What is Golem (GLM) and How Does It Work in 2024?

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Golem (GLM) is a decentralized computing network that allows users to rent out their idle computing power and resources.

Think of it like an Airbnb for computing power – anyone with an unused GPU or CPU can earn GLM coins by sharing their hardware with those who need extra processing power for tasks like rendering graphics or running scientific simulations.

The network aims to create a peer-to-peer “supercomputer” by connecting all available resources around the world.

This eliminates the need for expensive centralized cloud providers like AWS that charge high prices and lock users into their proprietary platforms. With Golem, users have full control over their data and how their hardware is used.

What is the purpose of Golem (GLM)?

Golem GLM coin

GLM serves as the native cryptocurrency and payment mechanism for the Golem network. It is used to pay requestors for computing tasks completed and also rewards providers who share their hardware.

This allows for a decentralized marketplace for computing power to thrive without requiring fiat currencies.

How does Golem (GLM) work?

The Golem network consists of three main user types:

Requestors

Software developers and others who need extra computing power submit “requests” to the network specifying the tasks they need help completing like rendering 3D graphics.

Providers

Everyday computer users who make their excess CPU, GPU, or other resources available for others to use in exchange for payment in GLM coins.

Software Developers

Build apps that allow for new types of computing work to be distributed on the network, helping drive demand and making the platform more useful.

When a requestor submits work, the network decides which provider nodes are best suited to complete the job. The work is divided into chunks and sent to different providers simultaneously for processing.

Once finished, the results are returned to the requestor for a fee paid in GLM tokens. This fee is then distributed amongst the various providers who contributed resources.

Does Golem (GLM) have a future?

Golem GLM token future

With computing power demands ever-increasing, Golem aims to tokenize this growing market and help satisfy global demand. By decentralizing cloud computing using blockchain, the platform removes centralized control and high costs.

This could make sophisticated applications and simulations accessible to many more developers worldwide. As long as computing needs continue rising, there is a strong case that Golem fills a useful role in enabling distributed supercomputing.

Major updates also seem to be increasing the usability and appeal of the platform. For these reasons, the future does appear bright for the GLM token if the network sees wider adoption.

When Golem (GLM) launched?

The Golem project held an Initial Coin Offering (ICO) from October 13th to November 13th, 2016, raising over $8 million worth of Ether. This ICO distributed the first Golem Network Tokens (GNT) at a rate of 1 GNT for 0.00042 ETH.

In November 2021, the Golem team completed migration of the GNT ERC-20 token to the new ERC-20 compatible GLM coin to better support ongoing development. Early GNT adopters were able to swap their tokens 1:1 for the new GLM during this transition period.

Is Golem (GLM) a scam?

Golem GLM token scam

No, Golem is not considered a scam project. It was one of the earliest initial coin offerings and has made steady development progress since 2016.

The platform is run by Golem Factory GmbH, a reputable German company. Major exchanges also list GLM, giving it legitimacy compared to lesser known projects.

Of course, as with all cryptocurrencies, past performance is not a guarantee of future results. There is inherent risk in investing in an early-stage network.

But most objective reviews do not classify Golem as a scam. With continued work, it has potential to become a widely used decentralized computing platform.

Is it safe to invest in Golem (GLM)?

As with any investment, there is risk involved with purchasing GLM tokens. The primary concerns would be platform adoption not meeting expectations and price volatility typical of cryptocurrency markets.

That said, for a transparent, established project like Golem, the overall investment risk is likely lower than lesser known coins.

If only investing what one can afford to lose, researching the fundamentals, and maintaining a long-term perspective, then Golem could make for a reasonably safe cryptocurrency investment.

Just remember that guarantees of profit simply don’t exist in this space. Diversifying into several compelling projects is usually the most risk-averse approach.

Is Golem (GLM) worth it? GLM Price 2024

Golem GLM token price 2024

Over the long run, Golem has potential as a valuable infrastructure network. However, like many early-stage cryptocurrencies, its token price will likely remain very volatile in the short term.

GLM fell to below $0.10 in late 2018 before rebounding to over $0.60 in early 2021. It now trades around $0.20.

For investors willing to hold for multiple years, cost-averaging into GLM during dips could pay off handsomely if the network achieves significant adoption. But short-term traders may find the swings too unpredictable.

Ultimately, whether GLM proves “worth it” depends on an individual’s risk tolerance, time horizon, and belief in Golem’s vision. The coin could deliver great gains, but patience will likely be required.

Where to buy Golem (GLM)?

Some top exchanges where you can purchase GLM tokens include Binance, KuCoin, Gate.io, OKX, and Coinbase. You’ll first need to deposit funds using fiat money or another cryptocurrency.

Then search for the GLM/BTC, GLM/USDT or GLM/ETH trading pair and place a market order. Fees generally range from 0.1% to 0.5% per transaction.

How to sell Golem (GLM)?

Golem GLM coin sell

The process of selling GLM is essentially the reverse of buying. Log into your chosen exchange where you hold the tokens in your spot wallet. Select the GLM/trading pair you want such as GLM/USDT.

Input the amount you wish to sell and place a market sell order. You’ll receive the proceeds in your selected currency like USDT or Bitcoin. From there, you can withdraw the funds to your personal wallet or exchange it for fiat to transfer to your bank account.

Be aware of network fees for both selling and withdrawing. Also have any necessary verification done beforehand to streamline the cashout process.

How to stake Golem (GLM)?

At the time of writing, there is no official staking option for GLM tokens on the Golem network itself. However, a few centralized exchanges like Binance do offer staking rewards for holding GLM in your exchange account.

Rewards tend to range from 3-5% annually, paid out daily proportionally. The downside is that you don’t truly control your coins when staked on an exchange.

For now, lending them for interest or holding long-term in anticipation of project growth appears to be the best options community members have found for passively earning with their GLM holdings. Keep an eye out for updates from Golem regarding on-chain staking abilities.

How to mine Golem (GLM)?

It’s not possible to directly mine Golem tokens as they were all pre-mined during the initial distribution phase. The Golem network operates using a process called “renting” where users voluntarily share unused CPU/GPU resources in exchange for payment from requestors in GLM.

Some decentralizing computing tasks like distributed rendering or machine learning training are done through the Golem network. As a provider, you can earn small GLM rewards this way.

However, it’s best to think of it as being compensated for contributing resources rather than traditional crypto “mining” which requires expensive ASIC/GPU rigs. Simply using the GLM network as intended is the best option for accumulating more coins.

With EXEcrypto, you can now receive Golem and other crypto news updates instantly on your phone. Stay ahead of the market by following EXEcrypto where summaries of important Golem developments are regularly posted.

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