Golem Network Token

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Discover Golem Network Token's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Golem Network Token?

Golem Network Token (GLM) is a digital currency used on the Golem Network, a decentralized platform for computing power. It serves as the main store of value and incentivizes sellers to rent their computational resources to buyers. GLM is an ERC-20 token with a circulating supply of 1 billion tokens and is used for peer-to-peer transactions on the network.

How is Golem Network Token used?

The Golem Network Token (GLM) is used as a utility token within the Golem Network, facilitating various transactions and incentivizing participation. Here are the key ways GLM is utilized:

  1. Accessing the Network: GLM is required to access the Golem Network, which allows users to buy and sell idle digital resources, including spare computing power, in a peer-to-peer manner.

  2. Peer-to-Peer Transactions: GLM serves as the currency for transactions within the network, enabling users to rent or sell computational power and software deployment services.

  3. Service Fees: Requestors need to pay service fees in GLM tokens to the network, which are then distributed among suppliers who provide their computing resources for the project.

  1. Incentivizing Participation: GLM incentivizes users to participate in the network by offering rewards for providing computational resources, thus ensuring the network's functionality and growth.

  2. Economic Backbone: GLM is the backbone of the Golem Network's economy, facilitating transactions, incentivizing participation, and aligning with the project's long-term goal of creating a more decentralized and user-controlled internet ecosystem.

  3. Payment for Gas Fees: GLM tokens are used to pay for gas fees on the blockchain, which are necessary for transactions to occur.

In summary, GLM is essential for the functioning of the Golem Network, enabling transactions, incentivizing participation, and facilitating the exchange of computational resources.

How do I store Golem Network Token?

To store Golem Network Token (GLM) tokens, you can follow these steps:

  1. Hardware Wallet:

    • Buy a Ledger hardware wallet (e.g., Ledger Nano X or Ledger Nano S) to securely store your GLM tokens.
    • Buy GLM on an exchange platform using fiat currencies like euros, pounds, or dollars.
    • Transfer your GLM to your Ledger hardware wallet using the Ledger Live app.
  2. MetaMask Wallet:

    • Export your wallet address from your Golem wallet in Ethereum wallet v3 format.
    • Import the wallet address into MetaMask to manage your GLM tokens.
    • Add the GLM token manually in MetaMask by clicking "Import Token," then "Custom Token," and copying the token address from Etherscan.io.

These methods ensure the secure storage and management of your GLM tokens.

How to buy Golem Network Token?

To buy Golem Network Token (GLM) tokens, follow these steps:

  1. Create an Account:

    • Go to a cryptocurrency exchange that supports GLM, such as Cointree, CEX.IO, or Binance.
    • Register for an account by providing the required personal and identification details.
  2. Navigate to the Buy GLM Page:

    • On Cointree, click on the "Buy Golem Network Token" page.
    • On CEX.IO, go to the "Buy/Sell" tab.
    • On Binance, navigate to the "Buy Crypto" link and select Golem (GLM) and your preferred currency (e.g., USD).
  3. Specify the Purchase Amount:

  • Enter the amount of your local currency (e.g., AUD or USD) you want to spend on GLM.
  • Review the current market price and fees associated with the purchase.
  1. Confirm the Purchase:

    • On Cointree, confirm your purchase, and the GLM tokens will be instantly delivered to your account.
    • On CEX.IO, provide your card details to complete the purchase.
    • On Binance, you have 1 minute to confirm your order at the current price. After 1 minute, the order will be recalculated based on the current market price.
  2. Store or Use Your GLM:

    • Once you have purchased GLM, you can store it in your personal crypto wallet or hold it in your exchange account.
    • You can also trade GLM for other cryptocurrencies or use it to access the Golem Network for decentralized computing services.

Remember to carefully consider your investment experience, financial situation, investment objectives, and risk tolerance before making any investment decisions. Cryptocurrency prices are subject to high market risk and price volatility.

