Golem is a project aiming to create a global decentralised supercomputer. It allows those with unused computing power to rent it out to those who need the computing power for heavy calculations. These people who need computers can buy computer power resources. There are a number of use cases for the technology Golem provides: it can be used for artificial intelligence (AI), machine learning, rendering 3d models, etc.
Users of the network can send their computing requests to the Golem network and borrow the resources they need for their heavy calculations. Those in need of computing power are called the requesters, and those who rent out their resources are called the providers. The providers receive all the tasks broadcasted throughout the network. Once a provider is satisfied with the task and requesting node, it will send the price and its computing power information. If the requester finds the computer power sufficient, then the process starts.
Golem was created in 2015 in Warsaw, Poland, as one of the most significant projects in that region. The founder, Julian Zawistowski, has had previous startup experiences such as imapp and has experience in banking and finances. He was inspired to create a decentralised marketplace for available, idle computer resources in personal computers.
GLM is an ERC-20 token on Ethereum which acts as a utility token and fuel for the finances of the Golem ecosystem. GLM tokens are not for mining but are used as a payment method for the computational power provided by the providers to the requesters.
GLM has a market cap of nearly $500 million ($499 to be precise) and ranks #142 in market cap rankings. It has a max supply of 1 billion, all of which is in circulation. In the past 24 hours (28 Feb 2022), its trading volume has been $109 million, and GLM is being kept in more than 15,000 wallets.
GLM is available on numerous well-known exchange platforms such as Binance, Coinbase, Gate.io, and Uniswap. This availability signifies high levels of liquidity for this utility token and allows the proper execution of larger orders. In other words, you shouldn’t be worried about slippage in crypto while trading this token! Follow me to learn pro tips on choosing decentralised exchanges.
You may have known Golem from its former native token, GNT. However, the Golem team began migrating GNT tokens to GLM tokens in 2020. The reason why dates back to 2016, when GNT was launched, ERC-20 type of tokens were not so popular, and the team wouldn't have anticipated how widely adopted they would become. ERC-20 tokens can be used freely not just on Ethereum’s Layer 2 (L2) but across most DeFi and DEX platforms. The team decided to migrate to an ERC-20 token because New Golem’s transaction framework is built on L2, and this scaling method needs the tokens to be ERC-20. Users can migrate their GNT to GLM at a 1:1 ratio. The migration is gradual, has no deadline, and converges towards the maximum total supply of 1 billion tokens.
GNT tokens were issued in an Ethereum ICO back in Nov 2016. Golem raised about $8 million, with each GNT costing about 1 cent. Shortly after the ICO, secondary trading began, and it caused intense volatility in the price on GNT during 2017. It led GNT to its all-time high of $1 in January 2018.
We mentioned some examples of heavy computing (machine learning, artificial intelligence and natural language processing) that can be done on the Golem network by renting computing power from providers. But first and foremost, Golem is focusing on CGI rendering before entering other fields.
“CGI rendering is the first and very illustrative case of real Golem usage. Rather than using costly cloud-based services or waiting ages for one's own machine to complete the task. CGI artists can now rent compute resources from other users to render an image quickly. The payment from a requestor (in this case, a CGI artist) is sent directly to providers who made their resources available. In addition, when the artist's machine is idle, it can itself accept tasks from other users,” explains the team via the whitepaper.
The current state of Golem is named “Brass Golem” in its whitepaper, which focuses on rendering in Blender and LuxRender. Although it will be useful to CGI artists, the Golem team considers CGI rendering proof of concept primarily and a training ground.
Golem network has generally been doing fine. However, it has faced numerous delays in the past, meaning it delivered some of the promised features or updates later than the deadline previously announced. The delays had frustrated many users who have invested in the Golem project.
Golem is an established project with various use cases and a strong team leading the project. The GLM token is well-traded and is high in liquidity on multiple well-known exchanges. If you want to hunt down more gems like this, make sure to check out Cryptologi.st! Here at Cryptologi.st news, you will get your hands on everything you need, including project analyses, news and educational posts, to make the best investment decisions!
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