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Golem (GLM)ETH

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Golem (GLM) Price Statistics

  • price

    Price (USD)

  • supply

    Circulating Supply

  • volume

    Volume (24h)

  • marketcap

    Market Cap

  • dry

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    $0.334374 - $0.36447
  • change

    Change (24h)


Golem Crypto: Freedom to Develop and Create

Renting and paying for computational power can be a daunting task in the world of crypto. However, thanks to projects like Golem things become so much easier. In order to provide an on-demand computational peer-to-peer market, Golem was introduced on the second-largest network two years after Golem Factory made a pitch for it in 2016. The project's primary goal is to provide people with insufficient processing power with computational capability for a variety of applications. Let’s take a closer look at the Golem crypto and its main characteristics to analyze its perspectives.

Golem (GLM) Overview

Golem is a blockchain-based platform that lets users purchase and sell processing power for a range of uses, such as mining cryptocurrencies, producing computer graphics, artificial intelligence, and other sophisticated tasks requiring a lot of processing power. Golem is a global decentralized supercomputer network that empowers people to rent their spare resources, powering data analysis, predictive modeling and so much more. It is an example of a user-controlled, decentralized version of this type of traditional service that is independent of other parties and centralized authority.

Through Golem, users can sell their spare computer power to other users who are too resource-constrained to work on complex tasks that demand more processing power to complete. In return for their services, users who sell their resources are paid by network purchasers with GLM tokens. The cost is determined by the quantity of computing power that is rented.

By dividing work into smaller parts, Golem efficiently creates a peer-to-peer (P2P) market for computing resources, allowing the system to grow appropriately and create a distinct user-dependent market. GOLEM token or GLM crypto acts as the primary store of value for the network. Sellers are encouraged to rent their processing capacity by the GLM token in return for GLM-based payments made by purchasers.

Golem Factory, which Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski, and Piotr Janiuk co-founded, was responsible for creating Golem. Golem Factory was founded in 2016 and was responsible for the creation and introduction of the Golem Network in 2018.

Golem: Principles of Work

Golem operates by handling requests, matching together buyers and sellers according to the specific request. Those who purchase processing power on the Golem's Network are referred to as Requestors. The Golem system allows Requestors to submit requests, which it then analyzes, verifies, and utilizes to link the requestor with the relevant resources. Consider CGI rendering, an application of the Golem network that can be computationally demanding and occasionally slow. CGI artists can use Golem to finish tasks for them instead of paying for cloud-based services or waiting for their own machine to finish a task. The system rents out some of the processing power from many users and divides the task into smaller chunks of the original task.

Golem can finish tasks for the Requestor, including rendering CGI elements that demand a lot of processing power. Golem divides the task and completes it nearly quickly using fractions of computing power offered by sellers in the peer-to-peer market, as opposed to waiting for the work to be finished by traditional cloud computing service providers, who can be rather expensive and slow.

To request computing resources, the Requestor will use a task template, which contains all the necessary information for the Golem Network to complete the desired task. Users can create their own task template or submit a request using one of the pre-existing templates; Golem will automatically verify the request. After receiving the finished product, the Requestor pays the Provider (seller) immediately through a Golem system contract.

Golem grades the buyers and sellers who utilize its marketplace based on a reputation system that is applied when a task is finished.

The system facilitates: 

  1. Detecting malicious nodes.
  2. Giving a measurement for accurately routing tasks in the evaluation.

The reputation system for Requestors keeps track of timely payments and whether the task's computation by Providers reveals any inaccuracies.

Based on how well they can compute a task and whether the task passes a verification check when it is returned, Providers are ranked. 

Golem: Unique Computing Network

Golem discovers a mechanism to divide task requests from Requestors to Providers into smaller tasks in order to expedite the process of purchasing and utilizing computational resources. By automating processes, this approach decentralizes cloud computing services and reduces costs by breaking up operations into smaller parts.

Golem connects Requestors and Providers according to the job template, giving consumers power over the P2P market. On Golem, anybody can become a service provider and earn GLM, unlike traditional cloud computing service providers where a central authority sells the resources and keeps the revenues from consumers. Users are encouraged to sell their processing power through the system, and Requestors can obtain the resources they require for less money than they would pay for standard cloud computing.

GLM Crypto Overview

There are 1,000,000,000 GLM in use right now. Golem, like many other cryptocurrencies, has a finite amount of coins. The capped supply serves as an anti-inflation device by limiting the total number of tokens that can ever be issued. Every GLM coin that ought to be in circulation has already been produced.

The Golem market cap is equal to the quantity of Golem tokens in circulation multiplied by the current GLM market price. The market capitalization indicates Golem's position relative to other cryptocurrencies as well as its market share and level of domination. The token can be used for:

  1. Paying for services: GNT is the Golem network’s digital asset token used to pay for services. 
  2. Exchange: Users can purchase and trade Golem for fiat money or other digital currencies.
  3. Trading: Users can buy Golem cryptocurrency through a cryptocurrency exchange and save in a wallet if they believe the prices will move up soon.

Is Golem Crypto a Good Investment?

Looking at the last quarter of 2023, the cryptocurrency market shows promising signs of a potential rebound. This might mean that it shows signs of moving to the stage of growth and the end of the so-called crypto winter. Under these circumstances, altcoins are likely to continue growing in price, and this might include Golem crypto. However, Golem is, just like all other cryptocurrencies, a risky investment. It does have higher probability of going up than down because of the number of its potential use cases, well-designed tokenomics, active community and a solid team behind it.

Golem Price Prediction

In general, experts believe that GLM token may grow in price by 2030. For instance, CryptoNewsz experts think that by this time, Golem crypto will reach $2.11. This is a moderately optimistic forecast: DigitalCoinPrice analysts believe that GLM crypto will cost even more: according to their website, by 2030, Golem coin will cost at least $2 and $3.09 at its peak.

How to Buy Golem Coin?

StealthEX is here to help you buy GOLEM crypto coin. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1400 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

Just go to StealthEX and follow these easy steps:

  1. Choose the pair and the amount you want to exchange — for instance, BTC to GLM. 
  2. Press the “Start exchange” button.
  3. Provide the recipient address to transfer your crypto to.
  4. Process the transaction.
  5. Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.

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