Have you ever wondered how the power of decentralized computing can revolutionize the way we handle complex tasks and computations? In a world increasingly reliant on digital prowess, the answer lies within the realms of projects like Golem.
This begs a question: How does Golem aims to acheive that? Can Pakistanis also utilize the service of Golem despite facing regulatory restrictions?
In this detailed guide, we’ll demystify all your concerns regarding Golem. Let’s Start.
What is Golem (GLM)?
Golem is a software that connects buyers and sellers in exchange for computational services such as artificial intelligence, cryptocurrency mining, and CGI rendering.
Before moving on, it’s vital to know that not all projects require the same computational power, as some need more, and some simple projects can be completed with less computational power.
Many users don’t have enough resources to work on the desired projects that they want. At the same time, there are also users with many spare resources willing to outsource. This is where the Golem software comes in, helping both parties to work together.
The sellers who provide their spare resources to the Golem software are rewarded with Golem native cryptocurrency GNT. So basically, Golem works as a medium for buyer’s and seller’s communication.
Origins and Early Days
Golem Factory, co-founded by Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski, and Piotr Janiuk, came into existence in 2016. This organization played a pivotal role in developing and launching the Golem Network, which was introduced in 2018.
Evolution Over the Years
- 2014 – First Presentation in DEVCON0
- 2015 – Nano Payments in Ethereum
- 2016 – Crowdfunding and DAOist Origins
- 2018 – Brass Golem on Ethereum Mainnet
- 2020 – New Golem Platform and Token Migration
- 2021 – Golem Yagna Implementation Mainnet Launch
How does Golem Work?
Here are the three components that will help you understand how Golem works.
Concept of Decentralized Computing
In a traditional computing paradigm, tasks that demand substantial processing capabilities often rely on centralized cloud services, which can be costly and time-consuming. Golem disrupts this model by decentralizing computing resources.
Basically, decentralized computing involves distributing resources and tasks across interconnected computers rather than relying on a single centralized server or data center.
Working Mechanism
Golem’s working mechanism seamlessly executes the concept of decentralized computing. Requesters, often users with computationally intensive tasks, create requests specifying their computing needs.
These requests are rigorously processed and verified by the Golem system, which subsequently segments tasks into manageable portions. Providers, individuals offering their computing resources, participate in the Golem marketplace.
The system rents computational power from these Providers in fractions, compensating them for their contributions. Tasks are then completed through parallel processing across multiple Providers, ensuring rapid results.
How can Pakistanis Use Golem?
The Golem Network offers a versatile marketplace for individuals and organizations to trade computational power for various computing tasks. It empowers developers to deploy tools and create task templates, expanding the range of available services within the network.
Within this ecosystem, the GLM token plays a central role as it operates within a reward system designed to motivate sellers, known as Providers. GLM serves as the primary means of payment and a store of value within the Golem Network.
It acts as the currency for transactions between Users and Providers, facilitating the exchange of computational resources.
Golem’s Ecosystem and Network
Let’s explore its ecosystem and network in more detail.
Participants in the Network
- Requestors
- Verification Nodes
- Developers
- Token Holders
- Consumers
- Governance Participants
Golem’s Infrastructure and Design
The Golem Network comprises interconnected nodes that follow the Golem network protocol. These nodes create a peer-to-peer network where users can rent their unused computational resources for memory-intensive tasks. Within this network, different layers handle specific functions.
The Requestor layer initiates and submits tasks to the network, while the Provider layer executes these tasks. Additionally, the Verification layer verifies task accuracy and ensures fair compensation for service providers.
Discover Golem Portal
The Golem portal is currently being developed, but here are some features you can still discover.
- Browse Services
- Browse Apps
- Read about it’s Dapps
- Explore Marketplace
Benefits of Golem for Pakistanis
Here are the three benefits of the Golem Network.
Access to Computing Power
Golem provides Pakistani users with seamless access to a vast pool of computing power. This accessibility allows individuals and organizations to execute memory-intensive tasks and computations without expensive hardware or infrastructure.
Monetization of Computing Resources
Golem offers a unique opportunity for users to monetize their idle computing resources. Individuals and providers can earn income by renting out unused CPU or GPU power to those in need.
Cost Effective
Users can complete tasks rapidly and efficiently by harnessing the collective power of distributed resources. This leads to significant cost savings compared to centralized alternatives, particularly memory-intensive activities.
