What is Golem (GLM)?

What is Golem (GLM)?

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.





Developers



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.





In reference to statistics from Coinmarketcap on October 11, 2021, GLM is ranked as the 124th highest in terms of market capitalization, with around 537 million U.S. dollars or around 18 billion Thai baht. GLM’s total supply is fixed at 1,000,000,000 GLM with a current 1 billion GLM in circulation. 



Additionally, GLM once made an all-time high at 41.97 baht and is hovering around the price of 18.51 baht at the time of writing.





Conclusion



In summary, GLM is an ERC-20 standard token that is used as payment for renting or borrowing computational power, while also being the Golem platform’s utility token, helping users rent power from supercomputers through the decentralized internet connection. The acquired power could be put to various uses, such as CGI graphics, etc.





Reference: 



Medium ,Coinmarketcap, Whitepaper

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