Golem Network Token (GLM) API and Price Oracle

Golem Network Token

GLM
$
Information
Contract address
Smart contract address of the asset
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0x7DD9...6429
Network
Blockchain network where the asset is deployed
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Ethereum
Methodology
Pricing methodology used to determine the price of the token in USD. By default, all price feeds on the DIA App are calculated with a MAIR methodology. This parameter is customisable.Learn more about methodologies.
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MAIR
Update frequency
120 seconds is the default update frequency. This parameter is customisable.Learn more about oracle updates.
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120s
Next update
24h Volume
The total volume captured by DIA across all the integrated sources.
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Customize this feed's parameters including sources, pricing methodology, update frequency and more.
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What is Golem Network Token (GLM)?

Golem Network Token (GLM) is the native cryptocurrency of the Golem Network, a decentralized computing platform. It allows users to rent out their idle computing power or utilize others' computing power for tasks like rendering CGI, AI modeling, and scientific calculations. GLM was launched in 2020 by Julian Zawistowski and the Golem Factory. The name "Golem" is inspired by the creature of Jewish folklore, symbolizing the creation of new life from inanimate matter.

How does Golem Network Token work?

Golem Network Token (GNT) is a utility token that powers the Golem Network, a decentralized supercomputer built on blockchain technology. The Golem Network aims to enable users to rent out their unused computing power or purchase computing power from others to perform computationally-intensive tasks.

The underlying technology behind Golem is Ethereum, a popular blockchain platform. GNT operates as an ERC-20 token on the Ethereum network, which means it adheres to a set of standards that ensure compatibility with Ethereum-based applications.

The functioning of Golem Network involves three main actors: providers, requestors, and developers. Providers are individuals or organizations that contribute their computing resources to the network. Requestors are users who pay GNT to access these resources and perform tasks. Developers are responsible for building and maintaining the software that runs on the network.

When a requestor submits a task to the Golem Network, the task is divided into smaller subtasks and distributed among the providers. Providers then process these subtasks and return the results to the requestor. Throughout this process, GNT is used as payment for the services rendered.

To ensure the integrity and security of the network, Golem relies on blockchain oracles. These oracles act as external information providers, supplying verified data to smart contracts. This helps validate the correctness of the computations performed by the providers.

Overall, Golem Network Token harnesses the power of blockchain technology and Ethereum to facilitate a decentralized marketplace for computing resources. It allows users to leverage unused computing power and access distributed processing capabilities, all while utilizing GNT as a means of transaction.

What are the benefits of Golem Network Token?

The Golem Network Token (GNT) offers several benefits that distinguish it from its direct competitors.

One of the key advantages of GNT is its role in the Golem Network platform, which is a decentralized marketplace for computing power. GNT serves as the primary medium of exchange within the network, enabling users to buy and sell computational resources. This system allows for efficient utilization of idle computing power and enables individuals and organizations to monetize their unused resources.

Compared to its competitors, such as SONM and iExec, GNT stands out because of its strong focus on open-source development and community-driven governance. The Golem Network operates on a decentralized model, meaning that decisions regarding platform improvements and upgrades are made collectively by token holders. This democratic approach ensures transparency and avoids any centralized control.

Another benefit of GNT is its scalability and compatibility. The Golem Network is built on top of the Ethereum blockchain, allowing seamless integration with other Ethereum-based decentralized applications (dApps). This interoperability expands the potential use cases for GNT, making it a more versatile option compared to its competitors.

Moreover, GNT benefits from a strong and active community. The Golem community actively contributes to the project's development and growth by providing feedback, identifying bugs, and suggesting improvements. This level of engagement fosters innovation and helps ensure the ongoing success and evolution of the Golem Network.

In summary, GNT offers benefits such as its central role in the Golem Network, community-driven governance, scalability, and compatibility. These aspects distinguish it from its direct competitors and position it as a promising option in the decentralized computing space.

What is Golem Network Token used for?

The Golem Network Token (GNT) is used as a utility token within the Golem Network, which is a decentralized marketplace for computing power. The Golem Network aims to provide a platform where users can buy and sell unused computing resources.

The GNT token is primarily used to pay for computational tasks on the Golem Network. When a user requires additional computing power, they can submit a task to the network and use GNT tokens to compensate the providers who contribute their resources and processing power to complete the task. This allows users to harness idle resources from various computers connected to the network and efficiently carry out computationally intensive tasks.

