Coin Health Check: Golem (GLM) By DailyCoin

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Coin Health Check: Golem (GLM)

Golem (GLM) is a global, open source and decentralized network that aims to connect thousands of computers all over the world through its blockchain to build a distributed supercomputer.

Founded in Switzerland in 2016, Golem is set to become one of the most disruptive blockchain projects.

Project Status
Golem runs on the blockchain. It is a lightweight, anonymous, and censorship-resistant protocol with a modular architecture.

The network functions as a peer-to-peer marketplace for excess computing power. It uses the distributed cloud to enable the computing power available to each user.

Users can rent their equipment, they are paid in Golem tokens (GLM).

GLM is an ERC-20 utility token, used to access the Golem network and in P2P transactions to rent computing power and other spare digital resources. The former Golem network token, GNT, migrated to GLM at the end of 2020.

Golem enables fast and cheap GLM micropayments on layer 2 of Ethereum.

Development and achievements
Introduced Golem Brass Beta and mainnet launch in 2018. Users can connect Golem to the Ethereum mainnet to earn and spend real GNT for computations.

Golem Beta II was released in 2021. The upgrade fixed some previously reported bugs and included service API, new payment verification mechanism, and other service improvements.

Introducing Thorg, the first mining app powered and built by Golem, with Polygon layer 2 payouts in September 2021.

Golem Beta III released in October 2021. Comes with support for virtual private networks between requester and provider VMs.

Golem Beta IV released in December 2021. Added support for Polygon.

World Bank & Future Today Institute recognized the Golem Network in its 2021 ‘Technology Trends Report’.

Fund raising
The Golem Network ICO opened in November 2016. Raised 820,000 ETH in less than an hour and created 1,000,000,000 GNT in total.

Roadmap
Aims to empower developers to create dApps in 2022.

Plans to create a hands-on environment for dApps with comprehensive tutorials.

Plans to add features to Thorg: CPU tasks, gamification, more mining engines, affiliate program, extensive customization.

Plans to increase the visibility of the GLM token through oracles, support for GLM on different platforms (e.g. Compound), staking mechanisms and additional chain integrations.

Team
Golem was created by ‘Golem Factory’, a Swiss-based organization co-founded by Julian Zawistowski, Piotr Janiuk and Andrzej Regulski.

The current team consists of nearly 30 employees and is recruiting for several developer positions.

Main investors: “Continue Capital” and investment companies “KR1”, “SVK Crypto”, “Fundamental Labs” and “Outlier Ventures”.

Community
Social media accounts: Twitter (NYSE:) (172K), Reddit (21.8K), Discord (5.6K), Facebook (NASDAQ:) (13K).

Has 171 open repositories on GitHub. The repositories include active and regular updates.

Key indicators
Maximum supply: 1 billion GLM

Circulating power: 1 billion GLM

Market capitalization: $463 million

Record level (ATH): $1.32 (April 2018)

Lowest level (ATL): $0.00913753 (Dec 2016)

Markets
Available on 50 cryptocurrency trading platforms, including major ones.

Wallets
Ledger, Trust Wallet, MetaMask, Atomic Wallet.

Asset allocation
The total number of unique addresses containing Golen (GLM) coins dropped significantly in early March 2022.

12% of the total supply belongs to the Golem project: 6% was distributed to team members and early contributors.

Verdict

  • The digital economy, artificial intelligence (AI), 5G, big data and blockchain all require large amounts of computing power, which have become the inevitable forms of innovation and productivity so far over the of this decade. The need for sufficient computing power is endless.
  • Golem has little competition. Although centralized virtual server providers such as Google (NASDAQ:), Amazon (NASDAQ:) and Microsoft (NASDAQ:) have expressed interest, there are currently no serious competitors to the Golem Network in the decentralized space.
  • The project is actively evolving and benefits from a highly contributing community and ambitious plans for its future development, which could have a big impact on the entire Golem ecosystem and the price of GLM.
  • As with the cryptocurrency market in general, GLM has been in a bear market since late November 2021. The token is down almost 65% since its ATH and has not reached such highs again four years later.
  • As a coin with strong fundamentals, a fixed supply, and a small market cap, GLM could be a valuable asset to add to a crypto portfolio with the intention of holding it for the next bull run.

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