Golem: The Decentralized Platform for Computing Power

Golem: The Decentralized Platform for Computing Power

Golem is a platform that enables anyone to rent out their idle computing power or access additional resources as needed. It is built for the open-source community and supports a variety of projects from rendering, machine learning, scientific computing, and more. In this post, we will explore the features, trends, updates, analysis, and outlook of Golem and its native token GLM.

Coin Introduction and Features

Golem was founded in 2016 by Julian Zawistowski, Andrzej Regulski, Piotr Janiuk, and Aleksandra Skrzypczak, who are also the founders of Imapp, a software development company. The white paper for Golem was published in November 2016, and the crowdfunding campaign was launched and completed on the same day, raising over 820,000 ETH in 29 minutes. The mainnet of Golem launched in April 2018, after two years of development and testing.

Golem’s core technology is a peer-to-peer network that connects users worldwide, allowing them to share their unused computing power or access additional resources as needed. This approach not only democratizes access to digital capabilities but also fosters a community where everyone can contribute and benefit. Golem uses an Ethereum-based payment system to facilitate transactions between providers, who offer computing resources, and requestors, who utilize these resources.

Golem’s native token is GLM, an ERC20 utility token that powers the Golem network. GLM is used to pay for the services and fees on the network, as well as to stake and participate in the governance of the network. GLM holders can also upgrade their tokens to the new token standard, ERC-677, which enables batch transfers and meta-transactions. GLM was formerly known as GNT, but was migrated to GLM in November 2020 to improve the compatibility and functionality of the token.

Market Analysis and Trends

GLM is currently trading at $0.7224 USD with a 24-hour trading volume of $1,723.52 USD1. It has a circulating supply of 1,380,688,920 GLM and a total supply of 1,000,000,000 GLM1. It ranks #5334 on CoinMarketCap with a market capitalization of unavailable1.

GLM has experienced significant price fluctuations in the past year, reaching a high of $0.2447 USD on February 12, 2021 and a low of $0.01431 USD on March 13, 20201. The price movements of GLM are influenced by various factors, such as:

• The demand and supply of computing power and the adoption of Golem’s platform and services.
• The development and innovation of Golem’s technology and products, especially the integration with other platforms and protocols, such as Ethereum, Layer 2 solutions, IPFS, and zkSync.
• The competition and collaboration with other projects and platforms in the decentralized computing space, such as iExec, SONM, and Dfinity.
• The regulatory and legal environment and the compliance of decentralized computing services with different jurisdictions and standards.
• The sentiment and behavior of the crypto community and the general public towards decentralized computing and Golem.

Project Updates

Golem is constantly working on improving its platform and products, as well as engaging with its community and partners. Some of the recent updates and announcements from Golem are:

• Golem Alpha 3: Golem released the third version of its alpha on March 10, 2021, which introduced new features and enhancements, such as support for Layer 2 payments via zkSync, integration with IPFS for data transfer, and improved user interface and experience2.
• Golem GLM Migration: Golem enabled the migration of GNT tokens to GLM tokens on November 19, 2020, which improved the compatibility and functionality of the token. GNT holders can migrate their tokens to GLM at a 1:1 ratio using the migration tool or supported exchanges3.
• Golem Hackathon: Golem launched the hackathon, a coding competition to encourage developers to build applications using Golem’s technology, on February 2, 2021. The hackathon offered prizes worth over $30,000 in GLM and other tokens, as well as mentorship and feedback from the Golem team and experts4.

Analysis and Recommendations for Investments

Golem is a promising project that aims to provide a decentralized platform for computing power. It offers a unique and innovative solution for sharing and accessing computing resources on a global scale, using peer-to-peer technology. Golem enables users to leverage the benefits of blockchain technology, such as transparency, efficiency, and interoperability, while protecting their privacy and security.

GLM is a valuable token that enables users to access and benefit from Golem’s platform and services. It also represents a stake and a voice in the governance of the network, as well as the potential integration with other platforms and protocols. GLM holders can look forward to the development and innovation of Golem’s technology and products, as well as the growth and support of the Golem ecosystem.

Therefore, we recommend GLM as a good investment for long-term holders who believe in the vision and potential of Golem and decentralized computing. However, we also advise investors to do their own research and due diligence, as well as to be aware of the risks and uncertainties involved in the crypto market.

Outlook and Community Response

Golem has a positive outlook for the future, as it continues to develop and innovate its platform and products, as well as to expand and engage its community and partners. Golem has a clear roadmap and vision for 2021 and beyond, which includes:

• Golem Beta: Golem plans to launch the beta version of its platform in Q2 2021, which will mark a major milestone for the project and the decentralized computing industry. The beta will offer a stable and secure platform for computing power, as well as a new application registry and developer portal.
• Golem Integrations: Golem plans to integrate its platform and services with other platforms and protocols, such as Ethereum, Layer 2 solutions, IPFS, and zkSync. These integrations will enhance the functionality and utility of Golem, as well as create new use cases and opportunities for computing power.
• Golem Ecosystem Growth: Golem plans to grow and support its ecosystem of developers, users, and partners, who will use and contribute to Golem’s platform and services. Golem will also collaborate with other projects and platforms in the decentralized computing space, as well as with regulators and policymakers, to foster the adoption and innovation of decentralized computing.

Golem has a positive community response, as it has a loyal and active fan base, as well as a strong and reputable team and advisors. Golem has over 200,000 followers on Twitter, over 20,000 members on Discord, and over 10,000 subscribers on Reddit1. Golem also receives positive feedback and recognition from various media outlets, industry experts, and influencers, such as CoinMarketCap, CoinGecko, and Coinbase.