Alexandria by CoinMarketCap takes a deep dive into Golem (GLM), a platform that allows software developers to use unused computing resources.
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The Thought Process Behind Creating Golem
Golem is a peer-to-peer network that allows application owners and individual users ("requestors") to rent resources from other users' computers.
Golem's role as the foundation of a decentralized market for computing power can be classified as both Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS) (PaaS). When specialized software solutions are brought into the equation, Golem exposes its entire potential. By publishing software to the application registry, anybody can create and deploy software to the Golem network.
Developers can use the Transaction Framework to expand and adapt the payment process, culminating in distinct monetization mechanisms.
How Does Golem (GLM) Work?
The business case for Golem basically comes down to the assumption that, because of previous technology advancements, the market for computing resources can be organized around completely new concepts. Major corporations such as Amazon, Google, Microsoft, and IBM, on the other hand, control the compute market currently, leveraging their market dominance and assets to secure substantial margins, resulting in inefficiently priced compute services.
Fortunately, the market is not doomed to operate in this manner indefinitely. The supply of computer resources with Golem is based on donations from individual and professional providers, as well as an assortment of specific software solutions available through Golem's Application Registry which operates on a single, competitive market with nearly comprehensive information.
Onboarding three groups are required to scale the compute market provided by Golem: providers of computing resources ("providers"), task creators ("requestors") who submit their jobs to be computed by the network, and software developers. Golem's distinctive, interconnected ecology is made up of these three groupings.
Providers are the ones who give the network processing power. This might be anyone, from a single person renting out unused CPU cycles on a gaming PC to a major data center donating its whole capacity. Providers are enticed to join Golem because they are compensated for completed activities by requestors. Of course, Golem's user interface will be simple to navigate, allowing providers to easily establish pricing and choose how much of their idle resources they are prepared to rent out.
Computing Resources are in High Demand
Golem needs to attract requestors wanting extra computing resources in order to reward providers for providing their resources. Due to the near-complete knowledge and simplicity of distributing jobs on any hardware, the market Golem generates will be fiercely competitive. This will not only make utilizing Golem simple, which will attract requestors, but the highly competitive structure will also boost market efficiency, culminating in far more extensive and favorable pricing than existing cloud computing platforms.
Because most of them will only require more resources on occasion, Golem's marketplace will allow requestors to become providers, which is a key feature.
They will be able to rent out their own equipment and profit from it. In addition, there are financial considerations. However, it won't be the only reason to utilize Golem, the availability of the product will be one of its primary aspects.
The application registry provides access to a variety of apps that are operating on the Golem network.
Unique Features of Golem (GLM)
Rendering in Computer-Generated Graphics (CGI)
The first and most striking example of actual Golem use is CGI rendering. CGI artists may now rent computing resources from other users to render a picture rapidly, rather than utilizing expensive cloud-based services or waiting for their own computer to do the process. A requestor's money is paid directly to the suppliers who made their resources available. Furthermore, while the artist's machine is not in use, it may take jobs from other users.
The Application Registry is an Ethereum smart contract where anybody can upload ready-to-run programs on the Golem network. Its purpose is to enable a decentralized way through which developers can publish their integrations and reach out to users. Because of security issues, the Application Registry also offers requestors a location to seek particular tools that meet their needs, and it allows providers full control over the programs they run.
Golem enables requestors to run an application's code on someone else's computer. This code is sandboxed and runs with the bare minimum of privileges. However, there are flaws that are omnipresent, and every now and then, someone manages to bypass sandboxes and run malicious code on a host system, and in certain cases, seize control of it.
As a result, sandboxes, in this case, are non-reliant which is why the team of Golem tackles these issues by categorizing users in the Application Registry into three groups: authors, validators, and suppliers.
Validators evaluate and certify apps as safe and secure by putting them on their own whitelist. Authors upload apps, validators evaluate and verify applications as safe and trustworthy by adding them to their own whitelist. Validators can also add programs to their own blacklists to label them as harmful. Providers are also given an option of picking validators whose lists are utilized by the Golem instance operating on their nodes when deciding who to trust.
Framework for Transactions
When creating anything new and interesting, it's difficult, if not unattainable, to anticipate all of the possibilities that the new item will open up. Golem is a generic global supercomputer that will undoubtedly find a home in a wide range of applications. They may need a wide range of compensation models. Golem's team does not seek to impose a one-size-fits-all payment structure on Golem application writers since they are unable to create one.
When a developer connects her application with Golem, she has complete control over the transaction model she uses, as long as it adheres to Golem's transaction framework. The transaction framework will be in the form of a collection of guidelines to be followed; simple guidelines may include the following:
- Entry into the Application Registry.
- Use of an open-source and/or deterministic environment, such as EVM.
- Transaction model community approval or rating.
- GNT is used to compensate software and resource providers.
What Does The Golem Team Envision With Web 3.0?
Better data-sharing methods are required, but with the continued development of IPFS/Filecoin and Swarm, the right solutions appear to be within reach. The Ethereum network will ultimately become more accessible, economical, and capable of supporting a fully working network of micropayment channels.
Once these technologies are ready, it's simple to envision Golem as essentially a microservices platform, letting users operate both tiny (for example, a note-taking app) and big (for example, a streaming service) apps that are totally decentralized. Despite its lofty goals, this vision appears to be the most compelling justification for Golem's long-term viability.
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Team Behind Golem (GLM)
Julian Zawistowski - CEO and Founder
Julian has been operating imapp with the goal of creating software projects that will take us all beyond the 140-character limit. With this enticing purpose, he was able to assemble a world-class team to supplement abilities he clearly lacks, such as software development.
Piotr 'Viggith' Janiuk - CTO and Co-founder
Piotr is an experienced computer programmer with a deep interest in cutting-edge technology and a desire to bring unique, ground-breaking (in the area) initiatives to reality.
Andrzej Regulski - COO and Co-founder
Andrzej has worked as a manager and consultant in the past. In his professional life, he has dedicated himself to creating a successful consulting firm and now focuses on taking Golem to the next level.
Golem (GLM) Tokenomics
The allocation of the GNT tokens will be as follows:
- Total: 1,000,000,000 - (100%)
- Crowdfunding participants: 820,000,000 - (82%)
- Golem team: 60,000,000 - (6%)
- Golem Factory GmbH: 120,000,000 - (12%)
Golem (GLM) Price
Golem (GLM) is now trading around $0.4113 as of Jan. 18, 2022. Its 24-hour trading volume on exchanges is around $4,753,031.
Golem (GLM) Price Prediction and Future Outlook
With the rise of digital applications, software developers have always been in high demand. With the increasing number of software developers, quality computing resources at a lower cost are scarce. Golem (GLM) caters to this utility and thus fills a gap that probably no other project is doing out there.
Furthermore, Golem is here to challenge the big players in the market. Market leaders, like Google, Amazon, IBM, and Microsoft, are dominating the computer market and charge heavy prices to use their services. Golem has the chance to end this huge monopoly and make its way into the market as a dominant leader.
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The current price of Golem (GLM) is $0.08427, which is around 69% less than its all-time high of $1.32. Since the launch of the GLM token about five years ago, it has appreciated by over 4,300%+ in price with its all-time documented at $0.00913. In 2021, the price of the GLM token went as high as $0.8 before dumping it down to the $0.4 range. This happened mainly due to the sudden crash of Bitcoin from its all-time high of $69,000. Crypto experts believe that the GLM token is well on its way to $1, however, it is the crypto volatility that makes it difficult to determine the exact time of when it will happen.