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Golem Network Token
About Golem Network Token
Golem Network Token (GLM) is a digital currency used as a means of exchange on the Golem Network, a decentralized platform for computing power. Created by Golem Factory GmbH, GLM is an ERC-20 token built on the Ethereum blockchain. It is used to pay for services such as rendering graphics, scientific research, and machine learning, and to incentivize computing power providers on the network. GLM can also be traded on cryptocurrency exchanges and stored in digital wallets.
Golem Network is a decentralised computing platform that enables users to share and monetise computational power. It operates as a peer-to-peer marketplace where users can rent out their idle computing resources to others who need processing power for computational tasks. The network is designed to offer an alternative to traditional cloud computing by distributing workloads across decentralised providers.
Golem aims to support a variety of use cases, including CGI rendering, scientific calculations, and machine learning. The platform allows requestors to access computational resources on demand, while providers earn compensation for sharing their idle processing power.
GLM is the native token of the Golem Network and serves multiple functions:
- Payment for Computing Power: GLM is used as the primary medium of exchange between users who need computational resources and those who provide them.
- Incentives for Providers: Users who share their computing resources are rewarded in GLM tokens.
- Access to Services: Requestors use GLM to pay for specific computational tasks, such as rendering or machine learning model training.