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About Golem (GLM)
Golem is a decentralized network for sharing computing power. The platform has a native token, GLM. It serves as a means of payment within Golem’s resource sharing marketplace.
Golem connects dApp developers with spare computational resources provided by the network’s decentralized cohort of computer operators.
Within the platform individual requestors can leverage Golem’s P2P marketplace to purchase computational resources from ‘providers’ who use spare resources from their exiting web server, desktop, laptop, etc. to complete tasks on behalf of the requestor. In exchange for computing power, providers are rewarded with a GLM-based payment.
Together, these spare computational resources put forth by individual providers come to form Golem’s global, decentralized “supercomputer” capable of performing various machine leaning, rendering, crypto mining and AI-related tasks.
Through the creation of this decentralized computing network, Golem hopes to offer an alternative to existing cloud service providers like Amazon, Microsoft, and Google. The platform currently recognizes roughly 500 independent resource providers.
When was GLM created and how much was it worth?
The platform was created by Golem Factory which launched in 2016.
Golem Factory was co-founded by Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski and Piotr Janiuk. Warsaw-based Skrzypczak had previously worked as a software engineer at Red Ocean.
In November of 2016, Golem sold 82% of the supply of GNT to the public, raising $8.6 million.
Four years later, in November of 2020, the platform migrated from GNT to the ERC-20 compliant GLM token. Existing GNT holders were afforded the opportunity to swap their tokens for GLM at a 1:1 ratio, a protocol blog post explained. According to CoinGecko, GLM initially traded at $0.10. A few months later, in early 2021, GLM began rallying. This momentum carried into that heady spring, with the token hitting an all-time high of $1.32 in mid-April of 2021. GLM has since steadily declined amidst a broader market correction.
How is the price of GLM determined?
A deflationary asset, GLM has a hard cap of 1 billion tokens, all of which are currently in circulation. According to Messari, some 820 million GNT tokens were released via a public ICO, while an additional 120 million tokens were distributed to the Golem Factory for purposes of protocol development. The remaining supply (60 million tokens) went to Golem’s early contributors and team members. As noted, Golem phased out GNT for the ERC-20 compliant GLM in November of 2020.
Why does GLM have value?
It’s a decentralized, P2P alternative to centralized cloud service providers like Amazon, Google and Microsoft, putting the project in a burgeoning space (dApp development) at a time when Web3 is only in a nascent stage.
Is GLM secure?
GLM is ERC-20 compliant and supported by a number of leading Ethereum wallets and exchange-based storage solutions. Likewise, Golem has been extensively audited by both Open Zeplin and Trail of Bits, Messari explained.
What are the main benefits of GLM?
- Golem’s P2P network allows any interested party to leverage computational resources provided by a decentralized network of computer operators.
- Users with spare computational resources can share them with Golem for a GLM-based reward.
- Golem currently supports a number of computational processes, including rendering services, big data analysis and machine learning.
What do critics say about GLM?
Its economic incentives may not be strong enough, Cointelegraph has pointed out. Back-of-the-envelope calculations suggest upside opportunities for resource providers are limited.
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