Golem (GLM) is a decentralized marketplace for computing power. It enables CPUs and GPUs to connect in a peer-to-peer network, enabling both application owners and individual users ("requestors") to rent resources from other users’ ("providers") machines.^[1]

Overview

Golem utilizes an Ethereum-based transaction system to settle payments between providers, requestors, and software developers. Golem is used not only to compute specific tasks but also to bulk-rent machines in order to perform operations within a self-organizing network. However, the simultaneous development of other technologies is required.  
According to the founder,

"With Golem, anyone will be able to rent their unused computing resources. Simultaneously, Golem will enable any user to buy computing time from other users to complete virtually any computationally demanding task. Consequently, Golem will create the first global market for idle computing power. Golem is a decentralized P2P network that uses Ethereum and smart contracts for transactions."

Also, one core component of Golem’s built-in feature set is an Ethereum-based transaction system, which enables direct payments between requestors, providers, and software developers.

The function of Golem as the backbone of a decentralized market for computing power can be considered both Infrastructure-as-a-Service (IaaS), as well as Platform as a service (PaaS). Golem is a fully decentralized, open-source P2P network that is resilient to censorship, and free from a single-point-of-failure.

• Crowdfunding

The crowdfunding of Golem and the corresponding token creation process are organised around smart contracts running on Ethereum. Participants are willing to support the development of the Golem Project can do so by sending ether to the designated address. By doing so they create Golem Network Tokens (GNT) at the rate of 1 000 GNT per 1 ETH. The crowdfunding process leads to the creation of GNT, a backbone token for the Golem network

How Golem works

Golem is a P2P network. users’ who want to compute tasks and people who have the computer power to rent broadcast their offers in the network. Golem's transaction system matches providers and requestors, taking into account prices, reputations, and their machines' performance. 
The Golem software is open-source and as such, it can be forked by other parties. Golem forks may emerge over time for either specialized or general purposes.^[2]
Tasks, that is files needed for computation are sent to the provider's machine. After the computation is completed, the provider's app sends back the results to the requestor's app. If the result passes the verification process, the provider is paid for their work.^[3]

Golem Network Token (GNT)

The Golem Network Token ("GNT") account is a core component of Golem and is designed to ensure flexibility and control over the future evolution of the project. GNT is created during the crowdfunding period and, following the first major release of Golem, GNT is attributed to a variety of functions in the Golem network.

The Golem Network Token is a token on the Ethereum (ETH) platform. Its design follows widely adopted token implementation standards. This makes it easy to manage using existing solutions including Ethereum Wallet.^[4]

GNT Trading & Storage

The GNT token is trading on many different exchanges, with the largest volume trading on CoinEx. There is a good amount of volume on DCoin, UpBit, Binance, and Poloniex, with smaller volumes on a good dozen other exchanges.
In terms of GNT market liquidity, over 60% of the volume is taking place on CoinEx. This means that the token liquidity is quite centralized and dependent on a single exchange – not always the best from a market microstructure perspective.^[5]

GNT to GLM migration

The Golem Network’s former token, GNT, began its migration to GLM at the end of 2020. GLM is an ERC-20 (Ethereum-based) token. GLM provides Layer 2 payments as the network operates with microtransactions and Ethereum gets often congested. The migration is ongoing and does not have a deadline. Users can migrate their GNT to GLM at a 1:1 ratio. The migration is gradual and converging towards the same maximum total supply of 1,000,000,000 tokens.
As a utility token, GLM is used to access the Golem Network and is the currency used in peer-to-peer transactions for renting idle digital resources including spare computing power. Since GLM can be traded on DEXes, a significant percentage of the trading now happens in Uniswap. According to Golem’s CEO

“Golem Network is working to build a more widespread customer base, including not only developers and tech professionals, but also enthusiasts and casual users.”

GLM acts as Golem’s Network Token that is needed to pay for computations on the network and is the currency that drives the marketplace. Golem provides the most reliable alternative to cloud infrastructure and data centers.  GLM connects computers in a peer-to-peer network, enabling both application owners and individual users ("requestors") to rent resources of other users’ ("providers") machines. These resources can be used to complete tasks requiring any amount of computation time and capacity.^[6]

About

Golem Network had its First Presentation in 2014 in DEVCON0. In 2015, Golem Network’s CEO presents Nanopayments in Ethereum in DEVCON1. By 2016, Golem was to be Originally funded by DAOist… ‍by November, Golem Network became one of the first projects to crowdfund for buildings. In 2018, Brass Golem, the first Golem implementation, becomes one of the first apps to be launched into the Ethereum mainnet.
In 2020, Golem's had a Presentation and launched a new Golem platform. It began token migration to ERC20 and became one of the first dApps to implement Layer 2 payments. In 2021 the Golem' yagna implementation mainnet got launched.