Golem (GLM): An Introduction to the Peer-to-Peer Network

Golem is a decentralized peer-to-peer network that allows users to exchange unused hardware capabilities. It operates as a marketplace for information technology resources, providing global access to computer power. The project was initiated by a group of cryptocurrency enthusiasts, led by Piotr Janiuk, with the aim of creating a censorship-resistant protocol that enables the seamless sharing of computing power across the network.

Golem's ERC-20 Token - GLM

Golem's native cryptocurrency token is called GLM, and it is based on the Ethereum ERC-20 standard. As an ERC-20 token, GLM benefits from the underlying Ethereum blockchain's features, including security, transparency, and interoperability with other Ethereum-based projects.

Key Points:

• GLM is an ERC-20 token used to access the Golem Network and facilitate peer-to-peer transactions.
• Users can rent idle computing power and earn GLM tokens in return.
• The migration from the previous Golem token (GNT) to GLM started in 2020 and has a 1:1 conversion ratio.
• The maximum total supply of GLM tokens is 1,000,000,000.

Team Background

The Golem project was co-founded by Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski, and Piotr Janiuk. Each member brought their unique expertise to create a robust and innovative network that aims to revolutionize the way computing power is utilized.

Primary Features of Golem

Golem's network boasts several features that make it an attractive option for users seeking to leverage distributed computing power:

• Ethereum Layer 2 Integration: The new Golem transaction structure is built on Ethereum's Layer 2, utilizing ERC-20 tokens for more efficient and cost-effective transactions.

• Global Community of Creators: Golem fosters a vibrant community of creators who develop innovative software solutions using the platform's computing power.

• Open-source and Customizable: The Golem Network operates on open-source technology, providing flexibility and encouraging continuous innovation and customization.

• Affordable Settlement Layer: Built on top of Ethereum's Layer 2, Golem's settlement layer enables cheaper transactions compared to operating directly on the Ethereum mainnet.

GNT to GLM Migration

The migration from Golem's previous token, GNT, to GLM began in 2020 and is ongoing. Users can migrate their GNT to GLM at a 1:1 ratio. The migration is expected to continue until the total supply of GLM reaches the same level as the original GNT token.

Key Points:

• GNT to GLM migration is not subject to a specific deadline, and it is a gradual process.
• GNTb tokens used in the legacy Golem app (Clay) can also be migrated to GLM.

How to Use Golem?

Golem serves as a utility token within the network, and users can employ it for various purposes:

• Pay for Services: GLM tokens are used to pay for services on the Golem Network, such as renting computing power.

• Exchange Golem: Users can buy, sell, and trade GLM for fiat currency or other digital assets on supported cryptocurrency exchanges.

• Trading and Investing: Traders can acquire GLM through exchanges and hold it in wallets, speculating on its future price movements.

Conclusion

Golem is a fascinating project that harnesses the power of distributed computing through its peer-to-peer network. As a utility token, GLM plays a crucial role in facilitating transactions and incentivizing users to share their computing resources. The migration from GNT to GLM ensures the continuity of the network's operations and expands its capabilities by integrating with Ethereum's Layer 2.

Golem Price Analysis

As of November 24 2024 Golem has a marketcap of $384M. This is {{percentagefromath}} from its all time high of $1.32. In terms of its tokenomics, there's a total supply of 1B with 100% currently outstanding. Keep in mind Golem has a fully diluted value of $384M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.