What Is Golem (GLM) Crypto? Read The Explanation Here

Bittime - Find out everything you need to know about Golem (GLM) crypto, including how it works, tokenomics, and its future potential here!

What is a Golem (GLM)?

Golem (GLM) is an Ethereum-based token that functions as a tool to access the Golem network. As token ERC-20, GLM allows users to rent unused computing power from providers, turning them into currencies in peer-to-peer transactions. 

These tokens are used to pay for services within the network, including digital resource rentals that include spare computing power.

Functions and Uses of GLM

As a utility token, GLM plays an important role in the Golem ecosystem. Users who rent out their computing power will receive GLM in exchange for the services provided. 

Currently, GLM has been listed on various centralized exchanges and platforms such as Uniswap, making access easier for investors.

How to Buy GLM

To carry out a GLM transaction, it is important to check the latest contract address, namely:
0x7DD9c5Cba05E151C895FDe1CF355C9A1D5DA6429. 

Make sure to verify this address before making a transaction at Uniswap. You can also check further information about the GLM token on CoinGecko and Etherscan.

Migration from GNT to GLM

The migration from the previous token, GNT, to GLM started at the end of 2020 and is still ongoing today with no specific time limit. Users can migrate at a 1:1 ratio. 

This process aims to align the maximum total supply to 1,000,000,000 tokens.

Users who wish to view migration status in real time can utilize the available migration tracker. If you experience difficulties in the migration process, you can contact the support team via email: migrate@golem.network.

Crowdfunding Golem 2016

Crowdfunding for Golem Network started on November 11, 2016 and managed to reach the target in just 29 minutes. 

The total tokens created was 1,000,000,000 GNT, with funds raised reaching 820,000 ETH, meeting 100% of the set target.

Golem's Goals for 2024

Focus on Increasing GPU Power

Golem plans to leverage GPU capabilities to enhance artificial intelligence (AI) and machine learning (ML), making advanced computing power more accessible to the public.

Protocol Optimization to Increase Traffic

The Golem team will focus on adapting and scaling the protocol to efficiently handle increasing network traffic, in line with evolving user needs.

Project Development Support with Golem Technology

Golem is committed to supporting and developing projects that leverage their technology, creating an innovative ecosystem that encourages collaboration.

A Brief History of Golems

Golem Network started in 2014 when a group of blockchain enthusiasts introduced their vision at the DEVCON0 conference. Since then, the project has experienced significant developments, including the transition to GLM tokens in 2020 and the launch of new features to improve the user experience.

A little about Whitepaper Golem

Golem (GLM) is an innovative project that aims to create a decentralized computing network, allowing users to rent and sell computing power on a peer-to-peer basis. 

The Golem whitepaper describes the vision and operational mechanisms of this network, designed to connect providers and requesters of computing resources. 

In this ecosystem, the GLM token serves as the primary asset, used for transactions within the network, including computing power rental and payment for services.

The whitepaper also highlights Golem's long-term goal of creating a more decentralized and user-managed internet ecosystem, as well as addressing challenges in the traditional cloud computing industry. 

With this approach, Golem seeks to be a pioneer in the decentralized computing revolution, offering more inclusive and efficient solutions for all users.

Tokenomics Golem (GLM)

Total Supply: Golem has a total supply of 1,000,000,000 GLM tokens, all of which are already circulating on the market.

Token Function: GLM functions as a utility token within the Golem network, allowing users to pay and receive payments for leasing computing power. Users can earn GLM by renting out unused computing power.

Markets and Liquidity: GLM can be traded on various major crypto exchanges, including Bitget, WhiteBIT, and Hotcoin, providing liquidity for investors.

With this tokenomics structure, Golem aims to create a global market for decentralized computing power, allowing users to utilize their resources efficiently and economically.

Conclusion

Golem (GLM) offers an innovative solution in computing power rental with a decentralized approach. With the growth of its ecosystem and future development plans, Golem has the potential to become a key player in the world of distributed computing and blockchain. 

If you are interested in investing or using their services, make sure to follow the latest developments from the Golem network and take advantage of the potential offered by GLM.

FAQs about Golem (GLM)

1. What is Golem (GLM)?

Golem (GLM) is an Ethereum-based token used in the Golem network to rent and sell computing power on a peer-to-peer basis.

2. How to buy GLM?

You can buy GLM on various crypto exchanges, including Uniswap and other centralized exchanges. Make sure to check the official contract address before transacting.

3. What happens to GNT tokens?

GNT tokens have been migrated to GLM at a 1:1 ratio since late 2020. This migration process aims to align the total supply to 1 billion GLM tokens.

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Reference

Golem Official Website, www.golem.network, Accessed February 17, 2025

Author: IN