Golem (GLM) Research

Golem (GLM) Research Details

Golem (GLM) Golem

INTRODUCTION

Golem is a blockchain-based software that lets users buy and sell computational power for things like artificial intelligence, cryptocurrency mining, CGI rendering, and other complicated calculations that require a lot of computing power. Golem is a user-controlled version of traditional services of the same type that is decentralized and does not rely on central authority or third parties.

Golem lets users sell their extra computing power to users who don't have the resources to work on complex projects that need more computing power. Users who sell their resources receive GLM tokens in exchange for their service, which are paid by network buyers. The price depends on how much computing power is rented.


HISTORY AND FOUNDER

Golem was developed by the Golem Factory, which Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski, and Piotr Janiuk co-founded. Golem Factory has been in existence since 2016 and was responsible for the development and launch of the Golem Network in 2018.

Golem was released in the second half of 2016, but its founder, Julian Zawitowski, is said to have come up with the idea in 2014 after seeing how powerful the Ethereum blockchain could be.


REASON TO BUILD THE PROJECT

The purpose of Golem is to provide computing resources for demanding projects without involving centralised authorities. Golem can help anyone working with graphics on any scale. Also, anyone with spare computer resources can earn money. The whole market for cloud computing is figured to be worth about $545 billion, according to estimates. Golem intends to expand beyond graphics in the future, with machine learning as its next target. 


BASE OF PROJECT

Architecture

A task template includes the complete computational logic required by the Golem network to execute the request. This includes guidelines for:

  • The source code that must be executed

  • How the task can be broken up into smaller tasks and sent to different nodes

  • How the results can be confirmed to form a complete result.

Requesters can use a template for a task that has already been made for the network or make their own. Once a requestor makes a request, the Golem network will try to programmatically fulfill it.


Reputation System

Once a task is finished, Golem uses a reputation system to rate the buyers and sellers that use its marketplace.

The system is meant to:

  • Detect harmful nodes

  • Provide a way to measure how well tasks are routed.

For requestors, the reputation system keeps track of payment timeliness and whether the task is identified as having faults when computed by providers.


USE CASE

Golem Network Token, or GNT, is used to figure out how much someone pays for the service. In other terms, it is the Golem Network's unit of payment. A user who leases computing power can set any price he or she wants, but in a free market, only fair-priced offers that benefit both parties work. All uses of the GNT token are listed below:

  • Payment methods for providers of computing resources.

  • Compensation mechanisms for Golem Network software developers.

  • GNT will be used to pay for additional interactions once the Application Registry and the Transaction Framework have been integrated.


MAJOR NEWS AND EVENTS

DATE

NEWS/EVENTS

IMPACT

22/09/2022

Golem declines as the Budblockz presale prove successful

-27% Decrease

 

17/02/2021

The price of Golem (GLM) surges after its protocol upgrade

+64% Increase

 


CONCLUSION

Golem network is one of the most dependable P2P markets for buying and selling computing resources for a variety of reasons. The development team plans to add more applications and features to the network to meet the growing demand for computing power in the future.

At the same time, Golem wants to become an important part of the decentralised internet in the future and let people who have more computing power than they need make money by selling it.


DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.