What is Golem (GLM)?

What is Golem (GLM)?

Golem (GLM) is a decentralized, open-source cryptocurrency and peer-to-peer network that aims to enable users to buy and sell computing power. The Golem network allows users to lend their idle computing resources to others, who then use them to perform various tasks such as rendering graphics, running simulations, and more. The network is powered by the GLM token, which is used for payment between users. 

Golem Features and Updates

Golem is an open-source, decentralized computation platform that allows users to rent out their idle computing resources or use resources provided by others to perform tasks. Some features of Golem include:

Task Scheduling: Golem allows users to specify the tasks they want to run and any required input data. The network will match them with available resources to perform the computation.

Payment System: Golem includes a built-in micropayment system that allows users to pay for computing resources in small increments and a reputation system to help users identify reliable providers.

Security: Golem uses various security measures to protect against malicious actors, including signed task descriptions and resource-proof verification.

Read more: What is ICON (ICX)? How to Buy and Use It

Who Are The Founders of Golem (GLM)?

Golem was founded by Julian Zawistowski, Andrzej Regulski, and Piotr Janiuk. Zawistowski is the CEO of Golem Factory, the company behind the Golem project, and has a software development and economics background. Regulski is the CTO of Golem Factory and has experience in software development and cybersecurity. Janiuk is the COO of Golem Factory and has a background in business development and management.

What Makes Golem (GLM) Unique? 

Golem is unique because it is a decentralized, open-source platform for computation that allows users to rent out their idle computing resources or use resources provided by others to perform tasks. This makes it different from traditional cloud computing platforms, which are typically centralized and owned by a single company.

One of the key features that sets Golem apart is its use of a decentralized network to match tasks with available resources. This allows for a more flexible and scalable approach to computation, as the network can draw on resources from a wide range of providers.

Golem is also designed to be secure, with various measures in place to protect against malicious actors. Task descriptions are signed, and resource proof is verified, ensuring that tasks are executed as intended, and resources are utilized according to their advertised usage.

Overall, the combination of decentralization, flexibility, and security make Golem a unique platform for computation.

Read also: What is SwissBorg (CHSB)? Understanding SwissBorg

How Many Golem (GLM) Are There in Circulation?

According to data from CoinMarketCap, as of January 10, 2023, there are 959,000,000 Golem (GLM) in circulation. The total supply of GLM is fixed at 1,000,000,000 tokens. It is worth noting that a cryptocurrency’s total supply and circulating supply can sometimes change as new tokens are created or destroyed, so it’s always a good idea to check for the most up-to-date information.

How is The Golem (GLM) network Secured?

Golem uses various security measures to protect the network and prevent malicious actors. Some of the measures used to secure the Golem network include:

Signed Task Descriptions: When users submit tasks to the network, they must include a signed task description containing information about the task and any required input data. This helps to ensure that the task is legitimate and that the input data has not been tampered with.

Resource-proof Verification: Golem verifies the correct use of computing resources using a resource-proof verification system. As a result, fraud is prevented, and users are only charged for resources they actually use.

Reputation System: Golem includes a reputation system that allows users to rate and review the performance of other users. This can help to identify reliable providers and protect against potential scams.

Security Audits: The Golem codebase is regularly audited by third-party security experts to identify and address potential vulnerabilities.

Encryption: Golem uses encryption to protect against unauthorized access to data and communication on the network.

These measures are designed to help ensure the security and integrity of the Golem network and protect against malicious actors.

How Can Crypto Investors Use Golem (GLM)?

There are a few different ways in which crypto investors can use Golem (GLM):

Buy and Pold: One option is to buy GLM and hold onto it, hoping its value will increase over time. This can be a good strategy for investors who believe the Golem project has long-term potential and want to accumulate as many tokens as possible.

Trade: Another option is to trade GLM on cryptocurrency exchanges, buying and selling the tokens as the price fluctuates. This can be a more active approach and requires more knowledge and understanding of the market.

Use The Platform: Investors can also use the Golem platform to perform tasks and earn GLM tokens as payment. This can be an excellent way to “earn while you learn” and gain a deeper understanding of the platform while potentially earning additional tokens.

Where Can You Buy Golem (GLM)?

Investors can trade GLM on exchanges like Binance, Kucoin, Coinbase, and Coinmama.

It is currently trading at 0.19 on various exchanges. 


Is GLM a good investment?

The long-term price predictions for Golem indicate that it will be a profitable investment. According to forecasts, Golem GLM will be worth $0.77 in five years, which is almost four times more profitable than it is today.

Does (GLM) have a future?

Yes, it does. Based on its use-case, it should stand the test of time and still be relevant in crypto.

Is Golem (GLM) a good cryptocurrency? 

Despite the financial and security challenges the crypto world has experienced, GLM has survived and should be worth $1 if all goes well.

Share this :