Comparing Golem
Let’s compare it with other Networks.
Golem vs. Filecoin
Golem is a decentralized computing platform that shares and rents computational power. Filecoin is a decentralized storage network that aims to create a marketplace for storage space.
Golem is primarily used for rendering, scientific simulations, and other CPU/GPU-intensive computations. Filecoin is designed for decentralized file storage and retrieval.
Golem vs. Internet Computer
Internet Computer is a blockchain project aiming to create a decentralized internet. It enables the execution of smart contracts and the development of decentralized applications (DApps) on its platform.
GLM is used for transactions and as an incentive for Providers within the Golem Network. IC has its native token, ICP, used for various purposes, including governance, staking, and paying for computation on the Internet Computer platform.
GLM Tokens
Below is detailed information that you need to know about GLM tokens.
Utility
GLM tokens are the primary means of payment within the Golem Network. Users, known as Requestors, use GLM to pay Providers for computational services, such as rendering, scientific simulations, or other CPU/GPU-intensive tasks.
GLM tokens act as incentives for Providers to participate in the Golem Network. By offering their computational resources to perform tasks, Providers can earn GLM tokens as compensation for their contributions.
Tokenomics
- Market Cap: $179,235,354
- Circulating Supply:1,000,000,000 GLM
- Total Supply: 1,000,000,000 GLM
- Max. Supply: 1,000,000,000 GLM
- Fully Diluted Market Cap: $179,250,217
Earning GLM
Here’s how you can earn GLM by staking on Binance.
- Check Binance Staking Services
- Find GLM Staking
- Read the Terms and Conditions
- Select Staking Option
- Confirm Staking
- Receive Rewards
How can Pakistanis Purchase GLM Tokens on Binance?
Without further ado, let’s explore the six steps that will help you buy GLM Tokens on Binance.
Register on Binance
- Click on the link below, which will take you to Binance’s Registration Page.
- Provide Binance with an active and accessible email address.
- Create a strong password to secure your account.
- A link will be sent to your email address, and after clicking on it, your email will become verified, and your account will be registered.
Remember that the same process will be repeated when creating an account with a phone number.
Since 2021, Coin Labs have been assigned a fee discount code from Binance. Thus, if you sign up for Binance through Coin Labs, you can benefit from the fee discount and participate in the bonus event earning up to $500.
Verification Process
In the verification process, you must provide a front and backside photo of your national identity card (or CNIC). This ensures you are over 18, as Binance does not allow anyone below 18 to trade. It will then ask for a live photo to recognize that this is a valid person creating an account.
Securing Your Account
Binance uses many security methods, such as Two-Factor Authentication, Google Authenticator and Touch ID’s.
In Two-Factor Authentication, a code will be sent to your email, while in the Google authentication method, the code is sent to the Google Authenticator app, which needs to be downloaded on your phone.
Funding Your Binance Account
Binance provides several ways of funding your account, including Bank Transfers, Credit/Debit Cards, and P2P transactions.
For credit/debit cards, you must provide your CVC and the card’s expiry date. For bank transfers, you must provide your details to Binance, such as the account number.
While doing P2P transactions, you will require a seller willing to sell a specified amount of USDt in the P2P market.
Buying Process of GLM Tokens
You must search GLM on the Binance search bar and be redirected to its buying page. You will provide the amount of GLM you want and click the buy button.
Storing Your GLM Tokens
After clicking on the buy button, your trade will be executed. Now, you can store it anywhere in the Binance wallet or your personal crypto wallet.
Investment Perspective
This is what you need to know before thinking of investing in Golem.
Upcoming Developments
Golem is continuously improving and enhancing its features by addressing bugs. The releases are designed to identify and fix these issues, ensuring a more stable and reliable user experience. And here are the details of one of Golem’s upcoming developments.
- Ray on Golem: The integration of Ray with Golem is a noteworthy development that brings excitement to the ecosystem. It offers Python developers a more streamlined and convenient method for tapping into the Golem Network’s resources. Additionally, this integration presents an intriguing opportunity for Ray users, providing them with a cost-efficient infrastructure choice.
Speculations and Predictions
As we emerge from the previous cryptocurrency market downturn, there are expectations that Golem (GLM) may experience specific price dynamics.
During this recovery phase, the upper limit for Golem’s price is anticipated to reach as high as $0.322529 by the end of 2023.
