Golem Network (GLM) is a decentralized computation network, a new way of distributing redundant computing power to those who are in need of it, on-demand. It creates a peer-to-peer network where users join on an equal basis to buy and sell computation, splitting up complicated tasks into smaller subtasks in the network. In Golem there’s no central authority and no user is more or less important than another.
Essential details:
- Golem (GNT) was founded in 2016. During the time of its creation, the ERC-20 standard was not widely adopted, so the developers behind GNT decided to create the project on Ethereum but used their own standard. However, as Ethereum is getting more and more attention in recent years, its network and ERC-20 standards were used by most DeFi. In order for Golem to interact flawlessly with other DeFi, the developers decided to create a new platform on Ethereum Layer 2 and adopt a new smart contract and changed its abbreviation from GNT to GLM.
- The new GLM is ERC-20 standard similar to most cryptocurrency on Ethereum ecosystem, for examples; USDT (Tether), DAI, OmiseGO (OMG), or Basic Attention Token (BAT), etc. The migration to ERC-20 standard allows Golem to interact seamlessly with other DeFi on Ethereum such as exchange, loan, etc.
- The Golem platform connects computers in a Peer-to-Peer (P2P) network so that computing power users or requestors can rent computing power to other users. another or a service provider to lease processing power (Provider) without going through an intermediary
Whitepaper: https://assets.website-files.com/60005e3965a10f31d245af87/60352707e6dd742743c75764_Golemwhitepaper.pdf
Website: https://www.golem.network/