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Golem: Everything you need to know

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Over the past couple of years, the world of cryptocurrencies has managed to make a separate fanbase, and honestly, it has been more than successful in luring in potential investors from all across the globe and has had a surge in its overall growth and popularity recently, that too at a rate that was never really anticipated, thus helping it to reach greater heights! Not just that, the crypto world has been able to mark its presence worldwide and has gained the trust and support from many along the way.

Having said that, I believe, a majority of you are already familiar with the basics of the industry but, if for some reason that is still not the case, let me help you with that first.

The crypto world is nothing but a decentralized platform that uses blockchain technology for all of its operations. Speaking of blockchain technology, for some of you wondering what it is, blockchain is simply a commonly known technology, especially in the world of cryptocurrencies, and is responsible for verifying and recording all the transactions that happen over the network and eliminating any and all risk in respect to counterfeiting as well as double-spending for that matter.

Being decentralized, the industry becomes more than capable of stepping outside the overall control jurisdiction of central authorities and can work freely without any unnecessary government interference as well.

In addition to this, unlike when the industry was first introduced, there are pools of currencies available today in the marketplace to choose from with newer ones coming in with each passing day and tons of new investors joining in every hour.

Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in include Bitcoin, PnacakeSwap, Binance Coin, Cardano, Polkadot, Ethereum, Dogecoin, Baby Doge as well as EverGrow Coin to name just a few of course.

GLM

Source: Medium

Seeing how far the industry has managed to come since its initial days and the fan base it has created, one thing that comes to mind is how did this happen so rapidly? If so, let me tell you that, some of the major contributing factors for this extraordinary success of the industry include its negligible response time, portability, real-time updates, the convenience it offers, ease of use as well as its highly intuitive nature of the course.

Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.

Not just that, as per the chatter amongst some of the leading experts on the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Golem. To know more, I suggest you read further!

Everything to know about Golem (GLM)

GLM

Source: CryptoNewsZ

Golem or as commonly referred to as GLM is nothing but a decentralized computation network that is known to be a new way of distributing redundant computing power to those who require it, on-demand. Not just that, Golem is said to create a peer-to-peer newtork where users can easily join on an equal basis in order to sell and purchase computation, thus spitting up complicated tasks into much smaller subtasks in the network. 

In addition to this, in Golem there is said to be no central authority and as a matter of fact, no user is more or less important as and when compared to others on the platform. Basically, the said platform is known to be entirely focused on allowing participants on the network to simply loan out their computer’s spare processing power to others. 

Before moving on any further, it is probably worth noting that, led by the Golem Factory, the Golem project was announced on April 28th, 2016, while the network was launched on mainnet on April 10, 2018. Also, GLM is said to be the native utility token of the Golem platform, which as a matter of fact can be used for a variety of purposes on the platform itself like allowing users on the platform to receive or pay various payments for resources through the Golem protocol. 

GLM

Source: NewsBTC

On a similar note, GNT or Golem Network token is said to be required in order to pay for computations on the network and is the currency that is known to drive the Golem marketplace. In addition to this, as a Requestor, you set a bid for a certain amount of GNT that you are willing to pay in order to have your task completed, while as a Provider, you earn GNT by simply computing tasks for Requestors. 

Apart from this, you can also set your maximum as well as minimum price thresholds in your settings. Having said that, it is worth mentioning, some of the popular Golem tools include Python, JavaScript, execution environments such as VM, Wasm, and SGX stack, Golem SDKs which include Providers and Requestors tutorials and lastly, Awesome Golem, which is a community-curated list of links, resources, tools, projects as well as applications on Golem!

Speaking of the Golem Network token, based on the Ethereum platform, it is known to have an ultimate emission for a billion coins, out of which about 6 percent is for developers (6,000,000 coins), 15 percent is distributed amongst Golem Factory GmbH (12,000,000 coins) and about 80 percent are for sponsors of a project on the Pre-ICO stage (8000,000,000 coins).

All in all, Golem is a decentralized platform that was rightfully intended to be the first proxy free as well as censorship-resistant environment for computer-intensive projects all across the globe. Being a decentralized computation network, the newtork is known to serve as a new way of distributing redundant computing power to those who are in need of it, on-demand. 

Lastly, Golem recently announced that they have become a member of the MIT Solve community, which is nothing but an initiative of the Massachusetts Institute of Technology. Also, the network believes this partnership to have a rather positive impact on Golem’s ability to reach out to a significantly broader audience of innovators. 

Now that we have talked much about Golem, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?

Investing in Golem (GLM)

GLM

Source: Twenty20

As of today, the price of Golem is about 0.482873  US dollars with a twenty-four-hour trading volume of 37,466,992 dollars. Not just that, in just the past twenty-four hours, the value of Golem has gone down by 0.93 percent, and with the current market cap of 482,873,395 US dollars, GLM is currently placed at #121 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of Golem is 1,000,000,000 GLM coins, with the maximum lifetime supply of the token being about 1,000,000,000 GLM coins. In just the past week alone, the price of the platform has fallen by 1.60 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Golem is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Golem can prove to be a profitable investment shortly, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!

GLM

Source: Nomics

If still not convinced, see it this way that, if say you buy Golem worth a hundred dollars today, you will receive nearly 207.015 GLM. According to the analysis done by experts on the field, after five years of your investment, the return is expected to be about +172.88 percent and thus, your current hundred-dollar investment will be nearly 272.88 US dollars in 2027.

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, Golem does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy Golem? Let me help you with that. Currently, Golem is available on all major crypto exchanges but, some of the popular exchanges that have GLM listed on them include Binance, OKX, Hotcoin Global, BingX as well as Huobi Global to name a few.  

In conclusion, what are your thoughts on Golem? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read:  Top 10 metaverse cryptocurrency projects in 2022 

 

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