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What is Golem Network (GLM) and How Can I Buy It or Mine It?

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With over 9,000 coins listed on CoinMarketCap, it’s often extremely difficult to separate the signal (good coins and projects) from the noise (shitcoins and protocols that have little use) and which will gain adoption via real-world use case. The Golem Network (GLM) is the real deal. Think of Golem as the Web 3.0 decentralized solution to the current cloud computing market, which is centralized and expensive. Although the project has limited investor backing and has been slow to make releases, I wouldn’t be writing about it if I didn’t believe it had some serious potential.

What is Golem?

  1. One of the many antagonist characters in the Lord of The Rings trilogy.
  2. A decentralized supercomputer that aims to offer any person cheap, decentralized computing power for whatever they need to do, be it run an application, do some heavy data crunching, or perform 3D modeling.

This project has me excited for a few reasons- the first being that there is a solid, established real-world use case for the network. Sadly, this cannot be said for a lot of the top cryptos. The use case that the Golem network could replace is cloud computing. As of 2021, the cloud computing market is worth $250 billion dollars per year, and is growing at an 18% rate annually. The cloud computing market is expected to reach $1 trillion/year by 2030. 

  One small but important use case the project has adopted is called Brass Golem, which can quickly and cheaply offer 3D rendering services with a peer to peer, decentralized approach. So many other things over the past twenty or so years have become peer-to-peer, because before then assets sat idle for 90%+ of their lives. Homes are shared or rented out with AirBnB, rides are available via Uber, people’s lawnmowers and home tools are rented out online too. Currently, the global cloud computing market is an oligopoly, with 85%+ of the market share going to Amazon Web Services, Microsoft Azure, and the Google Cloud Platform. Pricing isn’t very competitive in the space and margins are fat for these companies, so the industry is ripe for disruption. 

The GLM Token 

The GLM token is the currency on the Golem network. Providers of computing and rendering services can set their prices, and since there are so many, this competition drives down prices to make the services an affordable alternative to cloud computing. This also means that if you own a computer you can offer your computer’s spare processing power on the network to in turn earn GLM tokens. This means GLM can be mined with a simple computer, much like Monero with your laptop at home. The GLM token is an ERC-20 token on the Ethereum blockchain. Despite it’s high gas fees that often make the network unusable to so many people, the Ethereum blockchain is a solid platform to be built upon given it’s the second largest crypto in the world by market capitalization. 

Network upgrades

From an investing perspective, it’s always good to be looking forward to the future developments coming out of the project, since the only thing that will sustainably raise the price of a crypto long-term will be real-world adoption and usage of that project. In the future Clay Golem, Stone Golem, and Iron Golem are in the project’s roadmap- these releases will introduce Task APIs, increase network security, and ultimately allow for decentralized applications to be built on top of the Golem network. 

Hardware & software wallet storage

Both the Ledger Nano S/X and the Trezor wallets support holding your Golem private keys. I always recommend owning your assets outright via a hardware wallet for a plethora of reasons I won’t go into here. For the basic process of how to send coins from exchanges to your Ledger Nano S/X, you follow the same process that one follows to pull their Bitcoin off exchanges and into their hardware wallet. If you haven’t gotten around to getting a hardware wallet yet, GLM tokens can be stored on the Exodus software wallet. 

Where to buy Golem token (GLM)

The older version of the Golem token (GNT) is offered on Coinbase Pro, and the current version of the Golem token (GLM) is located on Binance. Note that this is on Binance.com and not Binance.US, which has a dramatically more limited offering of cryptocurrencies. Thankfully for users in the US, Golem token (GLM) is now offered on Voyager Crypto. I always recommend getting set up on as many crypto exchanges as possible, so when a buying opportunity comes for specific coins you’re good to go and can swoop in and get the right coin at the right price. I’ve made a step by step guide to setting up an account on Voyager Crypto here and for a guide to buy the actual GLM token check out this blog post by Voyager.

 Mining Golem token (GLM)

Out of all the coins available to investors today, there are very few that allow you to use simple laptop or desktop hardware to start mining and earning money. You can rent digital resources (just idle computing power on your machine) to earn the GLM ERC-20 tokens. This is a fantastic way to earn some extra cash and participate in a growing project. For a complete guide on how to be a provider in the Golem network check out this page on their website

Conclusion

While Golem is a promising project and is in the top 150 cryptocurrencies, it still has a relatively small market cap of ~$520 million. This means that turbulent waters that so frequently plague crypto markets will force big price swings for small cap coins like the Golem token. If the project continues to see adoption and is able to release its updates and reach its milestones before another competitor can come in, I’m sure there are some fantastic gains to be made.

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