Common use cases for GNT include rendering computer-generated imagery (CGI) for movies or video games, scientific simulations, big data analysis, machine learning training, and more. One specific case where GNT can be utilized is in the field of AI research and development. Training machine learning models requires significant computational power and can be time-consuming. By utilizing the Golem Network, researchers can accelerate the training process by offloading the required computations to the network's distributed infrastructure. This not only saves time but also reduces the costs associated with running high-performance machines locally.

In summary, GNT is used within the Golem Network to facilitate buying and selling of computing power. It enables users to leverage idle computational resources for various tasks, with one specific use case being the acceleration of AI research and development through distributed computing.

What is DIA's Golem Network Token API?

DIA's Golem Network Token API is one of the many API endpoints provided by DIA. These API endpoints offer real-time price feeds for various crypto assets, including the Golem Network Token. DIA constructs these price feeds by sourcing raw data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, resulting in comprehensive and accurate information.

In terms of accessibility, DIA offers both free API endpoints and fully customizable, custom feeds. The free API endpoints are available for developers to test and can be found on the asset's detail page in the DIA App. These endpoints follow a standardized format and are made public for informational purposes, making them ideal for testing by developers.

However, the real value lies in DIA's custom API feeds. When users require a feed tailored to their specific needs, DIA builds a dedicated API price feed. These custom feeds can be customized in terms of sources, methodologies, update mechanisms, and more. To request a custom feed, users can reach out to DIA via Discord or Telegram.

The use cases for DIA's API are vast. In the DeFi space, the price information from DIA's APIs can be utilized in derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. Similarly, in the NFTfi sector, DIA's API can enable peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and more.

With its comprehensive data and customizable options, DIA's API feeds offer immense possibilities for developers and users across the blockchain ecosystem. By leveraging DIA's APIs, users can access crucial data and build innovative solutions tailored to their specific requirements.

What is DIA's Golem Network Token price oracle?

DIA's Golem Network Token price oracle is a smart contract that provides real-time price feeds for crypto assets. DIA differentiates itself by being integrated with 35+ layer 1 and layer 2 networks, enabling the deployment of price oracles across multiple blockchains. These oracles are constructed using raw data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, resulting in highly accurate and reliable price feeds.

While DIA offers free demo oracles for developers to test, these are strictly for testing purposes and cannot be integrated into production applications. However, users can request custom configuration for a dedicated price feed oracle. This allows for tailored data feeds in terms of sources, methodologies, update mechanisms, and more. To request a custom feed, users can reach out to DIA via Discord or Telegram.

The use cases for DIA's price oracles are vast within the blockchain ecosystem. With their accurate price information, these oracles can be utilized in various DeFi applications, such as derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, and money markets. Additionally, in the NFT space, DIA's oracles can be leveraged for peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and more.

In the realm of blockchain technology, an oracle acts as an external information provider that supplies verified data from outside the blockchain to smart contracts. It plays a crucial role in bridging the gap between on-chain and off-chain data, enabling smart contracts to make informed decisions based on real-world information.

Overall, DIA's custom oracles are particularly valuable for users, as they offer flexibility in tailoring data feeds to specific requirements. By delivering reliable, real-time price feeds across multiple blockchains, DIA empowers developers and businesses to build innovative applications within the blockchain ecosystem.

Why use DIA's GLM API & price oracle?

DIA's GLM API and GLM Price Oracle offer numerous advantages for users in the blockchain ecosystem. These technologies provide access to accurate and reliable price data for cryptocurrencies and NFTs. One of the key benefits is the high level of customisation available. Users can tailor each oracle and API endpoint to meet the specific requirements of their decentralised applications. This includes configuring the data sources, applying data cleaning filters and pricing methodologies, and determining update mechanisms and frequency. With this customisation, the data and oracle remain robust and resilient, adapting to unique market conditions and providing global and specific market prices.

Transparency is another significant advantage of DIA's API and Oracle feeds. Users have full visibility into the entire data journey, ensuring trust and confidence in the price data. DIA also offers tracking and monitoring tools to closely monitor the performance of their oracles and API feeds.

In summary, DIA's GLM API and GLM Price Oracle provide users with customisable and transparent access to accurate price data for cryptocurrencies and NFTs. These technologies enable users to tailor their data solutions and ensure reliability in the ever-changing market landscape.