Golem (GLM)
Last updated 04/10/2022
Official Website: https://www.golem.network/
What is Golum (GLM)?
A blockchain-based application called Golem enables users to purchase and sell computing power for a variety of tasks, such as artificial intelligence, bitcoin mining, computer graphics rendering, and other difficult calculations that require a lot of processing power. Golem is an example of a typical service of a similar type that is user-controlled, decentralized, and independent of third parties and centralized authority. Golem enables users to sell their extra processing power to users who lack the capacity to work on complicated projects that need more processing power to complete. Buyers on the network pay users who sell their resources with GLM tokens in exchange for their services. The cost is based on the computational power that has been rented.
By breaking down jobs into smaller tasks, Golem effectively creates a P2P market for computing resources. This allows the system to scale correctly and create a specific user-dependent market. The primary store of value on the Golem network is represented by the utility token GLM. With the GLM token, buyers can pay sellers using a GLM-based currency in exchange for their computer power.
Golem processes requests and matches buyers and sellers in accordance with the requests it receives. Users who purchase computing power are referred to as Requestors on the Golem's Network. Requestors are able to submit requests, which the Golem system processes, verifies, and then employs to match the Requestor with the proper resources. The system rents computing power in chunks from various users and divides the task into smaller fractions of the original task.
Golem can be used by the Requestor to finish tasks like rendering CGI elements that demand significant computational power. Golem divides the task and completes the work almost instantaneously with fractions of the processing power offered by sellers in the peer-to-peer market, eliminating the need to wait for the work to be finished by traditional cloud computing service providers, which may be rather expensive and slow.
When requesting computing resources, the Requestor will use a task template, which contains all the details the Golem Network needs to complete the task. Users can submit requests using pre-existing templates or create bespoke task templates, which Golem will automatically verify. As soon as the Requestor receives the finished product, they pay the Provider (seller) through a Golem system contract.
Golem discovers a method for accelerating the acquisition and utilization of processing resources by breaking down task requests from Requestors to Providers into smaller jobs. This technology automates the decentralization of cloud computing services and increases cost effectiveness by breaking down work into smaller chunks.
By establishing connections between Requestors and Providers based on the job template, Golem also gives consumers influence over the P2P market. Anyone can become a service provider on Golem and make GLM, unlike traditional cloud computing service providers where a central authority sells the resources and keeps the revenues from customers. In contrast to conventional cloud computing, the system encourages users to sell their processing power while allowing Requestors to obtain the resources they require for less money.
Golem's utility, technical prowess, and technology are what give it worth. The technology utilized to create the network and make it possible for an automated, secure, decentralized P2P market gives Golem its intrinsic worth. The pricing of cloud computing services on the Golem Network in comparison to more established service providers serves as more evidence of Golem's usefulness. Due to the frequent swings in value that GLM tokens experience, much like the majority of cryptocurrencies, the intrinsic value of Golem frequently differs from the market value of GLM. Due to the turbulence in the market for digital assets, GLM can frequently be underbought or overbought.
Team
Golem was created by Golem Factory, which was co-founded by Piotrek Janiuk, Aleksandra Skrzypczak, Andrzej Regulski and Julian Zawistowski.
Piotrek Janiuk a Co Founder and is currently the acting CEO, he previously served the platform as their CTO before handing this responsibility to Przemysław Rekucki. Prior to starting the Golem project, he gained experience in the blockchain industry through his position as senion developer at imapp a blockchain software provider, as well as a collection of other roles as a developer and software engineer.
Roadmap
$GLM was formerly $GNT before its adopted Ethereums ERC-20 standard migrating from its mainnet. On its development journey the team have alocated updates and priorities in a unique format on its roadmap.
Where to store Golem (GLM)
A trusted wallet provider for your Golem (GLM) token could be Trust Wallet – a multi-currency mobile wallet that enables users to simultaneously store a variety of digital assets in one place.
Similarly, a user-friendly option to keep your $GLM secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting to your MetaMask wallet.
On the other hand, if you are looking for a safe offline storage solution, we recommend the leading hardware wallet provider Ledger.
Atomic Wallet is a popular custodial wallet option that can hold a wide variety of cryptocurrencies such as $GLM making it highly desirable for users who wish to have a varied portfolio.
All ERC-20 tokens including Golem (GLM) can be stored on the Ethereum blockchain using MyEtherWallet, allowing users to interact with the network without additional software.
Where to buy and sell Golem (GLM)
You can Buy & Sell Golem (GLM) by heading over to the Buy Coins page of our website. Golem (GLM) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying $GLM has never been easier, simply place your order and provide your wallet address. Once your payment arrives Golem (GLM) will be sent directly to your wallet.
If you choose to Sell Golem (GLM) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on our Sell Coins page.
Golem (GLM) Resources:
Website: https://www.golem.network/
Block Explorer: https://etherscan.io/
Twitter: https://twitter.com/golemproject
Reddit: https://www.reddit.com/r/GolemProject
Disclaimer: The information provided in this article is intended for informational purposes only. It is the reader's responsibility to complete their own research and due diligence.