Golem Network is a decentralized peer-to-peer computing platform that aims to create a global supercomputer. Golem enables users to rent out their idle computing resources, such as CPU or GPU power, in exchange for GLM tokens. These tokens can also be used by individuals and organizations to access computing power for various tasks, such as rendering 3D graphics, scientific simulations, machine learning, and more.
Golem Network utilizes blockchain technology to facilitate the sharing of computational resources and payments between participants. It aims to create a more efficient and cost-effective way of accessing and utilizing computing power compared to traditional centralized cloud computing providers.
Julian Zawistowski founded the Golem Network. The initial concept for Golem was introduced in a whitepaper titled "Golem: Worldwide Supercomputer" published in November 2016. Julian Zawistowski and his team envisioned a decentralized platform that would allow users to share and utilize computing resources globally. The Golem Network aims to create a distributed supercomputer by harnessing the power of participants' idle CPUs and GPUs.
The Golem Network's Initial Coin Offering (ICO) took place in November 2016, raising funds for the development of the project. The mainnet of Golem was launched on April 10, 2018, marking an important milestone in the project's development.
The primary purpose of the Golem Network is to create a decentralized and global supercomputer that allows users to share and utilize computing resources in a peer-to-peer manner. The network's goal is to enable more efficient and cost-effective access to computational power compared to traditional centralized cloud computing providers.
Golem aims to harness the combined power of participants' idle CPUs and GPUs to create a massive and decentralized computing network. This network can be used for various computationally intensive tasks such as rendering 3D graphics, scientific simulations, machine learning, and more.
Individuals and organizations can share their unused computing resources on the Golem Network and earn rewards in the form of GLM tokens. This sharing economy model allows participants to monetize their hardware when they are not actively using it.
Golem strives to provide accessible and affordable computing power to users globally, particularly those who might not have access to high-end hardware or expensive cloud computing services.
Golem is designed to support a wide range of use cases and applications. Developers can create and offer software solutions on the Golem platform, making it a versatile ecosystem for various industries.
The Golem ecosystem involves three main participants: resource requestors, providers, and software developers, each with distinct incentives.
Currently, Golem's initial version, named Brass, specializes in CGI computing. It supports templates like Blender and Luxrender for graphics creation.
Here's the process:
- 1. A user selects a template, adds task details, and sends it to the Golem network for rendering.
- 2. A resource provider chooses a task, proposes a price and computing power, and starts processing upon agreement.
- 3. Completed results are sent back to the user after verification.
- 4. Golem's payment system executes payment via Ethereum smart contract.
Golem has devised a method to expedite the process of procuring and utilizing computational power. This involves segmenting task requests, originating from Requestors and destined for Providers, into smaller, more manageable units. This innovative approach decentralizes cloud computing services through automation, leading to enhanced cost-efficiency achieved via task fragmentation.
Furthermore, Golem places the reins of control over the peer-to-peer (P2P) marketplace directly in the hands of its users. This is achieved by seamlessly connecting Requestors and Providers, all driven by the specific task template. Unlike conventional cloud computing service providers that operate under a centralized model, where a single entity sells resources and reaps user profits, Golem's Providers receive direct compensation for their rendered services. This setup facilitates the opportunity for anyone to become a service provider on Golem, earning GLM tokens in the process.
Golem's reputation system ensures fairness, using factors like accuracy and payment speed. It maintains equality among users. Other Golem components include the Application Registry for developers to publish helpful dapps and the Transaction Framework for standardized transactions in Golem apps.
Golem aims to reduce the concentration of computing power and data in centralized data centers by distributing tasks across the network. This contributes to increased resilience, security, and censorship resistance.
Golem's architecture empowers task execution based on Requestor templates. Each request includes source code, task division commands, node approval, and ledger verification.
Additionally, Golem features a Transaction Framework and an Application Registry, expanding task options. The Registry, like Google Play, uses an Ethereum smart contract for developers to deploy tools. The Transaction Framework offers customizable components, such as off-chain payments and payout methods.
Golem encourages innovation by providing a platform for developers to create and share applications. It promotes collaboration within the community, allowing users to build upon each other's work and contribute to the growth of the ecosystem.
In 2019, drawing from their accumulated insights, the team came to recognize the imperative for an entirely fresh architectural framework. This realization aimed to construct a more comprehensive foundation for a generalized distributed computing platform.
The updated Golem platform was introduced in 2020 with a new architecture. The original GNT token transitioned to GLM starting in November 2020. GLM's total supply remains at one billion tokens, all in circulation, resulting in a current market cap of $415.6 million.
Golem has migrated the token to the ERC-20 format, aligning it with Ethereum's layer-2 transaction framework's ERC-20 token requirement.
In September 2021, Golem introduced Thorg, a mining app incorporating layer-2 payments on the Polygon network. On December 8, 2021, Golem unveiled Beta IV, featuring the new Polygon mainnet payment driver.
Recently the project team launched the Golem Portal, which is functioning as a front-end interface, and empowers effortless initiation of applications on the Golem Network. This marks a departure from the previous reliance on the CLI, introducing a user-friendly web interface that offers enhanced accessibility. It functions as an additional abstraction layer built upon the existing API and SDK, enhancing user experience.
A notable aspect of the Golem Portal is the introduction of deployment visualization. This feature offers a comprehensive overview of the intricate steps necessary to execute an application on the Golem Network. This visualization provides real-time insights into the number of active providers and the initiation times for each node, offering a glimpse into the operational dynamics of the Golem ecosystem.
The native cryptocurrency token of the Golem Network is GLM, which stands for Golem Network Token. It is used within the Golem ecosystem for transactions, payments, and accessing computational resources.
Currently, there are 1 billion GLM tokens in circulation. Golem, similar to other cryptocurrencies, has a controlled supply of coins. This means there's a maximum number of tokens that will ever be made, which helps prevent too many from flooding the market and keeps the currency from losing value over time. All the GLM tokens that will ever exist have already been generated.
Average Fees on the Golem Network
There are no gas fees on the Golem network, however, to migrate tokens to the other network users still have to pay a fee, which will depend on the particular network (Ethereum or Polygon).
GLM Token Wallets
The GLM token can be held in the majority of popular crypto wallets, including MetaMask, MyEtherWallet, Ledger Nano, Trezor, Trust Wallet, Exodus, Atomic Wallet, Coinbase, Guarda Wallet, Cool Wallet S, Math Wallet, imToken, etc.
