Golem is a decentralized computing network based on the Ethereum blockchain, announced in 2016. It utilizes the unused computing power of computers worldwide and makes it available to users who need it.
It allows complex calculations and tasks to be distributed across multiple computers, making tasks faster and more efficient. The GLM (Golem Network Token) serves as a means of payment for using these resources within the network.
Golem relies on a decentralized structure, meaning no central authority controls the network. Instead, all transactions occur directly between users, increasing transparency and security. Each user can become a provider or requester, either offering their computing power or using that of others.
The currency of the Golem network is the Golem Network Token (GLM). This token is required to pay for the use of computing power. The price for computing power is determined through an auction system, in which providers sell their computing power to the highest-bidding requester.
In 2020, Golem migrated its token from GNT to GLM. This move helped improve the network and facilitate the use and integration of the token.
