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Table Of Contents
Golem (GLM) operates as a decentralized marketplace for computing power. The protocol enables users to share their unused computer resources and secure rewards for their efforts. The goal of the project is to democratize access to digital resources and provide researchers access to a global peer-to-peer supercomputer that lives in the cloud.
What Problems Does Golem (GLM) Attempt to Fix?
There are a variety of issues that have plagued the cloud computing sector. For one, it’s extremely centralized. Platforms like AWS charge premium rates for their cloud computing and data services because they control the market. Consumers are left with few options until recently. The introduction of blockchain technology has revolutionized this sector.
Golem provides users with a cost-effective way to secure returns on their unused computer power. Specifically, users lend out their computational efforts to other Golem community members. They receive GLM tokens based on the amount of computational power they submit to the network. This approach enables users to finally benefit from their unused computer power. It also creates a completely new market for consumers to profit from. Users can sell their services on the Golem market in a secure and efficient manner.
One of the main issues that continue to be a problem for developers and content creators is the growing amount of censorship in the market. Over the last couple of years, a narrative has been developed and pushed. Those who have questioned it have found their content blocked or in some instances deleted forever. Golem provides censorship-resistant options to the market that functions as an unrestricted, proxy-free network.
Benefits of Golem (GLM)
There are many reasons why a person or business would choose to utilize Golem rather than a centralized cloud computing provider. For one, the system provides more transparency. You can monitor all actions on the blockchain using a simple explorer. In comparison, the average consumer has no insight into AWS or other data providers.
Additionally, the products are more accessible. Golem doesn’t require you to fill out a bunch of intrusive documents and forms. They don’t need your personal information to enjoy their services. This strategy provides users with added safety because it prevents future data breaches.
Data breaches are on the rise with billions in stolen personal information sold in 2022 already. Golem users prevent these issues because they only need to open a wallet and hold GLM tokens to participate in the features and services of the network. This strategy also improves user onboarding.
Golem provides the market with developer support which empowers creators to be original. You can leverage all of the protocol's unique features to create more immersive Dapps. The platform is open source and the developers can provide additional support
Golem is a flexible protocol that leverages open-source cutting-edge architecture to improve efficiency and security for users. The network is fully programmable and the developers promote creativity within the community. If you are looking to build a Dapp, Golem's community can help you achieve your goals and reduce confusion.
One of the main benefits of Golem is its massive computing power capabilities. The network functions as a sort of supercomputer that is ideal for researchers who need supercomputers to complete their projects. The network functions as a massive computer that combines all of the users hashing capabilities to enable developers to bring more ambitious software solutions to the market.
How Does Golem (GLM) Work
Golem has been a popular project for a long time in the Ethereum ecosystem. The network was built on the Ethereum blockchain. It leverages the world’s largest Dapp and DeFi ecosystem to improve the user experience. Golem uses Ethereum to maintain network validity and improve security. Notably, it was one of the earliest projects built on Ethereum.
Golem functions by connecting buyers and sellers in a way that enables them to offer computations, including CGI rendering, artificial intelligence, and cryptocurrency mining to other uses at a reduced rate compared to the competition. The network leverages Golem's unique structure to facilitate payments on a global scale.
The Golem network’s supercomputing features are one of its main draws. Gaining access to a supercomputer is nearly impossible for most people. However, Golem's design provides similar computational power at a fraction of the cost. Additionally, there is no waiting period. Users can access global computational power when they need it without delay. Compared to scheduling an expensive supercomputer session, this option can be more practical for most people.
The GLM token originated as the GNT token but was later changed to reflect the direction of the protocol. The token operates as an Ethereum ERC-20 standard asset. It can be used to rent out computing power or execute smart contracts on the Golem network. Users also earn GLM tokens when they share their unused computational power with others.
Golem “the first worldwide supercomputer” as its dubbed by its developers, has made some significant strides in adoption since developers introduced the concept in 2016. Golem was developed by a team from Switzerland called the Golem Factory. The protocol was specifically co-founded by Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski, and Piotr Janiuk.
Decentralized Cloud Computing Competition on the Rise
There has been a steady increase in the number of decentralized cloud computing platforms available to the market. These systems have proven to save businesses money and provide comparable services to top-performing providers. Golem is not alone in its data-sharing capabilities. However, its supercomputer functionalities do set it apart from most of the competition.
How to Buy Golem (GLM)
Currently, Golem (GLM) is available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong..
Paybis is a truly global company offering services to residents from 180+ countries, including Canada, Europe, UK, & USA.
WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality. It is the best exchange for residents of India.
Golem (GLM) – Researchers Gain
Golem provides a valuable service to the market. Those seeking more affordable cloud computing services now have a reliable alternative. Golem combines a host of popular features and Ethereum’s proven security track record to help create a vibrant market for those seeking to sell or rent computer power.
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