Golem Price

The Golem project has created a peer-to-peer network to provide a global, distributed market of a central processor unit (CPU) power.

It's a blockchain-based software that allows users to buy and sell computational power for various purposes, including artificial intelligence, cryptocurrency mining, CGI rendering, etc. Golem is based on the Ethereum blockchain and uses Ethereum's smart contracts to provide everyone with the necessary energy at a low cost.

The Golem Network token GLM is its utility token and serves as the main store of value on the network.

Golem has an available supply of 1,000,000,000 and a total supply of 1,000,000,000 coins, alongside a $422.5M market cap and a $4.7M 24h trading volume.

You can trade GLM on various exchanges, and the top exchanges at the moment are Upbit, Binance, and Huobi.

The addresses and transactions of Golem can be explored on https://etherscan.io/token/0x7DD9c5Cba05E151C895FDe1CF355C9A1D5DA6429 and https://ethplorer.io/address/0x7DD9c5Cba05E151C895FDe1CF355C9A1D5DA6429. Golem's website is https://golem.network/. 

Check the Golem current price, market cap, circulating supply, trading volume, historical statistics, etc., along with in-depth information on several of the biggest and fastest-growing cryptocurrencies on CoinStats, one of the best crypto platforms around.

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Read on to learn everything you need to know about the Golem Network and the GLM token.

About Golem

Golem is a decentralized, open-source supercomputer that anyone can use globally. It's a blockchain-based software based on Ethereum that allows users worldwide to share computing power for complex compute tasks that demand great computing power. Anyone with access to hardware, be it a simple laptop or a huge data center, can participate in the Golem Network.

Golem is decentralized and allows users to share or rent their hardware in exchange for Golem tokens without central authorities and third parties.

Users can sell their excess computing power for GLM tokens to buyers who need it to work on complex projects that require greater computational power for execution. The price depends on the amount of rented computational power.

Currently, the supply of Golem Tokens is 1 Billion.

The GNT token was initially Golem's utility token, but in November 2020, Golem began a token migration, in which original GNT tokens could be migrated 1:1 to the new ERC-20 GLM tokens.

Golem Founders

Golem was created by Golem Factory, co-founded by Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski, and Piotr Janiuk. Golem Factory has existed since 2016 and was behind the development and the launch of the Golem Network in 2018.

In 2019 the Golem team required some change, and as a result, they transformed their entire architecture to provide limitless opportunities to their users. The team is working around the clock to provide a user-friendly platform available to anyone.

Golem's founders visualize their user-controlled network as the ideal substitute for cloud computing services and hope to supply software developers with an alternative to traditional centralized providers like Amazon, Google, Microsoft, and IBM.

The idea behind Golem is to provide computing resources for demanding projects without the involvement of central authorities. The team raised about $8.6 million in ETH in 2016 by selling more than 80% of the total supply when the project was pitched.

Golem Usage

Since Golem is designed to be a decentralized supercomputer, it works by processing requests and connecting buyers and sellers based on the request in question. The network can be used for mining cryptocurrency, AI, CGI rendering, and beyond.

Users can share their spare hardware resources and earn Golem tokens in exchange on the Golem Network. The platform is made to be mutually beneficial for users on both ends.

Users who buy computing power are known as Requestors. The Golem system processes the requests created by Requestors, validates, and connects the Requestor with appropriate resources. The system splits the task into smaller fractions and rents the computing power from multiple users in portions.

Golem can also complete the work for the Requestor, such as to render CGI elements that require major computational resources. Golem splits the task and finishes the work almost instantly with fractions of computational power provided by sellers in the peer-to-peer market.

Golem Network Security

Golem uses the Proof of Work consensus mechanism to keep the Golem Network secure and functioning properly. However, it should soon be secured with the Proof of Stake protocol once the Ethereum 2.0 upgrade is completed and the transition from PoW to PoS is final.

Golem Network also uses a reputation system rating the reputations of Providers and Requestors to keep the network safe from malicious participants and detect malicious nodes.

Additionally, as an Ethereum-based system, the Golem Network has implemented a broad spectrum of technical and organizational measures to protect the personal data of its users. However, absolute security may not be guaranteed since online data transmissions may have security gaps. To increase website protection and provide an optimal level of security, Golem Network statistically analyses all the anonymously collected data. For the utmost security, the website deletes all the collected data once it is no longer needed.

Golem Token Circulation and Predictions

As of today, since the launch of Golem Token on November 11, 2016, there are one billion tokens created and distributed.

As for the Golem price predictions, its price will mainly depend on Bitcoin. Since some predict that Bitcoin won't do much this year, there is little chance for Golem as well.

However, the crypto market is entirely unpredictable, so that no one can forecast the future of Golem. However, some prominent traders have made their predictions on Golem price to increase 3 to 4 times.

Cryptocurrency investments are subject to market risk - the market is volatile, unpredictable, and full of significant risks.

Consider your own circumstances and consult your financial advisor before relying on this information. You should also carry out your own research, including the legal status and relevant regulatory requirements, and consult the relevant regulators' websites before making any decision.

This content is for informational purposes only and does not provide financial advice, investment advice, or any other kind of advice.