GLM is an ERC-20 token hosted on the Ethereum blockchain. It is a utility token that gives its owners access to the Golem Network. It is also the virtual currency required to perform peer-to-peer transactions for making use of digital resources via the Golem Protocol. This protocol is designed to allow network participants to lease out their computers’ idle processing capabilities to other users.

Think of Golem as a decentralized supermarket for information technology resources. Cloud computing has been around for a while, but it is now a publicly available user-driven system.

Golem was founded by a group of cryptocurrency enthusiasts led by Piotr Janiuk. The project’s mission is to develop a proxy-free and censorship-resistant protocol that would provide global access to computing power.

How Does GLM Coin Work?

Golem Network can be described as a global, decentralized, and affordable open-source supercomputer. This supercomputer consists of the computing resources offered by other members of the network.

GLM token gives users the opportunity to loan out the computing capabilities of their machines (be it a PC or an entire data center) to other users of the network who require that additional processing power. With such a supercomputer at hand, users no longer need to own a lot of advanced hardware to complete complex and high-performance computing operations. 

Supercomputers are gaining momentum because they offer users large amounts of, yet highly affordable, computing power. However, in today’s reality, owning a supercomputer can be quite expensive. Moreover, no software yet exists that could efficiently support such great computing capacity without some issues.

This is where Golem enters the stage by bringing all the benefits of a supercomputer to ordinary users. Golem aims to contribute to the idea of decentralization by creating an open-source decentralized supercomputer that is available to everyone, irrespective of their physical location.

Let’s see Golem in action. 

A customer needs to purchase GLM in some marketplace to use tokens as payment for computing resources on the network. Before making a payment, it is possible to see the level of trust of each user and select a popular/trusted node.

Once the node is selected, the customer’s device connects with another peer-to-peer, via nodes. Your device must also remain online and be available 24/7 to a potential requestor. All users’ computers are divided into nodes. If a customer purchases your node, its processing power is distributed across all PCs in the node. If your machine is available at this moment, then computations are done, and you get rewarded.

All deals are recorded in the platform’s blockchain. If your node is not available at a particular moment, then the task will be allocated to other units. Smart contracts ensure the security of all operations, computations, and payments.

Advantages of Golem Network:

Where to Buy Golem Tokens? 

Bear in mind that Network’s former token GNT is migrating now. Following the substantial rewrites of the Golem code, the project is migrating from the GNT token to the new ERC20-compliant GLM token that enables Golem to leverage layer 2 solutions of Ethereum for transactions, crypto exchanges, and decentralized finance. Users can convert their GNT to GLM at a 1:1 ratio with no deadlines.

The good news for many crypto enthusiasts is that Golem Crypto can be bought for fiat at some cryptocurrency exchanges. For example, Bitfinex, Voyager, and Bitvavo allow you to buy GLM for US dollars and Euros. 

Many other crypto marketplaces offer the opportunity to buy Golem tokens for other cryptos, including Uniswap, Gate.io, Binance, Poloniex, HitBTC to name a few. Overall, GLM is a well-performing virtual currency that is listed on many big crypto exchanges worldwide. 

How Can You Use GLM Tokens?

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

Exchange Golem: users can buy and sell Golem through crypto marketplaces.

Investment: users can buy GLM tokens via a cryptocurrency exchange and hold the assets for a short or long period to re-sell when the price moves up.

Where Can You Store GLM Crypto?

As an Ethereum-based asset, Golem Coin can be held in any wallet that supports ERC20-standard altcoins. The project itself recommends storing your GLM tokens in such wallets as MyCrypto, MyEtherWallet, Ledger Live, Exodus, and Freewallet.

Is Golem Token Minable?

It is impossible to mine GLM tokens. The only way to get GLM is by leasing out your computing resources on the Golem network to requestors.