What Is Golem?

Nov 24, 2022
5 min read

This blog post will cover:

  • About Golem (GLM)
  • Where did Golem (GLM) come from?
  • What are the advantages of Golem (GLM)?
  • What are the disadvantages of Golem (GLM)?
  • How to buy Golem (GLM) on SimpleSwap?

About Golem (GLM)

Golem is a decentralized computing network that has a digital token.The goal of the Golem project is to create a global market for computing power, where all existing computer devices are combined in a peer-to-peer environment. Golem offers users two types of services - infrastructure and platform. Using the Golem application, users have the opportunity to buy and sell the necessary computing power for the internal cryptocurrency. The concept of the project is that people use only a small part of the computing power of their computers. The Golem ecosystem allows them to rent vacant facilities for fee. Relationships are built on the same principle as P2P sites. The user independently decides what kind of power to rent: free space on the hard drive, part of the RAM, the properties of the processor or video card.The platform can be used to solve the following tasks: Computer graphics processing, CGI rendering; Scientific calculations (Monte Carlo method in mathematics, DNA analysis in biology, development of new generation materials in chemistry and physics); Cryptography (support for mining pools, factorization of large numbers); Business analytics (Big data analysis, market behavior predictions); Machine learning (artificial intelligence training).Golem’s internal transaction is based on Ethereum technology with smart contracts, which provides automated payments directly from the applicant to the supplier and software developers in the form of a 5% commission. For renting the provided capacity, the supplier receives passive income, the amount of which is calculated based on the outcome of the solution to the problem. Such a reward can consist of several tokens, as well as be an impressive amount of GLM.

Where did Golem (GLM) come from?

The supercomputer concept was invented by a team of Polish developers. Piotr Janiuk and Aleksandra Skrzypczak are the project co-founders. The main office of the company is in Warsaw. Specialists have great experience in developing all kinds of applications.Like many startups, Golem began its story with ICO. Crowdfunding took place in November 2016 and raised 820 000 ETH or $8 million. The community actively supported the project, the procedure for selling tokens took 20 minutes. For 1000 tokens investors paid 1 ETH. In total, 1 billion GLM tokens were created, 82% of which were sold, and another 18% remained with the developers.Before the project begins its full-fledged work, the ecosystem must overcome four stages of development: brass, clay, stone, and iron milestones (similar to the game "Dungeons and Dragons"). At the moment, the project is at the Clay stage, which is due to be completed this year. During this period, they plan to introduce: Basic Task API, GPU support, Initial Transaction Framework Model with hard-coded payments schemes, and many others.

What are the advantages of Golem (GLM)?

  • Universality and wide applicability
    For solving different problems.
  • Simplicity and accessibility of using the application
    Which requires an elementary installation of the necessary program on a PC.
  • Decentralization
    Ensuring safety and reliability without interruption.
  • Scalability
    Due to the increase in the number of computer units connected to the network.
  • The anonymity of computing operations
    Due to the inability of the provider to find out information. It is possible because of the isolated processing of data on a virtual computer using special encryption with Intel SGX technology.
  • An experienced team of professional developers
    Who competently popularize the main concept of the application and increase the relevance of the system as a whole.

What are the disadvantages of Golem (GLM)?

  • A quite small number of users on the network.
  • Slow launch of the project
    A significant lag in the planned schedules for the implementation of the system development stages.

How to buy Golem (GLM) on SimpleSwap?

Due to the fact that Golem is quite an interesting project with high chances for success, getting GLM tokens can be a pretty good idea for developing your portfolio. SimpleSwap is always ready to help you:

  • For example, you want to swap BTC for GLM Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select GLM in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. GLM will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to GLM exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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