MarketCrypto Market

Golem (GLM) Things You need to know before Investing

What Is Golem (GLM)?

On 28 April 2016, the Golem Project was announced, led by GLM Factory. The network launched on the mainnet on 10 April 2018. The Golem Network is a decentralized computation network, a new way of distributing redundant computing power to those who require it on demand. It creates a peer-to-peer network where users join on an equal basis to buy and sell computation, splitting complicated tasks into smaller subtasks in the network. In GLM, no central authority and no user is more or less important than another.

GNT or Golem Network Token is needed to pay for computations on the network and is the currency that drives our marketplace. As a Requestor, you set a bid for an amount of GNT you are willing to pay to complete your task. As a Provider, you earn GNT by computing tasks for Requestors. You can set your minimum and maximum price thresholds in your settings.

Golem tools include:

  • GLM SDKs, which includes Requestors and Providers tutorials.
  • Execution Environments (e.g., Wasm, VM, SGX stack)
  • Python, JavaScript, and Rust API
  • Awesome Golem, a community-curated list of resources, links, projects, tools, and applications on GLM.

How Many GNT / GLM Coins Are There in Circulation?

On 11 November 2016, the GNT token sale started and finished. The token sale reached the maximum cap in 29 minutes, with 1 billion GNT tokens created and distributed. 82% of the GNT went to token sale participants, 12% to the operating company, and 6% to Golem’s founders. On 19 November 2020, the GNT token began a migration to the new token GLM, where individuals holding GNT were able to burn their old GNT tokens and receive the new GLM 1:1. It will always be possible to migrate GNT to GLM 1:1.

How did the Golem (GLM) Network begin?

Golem Factory was founded in Switzerland in 2016 by Julian Zawistowski, Andrzej Regulski, Piotr Janiuk, Aleksandra Skrzypczak

The idea for GLM Network was first presented during DevCon 0 in November 2014. The decentralized platform is intended to be the first proxy-free and censorship-resistant environment for computer-intensive projects worldwide. After introducing this concept at DevCon 0, the team worked tirelessly towards developing the Golem Network, launching a public crowdfunding event on 11 November 2016.

In 2019, based on their collective learnings, the team realized they needed a completely new architecture to build a more overarching platform for generalized distributed computing. This ultimately resulted in a new, better architecture and a new building approach designed to provide users with limitless possibilities when creating on top of GLM.

Throughout 2020, the Golem Network team has been tasked with building a completely new protocol, architecture, and codebase.

Where Can I Buy Golem Network tokens (GLM)?

GLM is available for trading on many exchanges, with cryptocurrency and stablecoin pairs currently available.

Binance offers the largest number of pairs as of October 2020, while Huobi Global also offers Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) options.

Also Read: Ankr Things You Need To Know Before Investing

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Riya Kapoor

Riya Kapoor writes about lifestyle, entertainment, news and gadgets. She has been in this industry for almost 4 years now. She is a graduate from Delhi University with English Hons and had deep connection with writing since her childhood.

Related Articles

Back to top button