Golem Network Token(GNT)

The Golem Network Token (GNT) contract served dual purposes: it implemented the GNT ERC-20-like token and contained the integrated crowdfunding mechanism for the Golem Project, a decentralized marketplace for computing power.

The contract was authored by the Golem Factory team based in Warsaw, Poland. It was deployed to mainnet on November 11, 2016 — Polish National Independence Day — with the crowdfunding beginning at a specific start block. The sale offered GNT at a rate of 1,000 GNT per 1 ETH, with a funding cap of 820,000 ETH and a minimum threshold of 150,000 ETH.

The crowdfunding reached its 820,000 ETH cap in approximately 29 minutes, raising roughly $8.6 million at the time. This made it one of the fastest-filling token sales of the 2016 ICO era.

The contract was designed with deliberate simplicity in the wake of The DAO hack earlier that year. It included a built-in migration mechanism (migrate() and setMigrationAgent()) allowing future token upgrades without requiring a hard fork — a forward-thinking design pattern. The GNTAllocation sub-contract enforced a 6-month timelock on the 18% of tokens allocated to Golem Factory and developers.

The contract was externally audited by Jordi Baylina and Zeppelin (now OpenZeppelin) prior to deployment. The source code was published 18 hours before the crowdfunding block to allow community verification.

In late 2020, GNT was migrated to GLM (0x7DD9c5Cba05E151C895FDe1CF355C9A1D5DA6429) via the migration agent mechanism built into this original contract. The GNT contract at this address is now deprecated but remains a historically significant artifact of the 2016 ICO era.