Explore Golem Network, the open-source, peer-to-peer marketplace for transforming idle computing power into GLM coin profits. It's a hotspot of innovation with a massive user base, a project valuation of $280M, and 1 billion GLM coins. Check out how Golem is redefining the computational landscape!
Golem Network is a universal, open, and reliable protocol where users can exchange available computing resources and obtain compensation. The flexible platform is open source and built as a peer-to-peer exchange, allowing software developers to utilize their technical and creative potential to gain yield.
H2 Golem Origins
Andrzej Regulski and Julian Zawistowski launched Golem Factory in 2016. The original goal of the decentralized ecosystem was CGI rendering only. Further, the project founders and the development team settled on assembling a unique environment that authorizes requestors to operate the Golem Network to distribute the processing of any LuxRenderer or Blender scenes.
Brief historical discourse:
- 2021: Yagna implementation mainnet launches
- 2020: New Golem platform blastoff and migration to ERC20
- 2018: Brass Golem undertaking (establishing the first apps into Ethereum mainnet)
- 2016: Running the first crowdfunding for further initiatives and development
- 2015: Declaring Nanopayments in Ethereum in DEVCON1
- 2014: First presentation in DEVCON0
As a full-fledged network, the project was released in 2018 after the official announcement by Golem Factory and the presentation of the Brass Golem model.
H2 How Golem Works
Let’s break it down: The Golem supercomputer platform is like a bustling marketplace where you can buy and sell computing power. It's an open space where anyone can participate. Pretty cool, huh? Any developer who does not use peer-to-peer network computing resources can rent them out to other netizens who plan to perform resource-intensive tasks with memory-intensive consumption.
In turn, users spend GLM (a native token) to pay for the provider's services and get access to the countless computing resources offered.
The core idea of this project is that folks with powerful gaming laptops or high-performance computers can reap the rewards of sharing their GPU/CPU power with others. It means they can assist in tasks like training neural networks or rendering stunning computer graphics. It's a win-win situation for everyone involved! Today, the Golem decentralized network is an opportunity to monetize the power and performance of PCs that can be idle most of the time.
H2 Golem (GLM) Coin
The GLM native token was created as part of crowdfunding to be used as fuel to pay for various features available on the Golem network. The native token is based on ERC-20 technical standards and powered by the Ethereum blockchain.
Here are a few essential GLM token utilities:
- On-network payments to a provider for the provision of computing resources.
- Funds for making deposits by software developers and vendors to participate in software certification and testing.
The coin was pre-mined with a total supply of 1,000,000,000 GLM. Currently, the circulating supply is 100% of all pre-mined coins, with a $215,068,574 market cap and a $0.2149 price ( May 19). The first token sale took place as part of the ICO, which took place on November 9, 2016. The investment round helped the project raise over $8 million, while GLM coins were traded at $0.01 each.
H2 Golem Network Funding
Golem Factory had four successful rounds and raised $17.2 million in investments. The last round was completed on December 18, 2017, and was held on the Initial Coin Offering (ICO) model.
Golem supercomputer funding details:
- Nov 11, 2016: ICO with Continue Capital and James Sowers funding. Money raised: N/A.
- Nov 21, 2016: Equity funding with $8.6M money raised.
- Apr 9, 2017: ICO and funding from Julian Sarokin, James Sowers, and Dean Patrick. Money raised: N/A.
- Dec 18, 2017: ICO with $8.6M money raised.
The raised funds enabled the platform to expand its staff and come to grips with further product developments. Today, Golem Factory GmbH is valued at $280M while enhancing its functionality and adding new incentives to stimulate all participants in the ecosystem.
H2 Golem Product Roadmap
Project management never focuses on the exact dates for implementing specific tasks. However, the development team keeps social media followers informed (168.6K followers on Twitter and 21.5K subscribers on Reddit).
Transparency at all stages of development and statements about current and upcoming patches are a great way to keep a colossal community up to date. It looks like Golem engineers are trying to simplify everything. Even the Brass stage details were placed on the Trello board while designing them.
However, every development milestone is structured according to the accepted GMS (Go-to-Market Strategy). Each stage is based on the specific needs of the ecosystem, including providers, software developers, and requestors.
Golem roadmap milestones:
- Iron Golem: Enable successful and innovative integrations with Golem | Manage and facilitate the user base of requestors | Attract and retain a matching supply of computing power.
- Stone Golem: Stimulate first wide-scale independent integrations with Golem | Retain and further broaden the user base | Attract and retain a matching supply of computing power.
- Clay Golem: Broaden the user base of requestors | Stimulate first experimental independent integrations with Golem | Attract and retain a matching supply of computing power.
- Brass Golem: Run Basic Task Definition Scheme | Create user-base of requestors | Attract a matching supply of computing power | Basic Application Registry | IPFS integration | Docker environment | Local verification | Basic UI and CLI | Basic reputation system | Implementation of Blender and LuxRender tasks.
This company is churning out a remarkable assortment of decentralized Ethereum applications, many of which are still in the alpha release or development phases. Nevertheless, they're constantly pushing boundaries and making strides in decentralized technology. Besides expanding the technical infrastructure, the strategic plan backed by GMS includes diverse incentives and marketing campaigns designed to boost brand awareness and attract new supporters.
H2 Golem Tokenomics
The GLM native token operates on Ethereum and plays a crucial role in the platform ecosystem. The token was initiated in the crowdfunding phase with a fixed number of coins.
Golem tokenomics in detail:
- Golem team 60,000,000 (6%)
- Golem Factory 120,000,000 (12%)
- Crowdfunding participants: 820,000,000 (82%)
- Total: 1,000,000,000 (100%)
Notably, when sending 1 Ether to the GLM account, users receive 1,000 GLM. In the meantime, the project's architects do not plan additional minting or mining of coins after the completion of the crowdfunding period.
