Cryptocurrency Q&A
Is Golem an ERC-20?
Is Golem an ERC-20?
Dario
Fri Jun 28 2024
|
6 answers
1138
Could you please elaborate on whether Golem, a decentralized network that aims to harness the computing power of idle hardware for various tasks, is built on the Ethereum blockchain as an ERC-20 token? ERC-20 is a technical standard used for smart contracts on the Ethereum blockchain that allows for the development of tokens with specific functionalities. Understanding this distinction is crucial for investors and developers alike, as it determines the compatibility and potential use cases of a given cryptocurrency. So, is Golem indeed an ERC-20 token, or does it operate on a different blockchain or protocol?
6 answers
Elena
Sun Jun 30 2024
However, as the project underwent advancements and expansions, its transaction framework was redesigned.
Was this helpful?
356
99
BitcoinBaroness
Sun Jun 30 2024
This new framework is built upon Ethereum's Layer 2 technology, which introduces a more efficient and scalable transaction mechanism.
Was this helpful?
64
26
Maria
Sun Jun 30 2024
As a result of this transition, the Golem project now requires the utilization of ERC-20 tokens.
Was this helpful?
134
61
DongdaemunTrendsetter
Sun Jun 30 2024
ERC-20 tokens are a standard for fungible tokens on the Ethereum blockchain, ensuring compatibility and interoperability.
Was this helpful?
245
66
DongdaemunTrendsetting
Sun Jun 30 2024
The utility token associated with the Golem project initially held the moniker GNT.
Was this helpful?
257
56
Load 5 more related questions
