What is GLM and what type of service does it offer users?
GLM is a token on the Bitkub trading platform that has gained immense traction in the recent year.
However, do you know what the GLM token and Golem platform was created for?
What is Golem (GLM)?
Golem is a platform enabling users to rent or borrow computational power from supercomputers through the internet in a decentralized way, making developers or users able to do so without a central authority and costly fees.
GLM is an ERC-20 standard token used as payment for rent of the aforementioned computational power and also drives the Golem marketplace.
Requesters can propose and bid for power in GLM, while the provider would receive the GLM after tasks are accomplished with the computational power, wherein the price limits can be set manually.
Golem Factory was founded in Switzerland in 2016 by Julian Zawistowski, Andrzej Regulski, Piotr Janiuk and Aleksandra Skrzypczak with the initial goal proposed in November 2014 at the DevCon-0 convention, an event for Ethereum technology enthusiasts.
After their proposal at DevCOn-0, the Golem team started developing their platform, up until they finally opened up a public fundraising on November 11, 2016.
Unique Points and Interesting Technology
The Golem platform is responsible for connecting computers in a Peer-to-Peer (P2P) network to allow users requesting computational power to borrow from various providers without the need for a central server or authority.
Once acquired, the power could be put to various uses by the requester, such as creating CGI graphics (Computer Generated Imagery), which would have been difficult or impossible to achieve on their own for certain users.
Additionally, Golem functions on the Ethereum network, allowing payments between providers and requesters to be direct.