GLM is an ERC-20 token running on the Ethereum blockchain. It functions as a utility asset, granting token holders access to the Golem Network. It’s also the internal payment unit used for peer-to-peer transactions when accessing digital resources through the Golem Protocol. This protocol enables participants to rent out their computers’ unused processing capacity to other network users.

You can think of Golem as a decentralized “marketplace” for information technology capacity. Cloud computing already exists, but it’s becoming a publicly accessible, user-led alternative.

Golem was created by a community of cryptocurrency enthusiasts led by Piotr Janiuk. The project’s objective is to build a proxy-free, censorship-resistant protocol that can deliver worldwide access to computing power.

How Does GLM Coin Work?

The Golem Network can be viewed as a global, decentralized, and budget-friendly open-source supercomputer. In this setup, the “supercomputer” is formed by the computing resources supplied by other members of the network.

By holding GLM, users can share the processing power of their own devices-whether a personal computer or an entire data center-with other network participants who need extra computational capacity. With this kind of distributed setup, users don’t have to own large amounts of advanced hardware to carry out demanding, high-performance computing tasks. 

Supercomputing is trending because it can deliver substantial power at relatively low cost. Still, having a dedicated supercomputer is often expensive. In addition, software solutions capable of supporting that level of capability efficiently are not always available without trade-offs.

This is where Golem fits in: it brings the value of supercomputers to everyday users. The project is focused on advancing decentralization by building an open-source decentralized supercomputer that anyone can access, regardless of where they are located.

Now, let’s explore how Golem operates. 

A customer first needs to acquire GLM through a marketplace, then use the tokens to pay for computing resources on the network. Before sending payment, it’s possible to review the trust level of each user and choose a more established or trusted node.

After selecting a node, the customer’s device connects through a peer-to-peer route, using nodes as intermediaries. The customer’s device must remain online and accessible 24/7 for a potential requestor. The network’s participants’ computers are split into nodes. If a customer purchases your node, your node’s processing power can be distributed across the PCs that make up the node. When your machine is available, computations run and you receive rewards.

Every agreement is stored on the platform’s blockchain. If your node isn’t reachable at a given time, the task is reassigned to other units. Smart contracts handle the security of operations, computations, and payments.

Advantages of Golem Network:

Where to Buy Golem Tokens? 

Keep in mind that Network’s older token, GNT, is currently migrating. After major rewrites to the Golem code, the project is moving from GNT to the new ERC20-compliant GLM token, allowing Golem to take advantage of Ethereum layer 2 solutions for transactions, crypto exchanges, and decentralized finance. Users can swap GNT for GLM at a 1:1 ratio with no deadlines.

Many crypto users will be pleased to know that Golem Crypto can be purchased with fiat currencies on certain exchanges. For instance, Bitfinex, Voyager, and Bitvavo let you buy GLM using US dollars and Euros. 

Other crypto platforms also support buying Golem tokens with additional cryptocurrencies, including Uniswap, Gate.io, Binance, Poloniex, and HitBTC, among others. In general, GLM is a widely traded digital asset and is available on numerous large crypto exchanges worldwide. 

How Can You Use GLM Tokens?

Pay for services: GLM is the Golem network’s native token used to pay for services. 

Exchange Golem: users can trade GLM on crypto marketplaces.

Investment: users can purchase GLM on a cryptocurrency exchange and hold the tokens for a short or long time, then sell again if the price increases.

Where Can You Store GLM Crypto?

Because it’s an Ethereum-based asset, Golem Coin can be stored in wallets that support ERC20-standard tokens. The project recommends keeping your GLM tokens in compatible wallets such as MyCrypto, MyEtherWallet, Ledger Live, Exodus, and Freewallet.

Is Golem Token Minable?

GLM tokens cannot be mined. The only way to obtain GLM is by leasing out your computing resources on the Golem network to requestors.