Golem GLM

1. Summary

Fundamental Rank

93

Developer Rank

95

Social Rank

98

Coinrank

96

Buy

Binance

Earn

BlockFi

Price

$0.21 +1.3%

Market Cap

$214.87M (#115)

Supply

1.00B / 1.00B

Tags

Business Platform Polygon Ecosystem

Description

Golem is a software that has the main goal of incentivizing users to operate a market where the computational resources can be bought or sold in exchange for cryptocurrency.

Its software is built to facilitate the exchange, where it links users who do not have the resources to carry out specific projects to those who...

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Golem is a software that has the main goal of incentivizing users to operate a market where the computational resources can be bought or sold in exchange for cryptocurrency.

Its software is built to facilitate the exchange, where it links users who do not have the resources to carry out specific projects to those who have resources to spare. In return for all of this work and effort, those who supply the resources to the Golem network are rewarded with GTN.

Golem’s creators have essentially created a network which is a user-controller cloud computing service that connects users that require computational work.

The GLM Token Explained

The GLM token, otherwise known as the Golem Network Token is required to pay for computations on the network. It is the currency that also drives the marketplace. You can set a bid for an amount of GNT if you are a requestor, where you are essentially paying to have your task completed. However, you can also be a provider, which means that you can earn GNT by computing tasks for the requestors. You can set a maximum as well as a minimum price threshold.

Features of Golem

Within the Golem Network, transactions occur when someone requires computational services. This person is known as a requestor. Their main mission here is to ask for resources through the usage of a task template.

Golem rents computing resources from another user, which is known as the provider, in order to give the requester the processing power they need.

Speaking of the task template, it contains the full computational logic which the Golem Network will be required to have in order to execute the request. This means that it has the source code that needs to be run, how the task will be split into subtasks and sent to different nodes, and how the results can be verified into a final test result.

The requesters can use the task template which is already created for the network, or even generate their own if that is what they would prefer doing. Once the requestor submits a request, the golem network seeks to programmatically fulfill it.

When the subtasks are eventually completed, they then go through a verification stage that ensures that they were completed correctly. The Golem client can then piece the subtasks into one giant piece before it is sent back to the requester.

Think along the lines of rendering an entire 3D animation, or rendering a video that was recorded in 4K, where you would need multiple CPU and GPU cores that most users might not have access to at all times. Instead of waiting for days for a sub-par PC to render these, they can rent out the processing power required to do this in just a few hours.

Founders of Golem (GLM)

Discussing the founders of Golem, the Golem Factory was founded in Switzerland in 2016.

It was founded by Aleksandra Skrzypczak, Andrzej Regulski, Piotr Janiuk and Julian Zawistowski. The idea was first presented during DevCon 0 in 2014, 2016 it was announced and led by the Golem Factory, and over the course of 2020, the Golem Network team was tasked with building a new protocol, architecture, and codebase for it.