowski, Agniezka Stawowczyk
  3. What type of crypto asset is it (utility, work, governance, etc)? Utility
  4. If native crypto asset, which category (utility, work, governance, etc)? Utility
  5. What is the token’s usage in the project? How is the token utilized? The token GLM is a utility token used to access the Golem Network, through which you can pay other users within the Network for renting computations

Issuance - Bearer Assets

  1. What was the date of the ICO? We held a crowdfunding in on November 11, 2016 and ended in 29 minutes. Total created 1.000.000.000 GNT
  2. What was the initial price and valuation? GLM was migrated from our previous token GNT on a ration 1:1. Creation Rate: The Creation Rate during Creation Period for each GNT was 0.001 ETH (i.e. 1000 GNT per 1 ETH).
  3. How much capital was raised (in USD and crypto terms)? Funds raised 820.000 ETH / 8M USD at the time
  4. What was the token distribution breakdown? Pool A of 82% of total GNT created, for ETH; Pool B of 12% of total GNT created to the Factory pursuant the Smart Contract; Pool C of 6% of total GNT created, to early contributors and team members
  5. Are any tokens on a vesting schedule? If so, what is that schedule? Describe any related vestiture limitations. No, our token has been in circulation in the market for four years
  6. What are the circulating and total supply of the token? 100% of the tokens
  7. What is the wallet address of the treasury? 0x7da82C7AB4771ff031b66538D2fB9b0B047f6CF9
  8. How much of the ICO raise was converted into fiat (described in both terms of that fiat currency and the amount of tokens? We still hold the majority of the raise https://etherscan.io/address/0x7da82c7ab4771ff031b66538d2fb9b0b047f6cf9
  9. Were there any pre-ICO seed investors? Who and what were their respective allocations? no

Fundamentals

  1. Please link to the whitepaper and/or pitch deck related to the token. whitepaper https://golem.network/crowdfunding/Golemwhitepaper.pdf
  2. Please link to the most updated roadmap for your project. https://blog.golemproject.net/next-milestone/
  3. How many employees and contractors does your project have? We currently have 33 people between employees and contractors
  4. What is the monthly burn rate? Golem is a private company and monthly burn rate is not open
  5. What is the strategy for treasury management? We liquidated a small part of the stash in 2017/ beginning of 2018. We have sufficient runway for at least two more years. The rest of the stash is held in ETH (include how much we have - its on etherscan) and our strategy is holding, which has worked quite well since we crowdfunded in 2016 _:slight_smile:

Markets

  1. Which exchanges is your token listed on?

Uniswap, Binance, Bittrex, Poloniex, Huobi, Bithumb, Upbit, Exodus, Coinswitch Kuber, Crypto.com, WazirX, CEX.IO, Bitso, Bitfinex, HitBTC, CoinEx, Cointree, Gate.io, Upbit Indonesia

  1. Does your token have custodial support? Where/with whom? Please provide a copy of the custodial agreement if available. no

Community

  1. Please link your email, Telegram, subreddit, Discord, Twitter, Medium. email: [email protected], Subreddit: https://www.reddit.com/r/GolemProject/ Twitter: https://twitter.com/golemproject Telegram: https://t.me/GolemProject Medium https://medium.com/@golemproject blog: https://blog.golemproject.net/
  2. What is the website of your project? https://golem.network/

Legal Specifications

  1. Who is the token issuer (if any)? Golem Factory GmbH

  2. Do you have legal representation related (1) to the issuance of the token, (2) regulatory requirements regarding the token, or (3) otherwise? If so, whom? We have legal opinions from LINDGREN, LINDGREN, OEHM & YOU, LLP and from MME Legal Ltd

  3. What is the regulatory status of the token? Please provide relevant documentation (e.g., legal opinions, prospectuses, public disclosures, filing documents, etc.). download and upload these materials

  4. Are there any rights associated with the token that do not follow from its technical implementation or technical ramifications of the system in which the token is used? If so, what are they? How are they enforced? Please provide documentation memorializing these rights. no, we have been on mainnet since 2018 and the token is in use. we’ve migrated now, but about to launch the new mainnet with the new token.

  5. In what jurisdiction(s) was the token issued?? Please provide all filings and public documents related to the token’s issuance. Swiss Law

  6. Was the token issued as part of a regulatory process (e.g., securities offering)? If so, under which law, rule and/or regulation was the token issued? Please provide all documents related to this regulatory issuance process (to the extent not already provided in response to the above). no

  7. Was the token issued as part of the fundraising process for your project? If yes, who are the investors and how much equity do they respectively hold? yes. we crowdfunded so no equity

  8. Please describe the corporate and legal structure of the project/system/product in which the token is used. Golem Factory GmbH

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One of the oldest and trustees tokens with real use case and strong team. Support it.

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