What is Golem GLM?

Golem is a blockchain platform that allows you to use the computing power of others and to share yours. For using the service, you pay with the Golem GLM token — an ERC-20 asset that was previously called GNT and existed on a dedicated blockchain.

In this article, we will dive into what Golem is and how it works, the Golem tokenomics, and how to store Golem.

What is Golem?

Golem is a decentralized computation network where everyone who needs some computing power can get it. It is a peer-to-peer network where users share a part of their hardware capability that is not currently used. Think of Golem as a decentralized marketplace for IT resources. Cloud computing existed before, but now, this system is public and user-controlled.

Let’s say you’re an engineer, scientist, developer, or computer artist who wants to perform some complex computation (Requestor). It’s expensive to buy the relevant hardware, and it makes no sense if you don’t need to carry out high-level computations frequently or you can’t be attached to the equipment located at a certain place.

Upload your task to the system. Golem will break it down into many little subtasks and spread around the network members: in Golem, all users are equal, and there is no central authority. For the job done, you pay with GLM tokens. In Golem, you can perform computation for machine learning, CGI rendering, AI, and much more.

Vice versa, if you have hardware that stands idle (Provider), connect to Golem and share your computing power so that people could solve their tasks, and get Golem GLM tokens in return.

Let’s see how the Golem architecture works on an example of a Requestor. Imagine you’re a computer artist and you have a CGI rendering task. Here’s how the process will look:

  1. As a Requestor, you use what is called a task template to ask for computational resources. This template contains the full computational logic necessary for the Golem network to process your task. You can use the existing templates or write your own one.
  2. After you submit the request, your task will be split into subtasks and sent to many nodes (Providers).
  3. Providers complete the subtasks, and then the latter go through a verification process where the correctness is confirmed. Further, the subtasks are put back together and sent to you.
  4. You pay to a smart contract with GLM that sends the tokens to the Provider.

When the task is finished, Golem runs the reputation system check to evaluate the Requestor’s and the Provider’s jobs and detect the malicious nodes, Requestors are checked whether they send error-free tasks and pay on time, and the Providers are monitored for appropriately computing the tasks and if the tasks pass the verification check.

What is Golem GNT? What is Golem GLM?

Golem GNT is the old version of the Golem token that existed before November 2020. At that time, the team announced the migration to the Ethereum-based GLM token built by the ERC-20 standard. The migration is held with no deadlines: anyone who has GNT can send them to an Ethereum wallet and get an equal amount of GLM tokens.

The migration was carried out so that the new Golem’s transaction framework could be built on Ethereum’s Layer 2 — now, the payments between Requestors and Providers go via the zkSync protocol. The old Golem token was launched back in 2016 when barely anyone knew about ERC-20, and today, there’s a convenient Ethereum infrastructure with DEXs and DeFi that Golem users can now leverage.

Golem is used as a means of payment in the Golem network: Requestors pay in GLM for using the computing power of the network members, and Providers receive the token. Initially, when Golem was launched in 2016, a token sale was held. 82% of tokens were distributed among the network participants, 12% among the operating company, and 6% went to the founders.

What’s the story of Golem?

Golem was invented by a few blockchain enthusiasts led by Piotr Janiuk. They wanted to build a proxy-free and censorship-resistant protocol that would allow accessing the computing power from anywhere in the world.

The team presented their concept at the DevCon 0 conference in 2014. Two years later, Golem raised $8 million in an ICO. In 2018, Brass Golem Beta on the Ethereum mainnet was launched. In 2019–2020, the team was working on rebuilding the platform’s architecture, and in March 2021, the ‘first official, albeit still experimental’ Golem mainnet called Yagna was launched.

What is the Best GLM Wallet?

Recently, Golem migrated to the Ethereum mainnet. It became an ERC-20 token, so now you can store it in any wallet that supports Ethereum-based crypto assets. The choice depends on the following: how often you are going to move your coins; is usability or security your top priority; do you want to store all your cryptocurrencies in one place.

MetaMask

This is a wallet that millions of Ethereum fans prefer. It supports ETH, all ERC-20 tokens, and tokens from some other chains including Binance Smart Chain. If you want to make the most of the Ethereum ecosystem and move your assets often, this will be your choice. MetaMask is available for iOS, Android, and as a Chrome extension.

Ledger Nano S

This hardware wallet is famous for its ultimate security: the private keys are stored offline on a device that looks like a flash drive, so it’s physically nearly impossible for hackers to reach your crypto. Ledger supports over 1000+ crypto coins and costs $59. Use it if security is above all for you and you’re not going to move your coins often (otherwise it will be just uncomfortable as you will have to bring the device to send a transaction).

Trust Wallet

This is a multi-asset software wallet preferred by 10M+ users worldwide. If you want to have access to your crypto with no extra devices from your mobile phone or laptop, and if you want all your coins including BTC and ETH stored in one place — this is your choice. In Trust Wallet, you can swap cryptos, buy some with your credit card, monitor Golem price charts, and access Ethereum DApps.

Bottom line

Golem is one of the first protocols for decentralized computing that created an alternative to cloud computing services. In Golem, you can request processing of your tasks which will be done using the network users’ redundant hardware capability, and share your computing power with the requestors. One would buy the Golem token if wanted to use the Golem network or if wanted to get potential profits from its price dynamic. Such wallets as MetaMask, Ledger Nano S, and Trust Wallet are the best ones for Golem GLM storage.

--

--

--

ChangeNOW is an instant cryptocurrency exchange service for limitless crypto conversions. We support over 200 coins and are account-free! https://changenow.io/

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

The Varying Types of Security Tokens

PinkSale and Exnetwork Strategic Partnership

Features of holding FXC coin in your wallet

FXC crypto coin

How to Earn on DeltaFi? On-chain Trade Farming

[ANN] Token Swap Announcement (ERC-20 to KCT)

COLUMBUS TOKEN — AAM EXCHANGE , DEX AGGREGATOR , YIELD FARM , AND NFT MARKETPLACE

Was the US$1tr market capitalisation the last act in crypto’s independence?

Token Lexicon

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
ChangeNOW.io

ChangeNOW.io

ChangeNOW is an instant cryptocurrency exchange service for limitless crypto conversions. We support over 200 coins and are account-free! https://changenow.io/

More from Medium

Open Web3, the Next Generation Internet, with Wallet 3

Are Blockchain Art and Finance Really Decentralized?

Blockchain Use Cases as “Verbs”

Follow These Tips To Spot an NFT Scam