According to many expert market analyses, by the year 2030, there is a strong potential for GLM to achieve a remarkable milestone by reaching a new all-time high price of $1.70.
Conclusion
Golem’s visionary approach has redefined how we harness computational power, making it accessible, efficient, and cost-effective. As we’ve journeyed through the intricacies of Golem’s ecosystem, we’ve witnessed the transformative impact it can have on industries, from rendering stunning visual effects to powering complex scientific simulations.
We Coin-Labs.com provides only objective information about A Detailed Guide to Golem for Pakistanis.
Therefore, we are not responsible for the investment decision in A Detailed Guide to Golem for Pakistanis and the resulting loss.
A Detailed Guide to Golem for Pakistanis Basics
Here are some factors that investors should consider before investing in A Detailed Guide to Golem for Pakistanis.
| Cryptocurrency Features | A Detailed Guide to Golem for Pakistanis (GLM) |
|---|---|
| Publisher or Developers | Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski, Piotr Janiuk |
| Headquarters (Registration Number) | |
| Symbol | GLM |
| Platform | Ethereum |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | 1,000,000,000 GLM |
Reliability Score of A Detailed Guide to Golem for Pakistanis in 2024
These are indexes mesuring the investment reliability of A Detailed Guide to Golem for Pakistanis conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 6 Exchanges |
| Number of Available Pairs Worldwide | 189 Pairs |
| Market Cap of the Cryptocurrency | 203,171,131 USD (Rank #235) |
The table above shows the result of investment suitability evaluation for A Detailed Guide to Golem for Pakistanis.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
A Detailed Guide to Golem for Pakistanis Price
Here are the price and recent trading volume of A Detailed Guide to Golem for Pakistanis. (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of A Detailed Guide to Golem for Pakistanis |
|---|---|
| A Detailed Guide to Golem for Pakistanis Price | 0.298 USD |
| Price Change 24h | -1.61% |
| Price Change 7d | -7.66% |
| Trading Volume 24h | 7,964,660 USD |
| Trading Volume Change 24h | 6.29% |
Cryptocurrency Metadata
You can check the development status and social media information of A Detailed Guide to Golem for Pakistanis through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | https://golem.network/ |
| 📖 White Paper | https://golem.network/doc/Golemwhitepaper.pdf |
| 🛰️ Source Code (GitHub) | https://github.com/golemfactory/golem |
| https://twitter.com/golemproject | |
| https://reddit.com/r/GolemProject | |
| 🎺 Message Board | https://blog.golemproject.net/ |
Where to Buy A Detailed Guide to Golem for Pakistanis
Here are the top ten world crypto exchanges where traders can buy A Detailed Guide to Golem for Pakistanis in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | 상장 | https://www.binance.com/en/trade/GLM_USDT |
| Coinbase | 상장 | https://pro.coinbase.com/trade/GLM-USD |
| Kraken | 비상장 | |
| KuCoin | 비상장 | |
| Bitfinex | 비상장 | |
| OKX | 상장 | https://www.okx.com/trade-spot/glm-usdt |
| Huobi | 상장 | https://www.htx.com/en-us/trade/glm_usdt?type=spot |
| Bitstamp | 비상장 | |
| Bybit | 상장 | https://www.bybit.com/trade/usdt/GLMUSDT |
| Gate.io | 상장 | https://www.gate.io/trade/GLM_ETH |
Frequently Asked Questions
What is the current price of A Detailed Guide to Golem for Pakistanis?
A Detailed Guide to Golem for Pakistanis price today is 0.298 USD. Furthermore, the price of A Detailed Guide to Golem for Pakistanis has fluctuated by -1.61% from 24 hours ago, and by -7.66% from a week ago.
Where is A Detailed Guide to Golem for Pakistanis listed?
Currently, it is listed on a total of 6 among the world top 10 exchanges.
What is the market cap of A Detailed Guide to Golem for Pakistanis now?
Currently, A Detailed Guide to Golem for Pakistanis has a market cap of 203,171,131 USD, which is ranking 235 among cryptocurrencies worldwide.
How much is the trade volume of A Detailed Guide to Golem for Pakistanis?
Currently, 1,000,000,000 GLM coins are circulating through 189 market pairs. As a result, in the last 24 hours, 7,964,660 USD of GLM coins were traded in the market.