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History of Golem Network Token

The Golem Network Token (GLM) has a significant history that began with the initial token, GNT. Here is an overview of the key events:

  • 2016 Crowdfunding: The Golem Network crowdfunding started on November 11, 2016, and reached its target within 29 minutes. During this period, 1,000,000,000 Golem Network Tokens (GNT) were created, raising 820,000 ETH, which was 100% of the fundraising cap.

  • GNT Token: GNT was the initial utility token of the Golem Network. It was used for various functions within the network, including payments from requestors to providers for resource usage, deposits by providers and software developers, and participating in the software validation and certification process.

  • Token Migration: In November 2020, Golem began a token migration, where original GNT tokens were migrated to GLM 1:1 ERC-20 tokens. This change was necessary as Golem’s new transaction framework was built on Ethereum’s Layer 2, requiring ERC-20 tokens.

  • GLM Token: GLM is an ERC-20 network token that utilizes a proof-of-stake (PoS) consensus mechanism. It is used to access the Golem Network and facilitates peer-to-peer transactions for renting idle digital resources, including spare computing power.

  • Current Status: GLM is now live on major centralized exchanges and Uniswap, and it serves as the main store of value on the network, incentivizing sellers to rent their computing power in exchange for GLM-based payments provided by buyers.

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How Golem Network Token works

The Golem Network Token (GLM) is a crucial component of the Golem Network, a decentralized platform that enables users to buy or sell excess computing power in a peer-to-peer manner. GLM serves as the primary medium of exchange within the network, facilitating transactions and incentivizing participation from both requestors and providers.

GLM Tokenomics

The total supply of GLM tokens is capped at 1 billion units, ensuring scarcity and potential value appreciation. The initial allocation was distributed among crowdfunding participants, Golem Factory GmbH, and the Golem team. This fixed supply ensures that no additional tokens will be created post-crowdfunding, maintaining the token's value.

GLM in Transactions

GLM tokens are used for various transactions within the Golem Network. Requestors need to pay service fees in the form of GLM tokens to access computational resources. Similarly, providers receive a portion of the service fee in GLM tokens for their participation. This creates a seamless and decentralized system where users can easily access and monetize their computational resources.

GLM's Role in the Network

GLM acts as the backbone of the Golem Network's economy, facilitating transactions and incentivizing participation. It aligns with the project's long-term goal of creating a more decentralized and user-controlled internet ecosystem. The token's utility is integral to the network's vision of democratizing access to computing power, making it more accessible and affordable for users.

GLM's Innovative Use Cases

GLM's innovative use cases include its role in the Golem Network's proxy-free, censorship-resistant protocol. This allows users to supply and lease providers' idle hardware in a peer-to-peer manner, creating a shared and alternative economy where users earn passive income by leasing their hardware. GLM also enables the creation of a pay-for-usage model, eliminating infrastructure demands and barriers to entry for computing power.

GLM's Accessibility

GLM tokens are easily accessible through popular cryptocurrency exchanges, making it simple for users to participate in the Golem Network. The token's ERC-20 compatibility ensures seamless integration with the Ethereum blockchain, further expanding its usability.

In summary, the Golem Network Token (GLM) is a utility token that powers the Golem Network, enabling decentralized and peer-to-peer transactions for computing resources. Its fixed supply, innovative use cases, and accessibility make it a crucial component of the network's vision for a more democratic and efficient computing ecosystem.

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Golem Network Token's strengths

The Golem Network Token (GLM) has several strengths that contribute to its value and utility within the Golem ecosystem:

  1. Decentralized Computing Power: GLM facilitates a decentralized market for computing resources, allowing users to buy and sell excess computational power in a peer-to-peer manner. This democratizes access to computing power, making it more accessible and cost-effective.

  2. Incentivization: GLM incentivizes Providers to rent out their computing power, ensuring a steady supply of resources for Requestors. This creates a robust and reliable network for complex computations.

  3. Limited Supply: The total supply of GLM is capped at 1 billion units, which helps maintain scarcity and potential value appreciation. This limited supply also acts as an anti-inflation mechanism.

  1. Censorship-Resistant: GLM operates on a censorship-resistant protocol, ensuring that tasks are not centralized with a single provider node. This gives developers more control over their computations and data.

