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What is the issuance and circulation of GLM coins?
The issuance and circulation of GLM coins, the native tokens of the Golem Network, facilitate the purchase and use of computational resources, incentivize network participation, and ensure its long-term sustainability.
Oct 15, 2024 at 06:53 pm
What is the Issuance and Circulation of GLM Coins?
The issuance and circulation of GLM coins refer to the process of creating and distributing GLM coins, which are the native tokens used on the Golem Network.
1. Issuance
- Initial Issue: A total of 1,000,000,000 GLM coins were created during the initial genesis block of the Golem Network in November 2016.
- Team Allocation: 20% (or 200,000,000 GLM) were reserved for the Golem team to fund the development and operation of the network.
- Ecosystem Growth Fund: 20% (or 200,000,000 GLM) were allocated to the Golem Ecosystem Growth Fund to support the growth of the Golem ecosystem and community initiatives.
2. Circulation
- Trading: GLM coins are publicly traded on cryptocurrency exchanges, allowing users to buy, sell, and trade them in the open market.
- Use for Computation: Users can use GLM coins to purchase computational resources on the Golem Network, such as renting excess computing power from other users.
- Staking: GLM holders can stake their coins to participate in the network's governance and receive rewards for doing so.
- Community Building: GLM coins can be used to fund community-driven projects and initiatives that support the growth of the Golem Network.
- Developer Rewards: GLM coins are distributed as rewards to developers who create and contribute to Golem-based applications and tools.
3. Cap and Supply
- Total Supply: The maximum supply of GLM coins is fixed at 1,000,000,000.
- Burn Mechanism: A portion of the GLM fees collected from computational tasks is burned, reducing the total circulating supply over time and creating deflationary pressure.
Additional Considerations
- Distribution: The issuance and circulation of GLM coins are primarily aimed at decentralizing the network and ensuring its long-term sustainability.
- Incentivization: The use of GLM coins as a payment method and reward mechanism incentivizes users to participate in and support the Golem Network.
- Value: The value of GLM coins is influenced by market demand, supply, and the adoption of the Golem Network.
In summary, the issuance and circulation of GLM coins are key aspects of the Golem Network that enable the creation and distribution of the native tokens used for computation, staking, governance, and ecosystem growth, all aimed at fostering the network's decentralization and sustainability.
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