Golem (GLM) Coin Complete Analysis Guide: A Glimpse into the Future of Distributed Computing
What is Golem (GLM) coin?
Golem (GLM) is not just a cryptocurrency, but the core token of an innovative distributed computing platform. This platform is designed so that users around the world can provide their idle computer resources (CPU, GPU, memory, etc.) to the network and receive GLM tokens in return. Just like Uber shares your personal car, Golem shares the computing power of your personal computer.
Real-life example: Instead of turning off your computer before going to bed at night, connect it to the Golem network and help other users with their 3D rendering tasks and earn GLM tokens. This can be seen as a decentralized version of traditional centralized cloud services like Amazon Web Services (AWS).
Golem has the potential to be utilized in areas that require high-performance computing, such as AI model training, machine learning computation, 3D rendering, and scientific simulations. With the current AI boom and the skyrocketing cost of cloud computing, Golem's distributed computing model can be a cost-effective alternative.
The Evolution of the Golem (GLM) Project
The Golem project was started by a Polish blockchain development team in 2016, and attracted a lot of attention by raising about 8.2 billion won (about 8.2 million dollars at the time) through an ICO (Initial Coin Offering) in 2017. It initially started under the name 'GNT (Golem Network Token)', but was reorganized into a more efficient structure by conducting a token swap to 'GLM' in November 2020.
During the project development process, several mainnet updates and beta tests were performed, and from 2021, the actual commercial service 'Yagna' was launched so that developers could actually utilize the network. In particular, from 2022, we will focus on rendering services for NFT creators and expand practical use cases.
Major Milestones: As of 2023, the Golem network has an average of more than 1,000 nodes activated per month, and the actual rendering workload is also steadily increasing. This is an indicator that it is not a simple speculative coin, but a service that is actually used.
In-depth Analysis of the Golem (GLM) Network Operation Principle
The Golem network consists of three main participants. The first is the 'Provider', which is a user who provides their computer resources to the network. The second is the 'Requestor', which is a user who requests a task that requires computing power. The third is the 'Orchestrator', which is in charge of network operations.
The work processing process is as follows: When a requester requests a work (e.g. 3D rendering), the network automatically finds a suitable provider and distributes the work. When the work is completed, GLM tokens are automatically paid to the provider through a smart contract. All of this process is transparently recorded on the Ethereum blockchain to ensure reliability.
Technical Features: Golem is designed to safely run various applications using Docker container technology. It also protects the network from malicious actors through a mechanism that verifies the integrity of the work results.
Actual Use Cases of Golem (GLM) Coin
The Golem network is already being used in several real-world use cases. The most representative one is the 3D rendering service through Blender. It allows independent filmmakers and individual creators to create complex 3D animations without having to build expensive rendering farms.
Another major use case is AI model training. In particular, it provides an environment where small and medium-sized businesses and startups can train machine learning models without large GPU clusters. Recently, it has also become popular among NFT art creators and is being used to render complex digital art pieces.
It is also increasingly being used in scientific research. There are increasing cases of utilizing the distributed computing power of the Golem network in research such as climate modeling, drug development simulation, and genome analysis.
Major exchanges where Golem (GLM) coins can be traded
Golem (GLM) coins can be traded on various domestic and foreign exchanges. Major exchanges such as Binance, Coinbase, Kraken, and Huobi are available for trading overseas. In Korea, you can trade on Upbit, Bithumb, Coinone, etc.
Exchange Selection Tips: Each exchange has different fees, security levels, and support functions, so you should choose carefully. In particular, since GLM is an ERC-20 token, you should also consider the Ethereum network fee (gas fee). When trading in large quantities, it is important to check the liquidity and spread of the exchange.
You can also trade on decentralized exchanges (DEXs), and you can swap directly on Uniswap, SushiSwap, etc. DEX trading provides higher privacy protection, but you should consider gas fees and slippage.
Golem (GLM) Community and Information Channel
The Golem project is growing based on an active community. You can check out the latest technology updates and roadmaps on the official website (golem.network), and you can directly look at the open source code on GitHub.
Social media channels include Reddit (r/GolemProject), Twitter (@golemproject), and a Discord server, where you can communicate directly with developers. There is also a Telegram channel, where you can ask and answer questions in real time.
Korean Community: In Korea, information related to GLM is shared in Naver Cafe, DC Inside's cryptocurrency gallery, and various Telegram rooms. However, please always carefully verify and refer to investment-related information.
Guide to Choosing a Safe Golem (GLM) Wallet
GLM is an ERC-20 token, so it can be stored in any wallet that supports Ethereum. The most popular option is MetaMask, which comes as a browser extension and a mobile app for your convenience.
If you’re more security conscious, we recommend using a hardware wallet. Hardware wallets like Ledger Nano S/X or Trezor store your private keys in an environment isolated from the internet, which greatly reduces the risk of hacking. Mobile wallets like Trust Wallet or MyEtherWallet are also good options.
Wallet Security Tips: When setting up your wallet, always keep your seed phrase (mnemonic code) in a safe, offline location. It’s also important to enable two-factor authentication (2FA) and update your wallet software regularly. When storing a large amount of coins, consider distributing them across multiple wallets.
Golem (GLM) Investment Strategy and Risk Management
When considering investing in GLM coins, you should comprehensively analyze several important factors. First, continuously monitor the project's technical progress and actual usage. Key indicators include the number of nodes participating in the network, the amount of work being processed, and developer activity.
Second, you should also analyze the market environment and competitors. Understand the differentiating points from Akash Network and other Ethereum-based computing platforms, and compare their pros and cons. In addition, the overall cryptocurrency market trend and changes in the Ethereum network (ETH 2.0, Layer 2 solutions, etc.) can also affect the GLM price.
Investment Risk Factors: Cryptocurrency investment is accompanied by high volatility. For GLM, project development delays, technical issues, the emergence of competitors, and regulatory changes can be major risk factors. In addition, the increase in Ethereum network fees can negatively affect GLM usability.
When investing, follow the principle of diversification and avoid investing beyond your risk tolerance. It is important to analyze the fundamentals of the project from a long-term perspective, but not be swayed by short-term price fluctuations. Also, manage risks through regular portfolio rebalancing.
Golem (GLM) Future Outlook and Roadmap
The Golem project plans to develop into a more practical service after 2024. In particular, with the AI boom, the demand for GPUs for training machine learning models is rapidly increasing, so Golem's distributed computing model is likely to attract attention. Also, with the growth of the Web3 ecosystem, the need for decentralized cloud services is increasing, creating a positive environment.
Technically, the main development goals are layer 2 solution integration, expanding cross-chain compatibility, and improving user experience. In particular, layer 2 integration to solve Ethereum's high gas fee problem is expected to greatly improve the practicality of GLM.
However, at the same time, the intensifying competition among large cloud service providers and the emergence of new blockchain-based computing platforms can be challenging factors. Therefore, continuous innovation and expansion of actual use cases are expected to determine the success of the project.
This is how we learned about the Golem (GLM) coin in detail. I think it is an interesting case where blockchain technology is expanding beyond simple financial services to actual business models. If you are considering investing, we hope that you make a wise decision through sufficient research and careful judgment, and always keep in mind the high risk of cryptocurrency investment! 😊