Golem (GLM) cryptocurrency traded 102% higher today and reached a 30 month high of $0.632.
What happened: GLM price surged earlier today, while trading volumes increased by over 1500%.
The Golem project was launched in 2016 by a team based in Switzerland. It is a decentralized platform that was intended to be the first proxy-free and censorship-resistant environment for computer-intensive projects around the world.
It is a decentralized computation network that serves as a new way of distributing redundant computing power to those who are in need of it, on-demand.
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.”, said Golem Network CEO Piotr Janiuk in a recent blog.
Why it matters: Initially, the project distributed Golem Network Tokens (GNT) in a token sale at the end of 2016. The token sale reached its maximum cap in 29 minutes, with 1 billion GNT tokens created and distributed.
In 2019, the Golem team realized that they needed a completely new architecture to proceed with the project. The redesign resulted in the creation of a new “network token” called GLM.
On November 19, 2020, individuals holding the old GNT token migrated to receive their new GLM tokens in a 1:1 ratio.
Golem recently announced that they had become a member of the MIT Solve community - an initiative of the Massachusetts Institute of Technology.
The network believes that this partnership will have a positive impact on Golem’s ability to reach out to a broad audience of innovators.
“Golem Network is working to build a more widespread customer base, including not only developers and tech professionals, but also enthusiasts and casual users.”, said Golem’s CEO.
The cryptocurrecy was trading at $0.4490 at press time.
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