Golem (GLM) is an open-source, decentralized platform where one can either sell or buy computational power, building a global marketplace for computational resources that was founded in 2016. By using the blockchain, Golem is democratizing access to computational resources, allowing developers, businesses, and researchers to execute tasks like AI model training, data analysis, and rendering in a cost-effective and scalable way.
The project came into being to overcome the inefficiencies of centralized cloud computing by allowing a peer-to-peer network where participants can share their underutilized computational power. The GLM token is the ecosystem’s fuel, serving to pay for computation and incentivize resource providers.
Golem was founded by Julian Zawistowski, Andrzej Regulski, Aleksandra Skrzypczak, and Piotr Janiuk. Zawistowski is the founder of Golem, having in mind a decentralized platform, an alternative to popular cloud computing platforms. Regulski co-founded the platform, especially dealing with the economic feature of the platform and moving towards a sustainable model from both resource providers and the users. Skrzypczak and Janiuk, as Golem core technical architects, have actually developed the core infrastructure needed to make computation on the platform secure, effective, and decentralized. Their shared vision is to create a global market for computing power that is open, efficient, and accessible to all.
Golem makes it possible to share computational resources securely and efficiently. Golem connects requestors (users with computing needs) with providers who offer their idle computing resources. Tasks are distributed across the network and executed by providers. The Golem Network Token (GLM) is used to pay providers, creating an economic incentive to join the network.
Golem has integrated Ethereum’s Layer-2 solutions, providing faster and cheaper transactions, allowing for seamless payments and task execution. Golem also provides APIs to developers, enabling them to integrate decentralized computation into their applications and unlock new use cases across various industries.
GLM is an ERC-20 utility and staking token within the Golem ecosystem. Smart contracts manage task requests, payments, and settlements, ensuring transparent and trustless operations. The transactions per second (TPS) on Golem depend on Ethereum’s Layer-2 scaling solutions. By leveraging networks like Polygon, Golem achieves higher throughput and lower fees compared to Ethereum’s base capacity of 15-30 TPS. With Polygon, it can handle up to 65,000 transactions per second (TPS).
Golem has formed strategic partnerships and seen recent developments that enhance its platform and ecosystem. Golem integrated with Polygon to further enhance its scalability, allowing for faster task processing and lower transaction costs for users and providers. Golem collaborates with Filecoin, combining decentralized storage with computational power for a comprehensive solution to data-intensive tasks. Golem enables rendering tasks for Blender, a free and open-source 3D creation suite, showcasing its utility in graphics and animation. Additionally, Golem integrates with DeFi platforms to provide liquidity and stake opportunities for GLM token holders, expanding its ecosystem.
Recent developments include the release of Brass Golem, which was a major milestone, bringing a user-friendly interface and advanced task management features to the platform. Golem has upgraded its platform to support more complex computational tasks, including training AI models, big data processing, and machine learning applications. The number of computational providers and requesters on Golem’s network has increased, ensuring a healthy ecosystem of active users and developers.
Golem introduced grant programs and hackathons to attract developers to its platform, resulting in innovative use cases across health, finance, and gaming sectors. Golem plans to ensure cross-chain compatibility to target a global audience effectively. Golem aims to make its network more energy-efficient for computational power utilization, reducing energy waste and contributing to sustainability efforts. Golem has undertaken various education drives to increase awareness of decentralized computing and its applications among both technical and non-technical audiences.
As of December 25, 2024, GLM changes hands at approximately $0.38 with a market capitalization of $384 million, making it a leader in decentralized computing.
Golem reached its all-time high (ATH) of $1.25 on January 8, 2018, and its all-time low (ATL) of $0.009 on December 12, 2016. Factors affecting the price of GLM include growing platform adoption for rendering, AI, and other computational services, which increases demand for GLM tokens. Improvements in scaling solutions, resulting in cost-efficient and more efficient transactions via Layer-2 solutions, attract more users. Additionally, greater functionality of GLM in various DeFi applications, including usage and staking, increases its liquidity and demand for the token.
Golem is revolutionizing cloud computing through its decentralized platform, which allows users to share and monetize their computing power. Strategic partnerships, expanding use cases, and a growing ecosystem all contribute to Golem forging a path toward a more open and scalable future of computing. By addressing inefficiencies in traditional cloud services, Golem opens up opportunities for innovation and stays on the radar in the landscape of decentralized computing.
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FAQs
Q1. What is the use of Golem?
- A: Golem is for buying and selling computational power, enabling everything from training AI to rendering and processing data.
Q2. What is the function of GLM tokens?
- A: GLM tokens grant access to resources, ensure providers are incentivized for their contributions, and will enable DeFi opportunities on the Golem ecosystem.
Q3. What makes Golem different?
- A: Golem decentralizes cloud computing, making it more affordable and scalable than mainstream providers like AWS and Google Cloud.
Q4. How does Golem achieve scalability?
- A: Golem utilizes Ethereum’s Layer-2 scaling solutions, such as Polygon, to efficiently and inexpensively process transactions.