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Golem Network

Overview​

Golem Network is a decentralized computing platform that leverages a peer-to-peer network to enable users to rent computation time from others' computers. By utilizing underutilized resources, Golem provides a more sustainable and cost-effective alternative to traditional cloud services. It is built on blockchain technology, utilizing Ethereum for its transactions and governance mechanisms. Golem aims to democratize access to computing resources, fostering a more equitable and efficient ecosystem for developers, businesses, and individuals.

Key Features​

  • Currency: $GLM (native token).
  • Buying Currency: $GLM is available on major exchanges such as Binance, Coinbase, and Kraken.
  • Utility:
    • Payments: $GLM is used to pay for computing resources in the Golem marketplace.
    • Staking: Stake $GLM to participate in network consensus and earn rewards.
    • Governance: $GLM holders can vote on protocol upgrades and ecosystem decisions.
  • Marketplace: A decentralized platform for buying and selling computation resources.
  • PNRP Protocol: Facilitates communication between nodes, ensuring efficient task execution.
  • Golem CLI: Command-line interface for developers to interact with the network.
  • Collocation: Enables nodes to work together for more efficient task processing.
  • P2P Network: Decentralized architecture allowing users to directly interact with each other.

How It Works​

  1. Resource Aggregation: Providers offer their idle computing resources through the Golem marketplace.
  2. Task Submission: Users submit compute tasks through the Golem Core App or CLI.
  3. Task Execution: Tasks are distributed across available nodes, with results validated via blockchain.
  4. Payment: Payments in $GLM are automated through smart contracts, ensuring efficient and secure transactions.
  5. Reputation Tracking: Rewards and penalties based on node performance and reliability.

Staking​

  • Staking Requirements: Providers must stake $GLM to join the network. Staking amount affects node reputation and governance influence.
  • Node Types:
    • Standard Nodes: Provide computation resources.
    • Pioneer Nodes: Contribute to network expansion and maintenance.
    • Validator Nodes: Participate in block production and consensus.
  • Rewards: Stakers earn rewards proportional to their contribution to the network.
  • Slashing: Incentivizes honest behavior by penalizing nodes that breach network protocols.

Documentation​

For technical guides, tokenomics, and API integration:

Additional Resources​

  • Official Links:
  • Community:
  • Partnerships: Collaborations with leading blockchain projects to enhance interoperability.

Ecosystem Components​

ProductFunctionality
Golem Core AppUser-friendly interface for task submission and resource management.
MarketplaceDecentralized platform for buying and selling computation resources.
CLI ToolsCommand-line interfaces for developers to interact with the network.
Slashing DashboardMonitors and manages node behavior to ensure network security.
Golem StatusProvides insights into node activity and network performance.

Tokenomics​

  • Total Supply: 1 billion $GLM.
  • Distribution:
    • 30% allocated to network rewards.
    • 20% to early contributors and investors.
    • 50% to the project's treasury and development.

FAQ​

  1. Is it usable by the average DePIN user?
    Yes, Golem Network offers a user-friendly interface and comprehensive documentation, making it accessible to both technical and non-technical users.

  2. Can I pay with tokens to use the DePIN product offered by the project?
    Yes, $GLM is the primary currency for purchasing computing resources on Golem. Users can trade $GLM on major exchanges for other currencies.

  3. Can tokens be automatically switched from other standard tokens (e.g. ETH, BTC)?
    While automatic token switching is not natively supported, users can easily trade $GLM on major exchanges for other cryptocurrencies.

  4. If I would provide the service, what is my ROI, do we need to stake, etc.?
    Providers can earn rewards by offering their computation resources. Staking $GLM is necessary to participate, with rewards based on resource contribution and staking amount. ROI varies with resource utilization and demand.

  5. Why does the project exist, why do the people and the planet need it?
    Golem Network aims to democratize access to computing resources, reducing costs and promoting sustainability by utilizing underutilized resources, offering a decentralized alternative to traditional cloud providers.

  6. Is it geo-aware?
    Golem's decentralized nature allows global deployment, ensuring flexibility and compliance with local regulations.

  7. Is it cost-effective?
    Golem offers competitive pricing, up to 90% cheaper than traditional cloud services, with dynamic rates ensuring cost efficiency.