What is Golem? All You Need to Know About GLM

Golem (GLM) is a decentralized computing network allowing users to buy or sell excess computing power in a peer-to-peer manner.

In today’s digital era, the demand for computing resources has skyrocketed, historically dominated by tech giants offering services at premium costs. However, emerging technologies are reshaping this landscape, offering more democratic and efficient alternatives. A new market is forming by harnessing the collective power of diverse computing resources, from individual to professional scales. This market thrives on competitive pricing and accessibility, challenging traditional models with efficiency and inclusivity. It is in this innovative arena that Golem (GLM) operates, revolutionizing how we access and utilize computing power.

What is Golem (GLM)?

The history of Golem (GLM) is a testament to innovation in decentralized computing. In 2014, the seed of Golem was planted when a group of blockchain enthusiasts, led by Piotr Janiuk, presented their vision at the DevCon 0 conference. This vision was to create a proxy-free, censorship-resistant protocol for accessing global computing power.

Two years later, in 2016, the Golem Factory was founded by a team including Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski, and Piotr Janiuk. This marked a pivotal year for Golem as they successfully raised about $8.6 million in an Initial Coin Offering (ICO). During this ICO, they sold a substantial portion of their newly issued native tokens, GLM, amounting to receiving over 80% of the funds in Ethereum (ETH) based on the total ETH contributed at that time. This fundraising demonstrated significant market confidence in their project.

By 2018, the team’s hard work culminated in the launch of the Golem Network, bringing their idea of a decentralized platform for computing resources to life. This network aimed to provide resources for demanding projects without central authority involvement, a revolutionary concept at the time.

Further progress was made in 2019-2020 when the team dedicated themselves to redeveloping Golem’s architecture. This effort bore fruit in March 2021 with the launch of Yagna, the ‘first official, albeit still experimental’ Golem mainnet. This release marked a new chapter in Golem’s journey, positioning it as a key player in the decentralized computing space.

In 2023, Golem introduced a Reputation System, enhancing trust and reliability across its decentralized network by scoring providers, ensuring quality resources for requestors and fostering a fairer marketplace.

How Does Golem Work? Decentralized Computing and Ecosystem Synergy

Golem is pioneering a transformative shift in the computing landscape, moving decisively away from the centralized frameworks traditionally dominated by major technology corporations. This paradigm shift is fundamentally underpinned by the integration of blockchain technology, which introduces an innovative and revolutionary approach to the way we access and distribute computing resources. Distinctly diverging from conventional models, Golem decentralizes the entire process. This decentralization paves the way for a more democratic, efficient allocation of computational power, disrupting the status quo of the computing world.

Utilizing this groundbreaking technology, Golem establishes a robust peer-to-peer network. This network democratizes the exchange of computational resources, allowing any user, regardless of their location or status, to offer or leverage these resources. This shift not only significantly reduces costs but also markedly increases accessibility to high-powered computing capabilities.

At the core of Golem’s architecture is its blockchain foundation, which guarantees enhanced security, unparalleled transparency, and equitable fairness in all transactions. This aspect distinctly sets it apart from traditional cloud computing services. The impact of Golem in the computing arena is profound and multifaceted. It offers a scalable, cost-effective solution that is inherently resilient to common points of failure associated with centralized systems. By doing so, Golem opens the world of high-powered computing to a broader spectrum of users and applications. This inclusivity extends from individuals requiring computational power for scientific research to professionals needing intensive CGI rendering capabilities, making Golem a pivotal player in the evolution of computing.

Source: golem.network

Ecosystem Synergy

At the heart of Golem’s groundbreaking approach is its vibrant ecosystem, a dynamic and self-regulating market created through the collaboration of providers, requestors, and software developers. This ecosystem is the cornerstone of Golem’s functionality, fostering a space where each participant plays a pivotal role.

Providers are the backbone of this ecosystem, contributing their computing power which ranges from personal computers to the vast resources of large data centers. They are motivated by the opportunity to earn GLM tokens, introducing a diverse supply of computational resources. This diversity effectively challenges the traditional cloud service monopoly, democratizing access to computational power.

Requestors add vitality to the ecosystem, bringing a wide array of computational demands. These range from individual creators needing resources for small-scale projects to large enterprises with extensive computational needs. Golem’s platform adeptly matches these demands with the available supply, ensuring an efficient and balanced resource allocation.

The role of software developers in Golem’s ecosystem is instrumental. They drive continual innovation and expansion of the network’s capabilities. Their creations, made available through the Application Registry, enhance Golem’s functionality beyond basic computational tasks. This encourages a culture of ongoing innovation, crucial for the ecosystem’s evolution.

This synergistic interaction within the Golem ecosystem not only guarantees its sustainability but also nurtures a community-oriented environment. Here, innovation, efficiency, and resource sharing are not just concepts but a living reality. Consequently, Golem emerges as more than just a technological platform. It represents the future of collaborative digital ecosystems, leading the charge toward a more decentralized, equitable internet landscape. This ecosystem synergy is the essence of Golem, demonstrating the power and potential of collective effort and shared resources in the digital era.

Source: golem.network

Golem Use Cases

Golem’s versatile platform supports a range of use cases, each showcasing its potential in decentralized computing:

• CGI Rendering: The initial and illustrative use case for Golem is CGI rendering, as demonstrated with the Golem Alpha release using Blender. CGI artists can rent computing resources from the Golem network, significantly speeding up rendering times compared to traditional cloud services or personal hardware.
• Software & Microservices: With the Application Registry and Transaction Framework, Golem is an ideal platform for deploying and monetizing software and microservices. This includes both decentralized applications (DApps) and existing proprietary or open-source software, providing a new distribution channel for developers.
• Decentralized Applications Development: Golem is positioned as a building block for Web 3.0, supporting the development and operation of various DApps. This aligns with the future vision of a decentralized internet where users can securely and directly exchange content.
• Data Sharing Technologies: The platform can integrate with technologies like IPFS/Filecoin and Swarm, enhancing data-sharing capabilities and contributing to a more scalable and efficient Ethereum network.
• Broad Range of Applications: Golem aims to support many applications, from small-scale tools like note-taking apps to large-scale operations like streaming services, all running in a decentralized environment.

