Golem

Golem (GLM) is a decentralized computing network that leverages the power of a peer-to-peer network to create a global market for computing power. Within this ecosystem, the Golem token (GLM) acts as a medium of exchange, allowing users to pay or get paid for renting out computational resources. The platform enables users to connect and transact without a central authority, providing a more democratized and accessible computing environment.

• Total Supply

• : Golem has an unlimited supply of 1 billion GLM tokens.

• Initial Allocation

• : During its initial coin offering (ICO), Golem raised approximately $8.6 million in ETH by selling more than 80% of the total supply.

• Purpose

• : The GLM token is a utility token within the Golem network. It incentivizes sellers to rent their computing power and allows buyers to pay for these resources.

As of today #{today’s date}, the price of Golem is ₹32.52 INR or 0.3489 USD, with a 24-hour trading volume of 12009253.35 USD. The market capitalization for Golem is 349801102.06USD. The circulating supply is 1000000000 Golem, with the total supply also being 1000000000 Golem.

• Decentralization

• : Golem’s decentralized nature means no single point of failure and a more resilient network.

• Utility

• : GLM tokens have a clear use case within the network for buying and selling computational power.

• Accessibility

• : Golem makes high-powered computing accessible to those who need resources for complex tasks.

• Innovation

• : The platform represents an innovative approach to cloud computing, potentially disrupting traditional service providers.

• Community Control

• : The network is controlled by users rather than central authorities, giving power back to the community.

• Complexity

• : The technical complexity of setting up and using the network may hinder widespread adoption.

• Market Volatility

• : The value of GLM tokens can be highly volatile, like many cryptocurrencies.

• Centralized Liquidity

• : Token liquidity is relatively centralized and dependent on a single exchange, which can be risky.

• Development Delays

• : The Golem team has missed deadlines in the past, which may affect trust in the project’s future timelines.

• Competition

• : Golem faces stiff competition from established cloud service providers like Amazon and Google.

• Potential Market Disruption

• : Golem’s decentralized computing could disrupt the traditional cloud computing market.

• Growing Demand for Computing Power

• : With the rise of AI and complex computations, the demand for affordable computing power is increasing.

• Continuous Development

• : Despite past delays, the Golem team continues to develop and improve the network.

• Token Utility

• : GLM tokens have a practical use within the network, which could drive demand and value.

• Decentralized Alternatives

• : Golem could become more attractive to users seeking alternatives to centralized cloud services as the market moves towards decentralised solutions.

• Decentralized Compute Marketplace

• : Golem provides a unique peer-to-peer marketplace for computing power, differentiating it from centralized cloud services.

• Token Migration to Layer 2

• : The migration of GNT to GLM tokens on Ethereum’s Layer 2 enhances scalability and efficiency.

• User-Controlled Infrastructure

• : Golem’s infrastructure is controlled by its users, not by a central authority, a significant departure from traditional cloud computing models.

Golem addresses the problem of expensive and centralized cloud computing services by offering a decentralized alternative where users can rent out their idle computing resources or purchase computing power on demand. This model aims to reduce costs and increase accessibility for those requiring computational power for various tasks.

Golem was created by Golem Factory, co-founded by Julian Zawistowski, Aleksandra Skrzypczak, Andrzej Regulski, and Piotr Janiuk. Julian Zawistowski is the CEO and has a background in creating software projects. Piotr Janiuk, the CTO, is an experienced computer programmer passionate about innovative technology. The team has a mix of software development, management, and technology expertise.

The Golem ICO took place in 2016, where the team raised about $8.6 million in ETH by selling more than 80% of the total supply.

• Technical Barriers

• : The complexity of using the Golem network may deter non-technical users[4].

• Volatility

• : Cryptocurrency markets are highly volatile, and GLM is no exception.

• Development Risks

• : Past delays in development could indicate future risks in meeting project milestones.

• Competition

• : Golem competes with large, established cloud service providers, which could limit its growth.

• Regulatory Risks

• : As with all cryptocurrencies, there is a risk of regulatory changes impacting the use and value of GLM.

The Golem Project’s whitepaper outlines an ambitious vision for a decentralized supercomputer, facilitated by the Golem Network Token (GNT), now known as GLM, after migrating to an ERC-20 token. This initiative aims to create a global marketplace for computing power, where users can either sell excess computational resources or purchase additional capacity for various tasks, ranging from CGI rendering to scientific calculations and machine learning. The whitepaper emphasizes the project’s potential to disrupt the traditional cloud computing market by offering a more cost-effective, accessible, and decentralized alternative.

Central to the Golem ecosystem is the Golem Network Token (GNT/GLM), designed to ensure flexibility and control over the project’s future evolution. It serves as the currency for peer-to-peer transactions within the network, enabling the rental of idle digital resources. The whitepaper details a comprehensive roadmap, highlighting planned milestones for development and the introduction of key features such as the Application Registry and Transaction Framework. These components are essential for developers to deploy, distribute, and monetize software running on Golem, aiming to change how compute tasks are organized and executed.

The crowdfunding campaign, detailed in the whitepaper, was pivotal for Golem, setting the stage for its development and future growth. The campaign outlined the creation of GNT at a rate of 1,000 GNT per 1 ETH to raise between 150,000 to 820,000 ETH. This funding model allocated a percentage of the generated tokens to the Golem team and Golem Factory GmbH, ensuring resources for the project’s development and marketing efforts.

Golem’s whitepaper also addresses the challenges of scalability and token appreciation, acknowledging the dependence on Ethereum’s scalability improvements. It presents a vision where Golem could become a platform for microservices, running both small and large applications in a completely decentralized manner. This vision underscores Golem’s long-term potential to become a fundamental building block for future Internet service providers and software development, significantly lowering the price of computations and making complex applications more accessible to a broader audience.