  2. Multi-Purpose Platform: Golem aims to be a multi-purpose platform, offering a wide range of applications beyond just 3D rendering, such as artificial intelligence, cryptocurrency mining, and CGI rendering.

  3. User-Controlled Internet Ecosystem: GLM is integral to Golem’s vision of a decentralized Web 3.0, where users have more control over internet usage and data sharing. This aligns with the project’s long-term goal of creating a more decentralized and user-controlled internet ecosystem.

  1. Ease of Use: Tools like SLATE simplify the process of using the Golem Network, making it more accessible to a broader range of users.

  2. Scientific Recognition: Golem Network has been recognized for its applications in scientific projects, such as simulating the origins of life on Earth, further solidifying its credibility and potential.

These strengths collectively contribute to the value and utility of the Golem Network Token (GLM) within the decentralized computing space.

Golem Network Token's risks

The Golem Network Token (GLM) is associated with several risks. These include:

  • Cryptographic Risks: The token is highly volatile due to factors such as adoption, speculation, technology, and security risks. The cost of transacting on the Ethereum blockchain can also increase at any time, impacting activities on the network.
  • Regulatory Risks: The Golem Network and Ethereum could be impacted by regulatory inquiries or actions, which could limit the ability to continue developing or accessing the network.
  • Security Risks: The network is highly experimental, and any real ETH or GLM sent to insecure software are at risk of being lost indefinitely.
  • Market Risks: The token's value can fluctuate significantly, and the company cannot be held liable for such fluctuations or increased costs.
  • Reputation Risks: The network has a grading system for buyers and sellers, and a supplier's reputation is determined by the accuracy of completing tasks and the authenticity of results. Requestors' ranks are affected by timely payment and task errors.
  • Experimental Nature: The software is provided "as is" and is likely to contain bugs, defects, or errors that can affect the network's functionality or performance.

These risks highlight the importance of understanding the intricacies of the Golem Network and its associated tokens before engaging with the platform.

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Did Golem Network Token raise funds?

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Golem Network Token’s team

  • Julian Zawistowski: CEO and Founder, responsible for creating software projects that aim to go beyond the 140-character limit.
  • Piotr 'Viggith' Janiuk: CTO and Co-founder, an experienced computer programmer with a deep interest in cutting-edge technology.
  • Andrzej Regulski: COO and Co-founder, a manager and consultant with experience in creating a successful consulting firm.
  • Piotr Janiuk: CEO.
  • Paweł Burgchardt: Chief Product Officer.
  • Przemysław Rekucki: Chief Technology Officer.
  • Szymon Paluch: Strategy & Product Manager.
  • Kamila Tarnogorska: Project Management and Office Manager.
  • Wojciech Ługowski: Legal Advisor.
  • Marcin Benke: R&D Advisor.
  • Arkadiusz Cybulski: Head of AI/GPU.
  • Witold Dzięcioł: Senior Software Engineer.
  • Piotr Gerke: Senior Marketing Manager.
  • Jacek Laskowski: Project/Product Manager.
  • Eliza Lesiak: HR Generalist.
  • Aleksandra Mohandass: Head of Accounting and Administration.
  • Tomasz Pyl: Technical Product Owner.
  • Dariusz Rybi: Software Engineer.
  • Mateusz Srebrny: Agile Coach.
  • Sieciech Czajka: Senior Software Engineer.
  • Lucjan Dudek: Software Engineer.
  • Marcin Gordel: Software Engineer.
  • Przemysław Grzywacz: Senior Software Engineer.
  • Przemek Idzkiewicz: Senior Software Engineer.
  • Michał Jarecki: HR & Office Assistant.
  • Phillip Jensen: Technical Product Owner.
  • Kamil Koczurek: Software Engineer.
  • Seweryn Kras: Software Engineer.
  • Stanisław Krótki: Senior Software Engineer.
  • Stanislaw Piwowarczyk: Dev-ops.
  • Grzegorz Pociejewski: Senior Software Engineer.
  • Iago Romero: Marketing & PR Manager.
  • Kinga Strej: Administrative and Accounting Assistant.
  • Przemysław Walski: Software Engineer.

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