Each of these use cases is part of Golem’s strategic milestones, with specific Go-to-Market Strategies (GMS) tailored for software developers, requestors, and providers, ensuring the continuous growth and adoption of the Golem ecosystem.

What is the GLM Coin?

GLM is Golem Network’s cryptocurrency used for transactions within its decentralized platform. The total supply of GLM Coin is 1 billion units, of which 100% is already circulating (January 2024).

GLM Coin, the utility token of the Golem Network, plays a central role in its decentralized ecosystem. Below are its characteristics, tokenomics, and use cases.

Characteristics

GLM is an ERC-20 token based on the Ethereum platform, ensuring easy management and wide compatibility. It is the successor to the original Golem Network Token (GNT), with users able to migrate GNT to GLM on a 1:1 ratio. The migration, aimed at leveraging Ethereum’s Layer 2 solutions like the zkSync protocol, improves transaction efficiency within the network.

Source: golem.network

Tokenomics

The total supply of GLM is capped at 1 billion units, with no additional token creation post-crowdfunding. The initial allocation was 82% to crowdfunding participants, 12% to Golem Factory GmbH, and 6% to the Golem team. This fixed supply ensures scarcity and potential value appreciation.

Use Cases

GLM is used within the Golem Network for various transactions:

• Resource Payment: Requestors pay providers in GLM for using their computing power.
• Software Development Rewards: Developers earn GLM for contributing software to the network.
• Transaction Fees and Governance: It is used for transaction fees and plays a role in the protocol’s governance.
• Trading: GLM can be traded on cryptocurrency markets, offering opportunities for profit but also bearing risks.

Role in Golem’s Ecosystem

GLM incentivizes participation in the Golem Network, crucial for buying and selling computational power and for software deployment. It’s integral to Golem’s vision of a decentralized Web 3.0, offering users more control over internet usage and data sharing.

The GLM token thus serves as the backbone of the Golem Network’s economy, facilitating transactions, incentivizing participation, and aligning with the project’s long-term goal of creating a more decentralized and user-controlled internet ecosystem.

Golem Ecosystem

The Golem ecosystem, characterized by its innovative and versatile applications, stands at the forefront of decentralized computing. This dynamic network is not just a technological marvel but also a hub for creativity and practical solutions.

Golem SLATE

SLATE revolutionizes the ease of use within the Golem network. It serves as a simplified interface for writing requester scripts, eliminating the complexities of setting up the yagna daemon or preparing a specific development environment. Users only need to provide the hash for the desired gvmkit image, and functions to enumerate and process tasks. This streamlined approach, coupled with the ability to upload and download files related to the requester script, makes SLATE an accessible and efficient tool for various users.

Chess on Golem

Developed for the Golem Hackathon in December 2020, Chess on Golem showcases the network’s capability to handle and solve state-based games or problems. It employs a Node.js server to distribute chess computing tasks across the Golem Network providers, illustrating how computing power can influence the outcome of a classic chess game played by AI players. This project not only demonstrates Golem’s computational prowess but also its potential for interactive, real-time problem-solving.

DeML (Decentralised ML)

DeML introduces a framework for effortless and cost-effective Machine Learning model training across a network of computers. Utilizing principles of Federated Learning, it combines models trained on different nodes into a cohesive whole. Initially proven with the MNIST dataset, DeML exemplifies Golem’s capability in advancing the field of distributed machine learning, paving the way for more complex and beneficial models in the future.

Future Integrations

Looking ahead, the Golem ecosystem is poised for significant growth through potential integrations with various Ethereum dapps and platforms. These include payment solutions like Raiden, decentralized identity services such as uPort, and storage solutions like FileCoin and Swarm. Such integrations will not only enhance Golem’s functionality but also solidify its position in the evolving landscape of Web 3.0.

In conclusion, the Golem ecosystem is a testament to the power and flexibility of decentralized computing. From simplifying complex processes with SLATE to pioneering in distributed machine learning with DeML, and exploring the realms of gaming with Chess on Golem, the network continues to push the boundaries of what’s possible, marking itself as an essential player in the future of digital innovation and collaboration.

Is GLM a Good Investment?

Golem’s concept is undeniably visionary and serves a noble cause, aiming to democratize access to computing resources. It challenges the dominance of large, centralized cloud providers, an ambitious goal in today’s tech landscape. However, this mission is fraught with challenges, not least due to stiff competition from both traditional tech giants and emerging blockchain-based rivals like Filecoin. Success for Golem, and by extension GLM, hinges on the team’s ability to innovate continuously and stay ahead in the rapidly evolving blockchain and decentralized computing arena. Investors should consider these factors when evaluating GLM’s potential as an investment.

How to Own GLM?

To own GLM, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy GLM.

News on Golem

According to what was reported on the official Golem blog, dated January 29, 2024, Golem has launched its GPU Beta Testing Program. This initiative marks a major step in creating a decentralized infrastructure for developers and AI companies, expanding the Golem ecosystem. The first phase involves ten selected testers evaluating the GPU Provider, with their feedback crucial for future enhancements. Interested individuals can join the waitlist for the next phase, set to begin in February. This testing is pivotal for the upcoming release and continuous improvement of Golem’s GPU capabilities.

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