What Is Golem (GLM)? How It Works & Where To Buy It

Golem is a blockchain-based software system that facilitates the buying and selling of computational power for artificial intelligence, cryptocurrency mining, computer-generated image rendering, and other intensive computations.

Golem is a user-managed alternative to conventional services of a similar nature. Therefore, it is decentralized and not dependent on any one entity or authority.

GLM is currently the 119th largest cryptocurrency by market cap.

 

How Golem (GLM) Works

Golem, one of the first Ethereum projects makes renting computational power and making payments decentralized. Golem Factory proposed a computational peer-to-peer market in 2016, which launched in 2018 on the second largest network.

Golem users trade idle computing power and Golem supports these financial transactions. The rapid adoption of the Golem protocol has made mining for Golem coins a viable side gig. The Golem price affects how much users receive when they sell their tokens.

The project aims to increase users’ access to computing power. Massive computing power can be used in many ways. The Golem project has gained thousands of users on every continent in recent months. Because of this, Golem’s use and value have increased.

Compared to centralized models, Golem gives users more control over pricing, availability, and use of computational resources.

Golem uses blockchain technology to achieve democracy and decentralization and create an ecosystem where users can buy and sell computing power for AI and cryptocurrency mining. Golem aims to create a market where people can trade and sell computing resources.

Golem’s mission is to match buyer and seller requests. Requestors are Golem’s Network members who buy computational resources.

Golem processes, validates, and matches user requests with appropriate resources. This system can rent out computing power from multiple users because the primary task has been broken down.

Golem can handle tasks that require a lot of processing power, like rendering CGI elements. It uses a small portion of the computational power provided by sellers in the peer-to-peer market to complete the work almost instantly, avoiding the need to wait for traditional cloud computing service providers, which can be expensive and time-consuming.

This differs from the traditional method of delegating tasks to different people and then waiting for traditional cloud computing service providers to finish them.

Users seeking more detailed information about the protocol can read through the whitepaper.

 

What Is Golem (GLM) Used For?

GLM is the utility token of the Golem protocol and is used for rewards as well as for paying transaction fees and governance of the protocol.

Then there are the individuals who trade tokens on a daily or weekly basis. They are actively on the lookout for opportunities to capitalize on price changes. There’s a chance you could earn a lot of extra money, but there’s also a good deal of risk.

 

Where To Buy Golem (GLM)

The Golem platform has garnered an immense amount of attention in recent years because of its unique value proponents. Software developers are especially interested in the Golem Network and the concept of digital resources and the creation of a micro-economy powered by the Golem cryptocurrency.

Most centralized cryptocurrency exchanges now offer Golem (GLM) for purchase. To purchase GLM tokens on a centralized exchange, however, you must first fund your exchange account with fiat currency. Tokens of the GLM cryptocurrency will be added to your digital wallet.

You can purchase, trade, and store tokens at the crypto exchanges listed below:

1. Binance
2. Coinbase
3. KuCoin
4. Gate.io
5. Crypto.com

Before purchasing tokens on a centralized exchange, users are expected to have a comprehensive understanding of the risks that are associated with doing so. When tokens are stored in the custody of an exchange, the person who holds the tokens effectively gives up control of their private keys. The reason for it being risky is that the user’s tokens could be stolen in the event that the exchange is hacked.

Instead, tokens are often stored in a digital or physical wallet. On the market, you can choose from a wide variety of wallets designed specifically for the storage of crypto tokens. The most well-known and credible digital wallet is MetaMask.

 

FAQs About Golem (GLM)

How long has Golem (GLM) existed?

Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski, and Piotr Janiuk established Golem Factory to create Golem. With a history dating back to 2016, Golem Factory created and released the Golem Network in 2018.

Golem’s premise is to facilitate decentralized access to large amounts of computing resources for initiatives that call for them. More than 80% of the available ETH was purchased by the team in 2016, allowing them to raise approximately $8.6 million for the project.

The original utility token for Golem, GNT, has been replaced by ERC-20 tokens due to the project’s new transaction framework being built on Ethereum’s Layer 2. Since Golem’s “token migration” began in November 2020, it has been possible to exchange old GNT tokens for new ERC-20 GLM tokens at a rate of 1:1.

What’s controversial about Golem (GLM)?

Both retail and institutional investors see great potential in the decentralized financial sector. The market is thriving, and novel approaches are constantly being tested. The rapid expansion and lack of oversight make it easy to exploit, though. Over the past few years, millions of dollars have been lost as a result of many of these flaws.

The reliability and consistency of the data you find are essential to consider whenever you examine a project. It’s in your best interest to educate yourself on cryptocurrencies before investing in a company that accepts them.

Let’s take a look at the biggest controversy surrounding Golem (GLM).

• Competition – In the distributed computing sector, Golem faces off against some seriously formidable opponents. Even if the protocol has some extremely promising features and concepts, there are already a number of projects that are offering users solutions that are very similar to those offered by the protocol.
• If Golem Network is unable to develop products and services that are more cutting edge and original than those offered by its competitors, then the company will struggle to gain market share, and it is possible that its position in the market could actually weaken.

How many Golem (GLM) tokens are there?

At the time of writing, Golem (GLM) has a circulating supply of 1.00B GLM

The total supply of Golem (GLM) is 1,000,000,000.

The max supply of Golem (GLM) is 1,000,000,000.

Can Golem (GLM) be mined?

Golem (GLM) can’t be mined. GLM token holders, on the other hand, have the opportunity to earn rewards by contributing extra computing power, taking part in liquidity pools, and using a variety of other DeFi products.

People using decentralized platforms have access to a variety of different ways to earn rewards using their cryptocurrency assets. Staking, farming, and LPs (liquidity providers) are all activities that users can begin participating in immediately upon connecting their digital wallets to the platform.

What is the market cap of Golem (GLM)?

The market cap of Golem (GLM) is the total tokens in circulation multiplied by the market price of GLM.

Golem (GLM) Market Cap = 1.00B GLM x $0.29 = $290 million (120th largest market cap).

The market cap is continuously fluctuating as the market changes.

 

Biggest Competitors Of Golem (GLM)

The field of distributed computing is experiencing a rapid rise in popularity. Recent years have seen the most significant increase in popularity for this industry to date.

Filecoin and others like it were able to attract tens of thousands of users to their platform by facilitating trading volumes that were significantly higher than those of the majority of their competitors.

The biggest competitors of Golem Network (GLM) are:

• Filecoin
• Arweave

 

What Are The Future Plans For Golem (GLM)?

Golem will actively work on onboarding more users to the platform. The project will continue to create more valuable products to help grow its ecosystem and improve the amount of adoption it receives.

The growth of its peer-to-peer network and advancements in its technological landscape have already helped Golem create a significant name for itself in the cryptocurrency space.

 

Pros And Cons Of Golem (GLM)

Pros

• Addresses real issues – The Golem network provides users with real solutions to existing issues. The cost of bandwidth is incredibly expensive when purchased from traditional companies that have monopolized the sector.
• Golem offers a more sustainable and affordable solution and manages to create a system where network participants are fairly compensated for the role they play in the system.

Cons

• Competition – The distributed computing sector is incredibly competitive and projects like Golem Network will need to work incredibly hard to make a name for themselves in the sector. They are facing competition from giants in the space, and if they aren’t able to provide users with more unique and innovative solutions, they run the risk of losing their position in the cryptocurrency market.