What is Golem (GNT)?
Future of GNT Cryptocurrency and know how to buy GNT

#1 - What is Golem?

The blockchain is everywhere. From letting users share monetary value, and even hard drive storage space (like in Siacoin), there’s now also a way to share computing power. In fact, Golem is amongst the earliest ideas on the blockchain concept. Not all of us use our computer’s processors to their fullest, and Golem hopes to monetize this performance potential by letting you rent out your processing power to the world, and earn in the process.

Golem: The Basics

Golem is a bank of computing power of the connected machines - a decentralized network of performance at its core. To put it simply, Golem helps your computer power turn into currency. You can loan out your computer resources you are not currently using, and Golem converts the idle power into actual work.

GNT, or Golem Network Token, is the unit of measuring what one pays as the rental. The prices are determined by who loans the power out. But just like all other perfectly competitive markets, it works only when it’s fair to all.

Golem Development

The Golem team is led by Julian Zawistowski. The first alpha version released in August 2016. Later releases followed with improvements to the network’s security and rendering.

The Golem team wants to build a decentralized global platform for microservices, which they like to call “new Internet of tomorrow.”

#2 - What Are The Benefits Of Golem?

  1. The two parties on the Golem network are the requestor and the provider. The requestor asks for the power to perform his task. For the earlier versions, Brass and Clay, the task would have to be of the same class of the task templates Golem provided, like Blender and Luxrender.  
  2. If his task does not match the provided task template, the third edition, Stone, would allow him to write his own code using Golem’s Task Definition Framework. The provider, on the other side, chooses among the task offers by considering the reputation of the broadcasting nodes.
  3. The requestor checks his reputation back after the provider chooses him and sets a price with the necessary information. The reputation here depends on precise results and efficient payments.
  4. After the connection is made, the provider gets the required through IPFS and starts the task on the task computer. The results are sent back via IFPS network.
  5. After verification by task manager and other measures by the requestor, Ethereum smart contract arranges the payment.

#3 - How to Buy and Store Golem?

How to buy GNT

  1. The exchanges for purchasing GNT are a lot in number, the top being Huobi, Bittrex and more.
  2. It can be purchased in a variety of pairings with other cryptocurrencies - such as BTC, USDT ETH.
  3. CoinSwitch, the largest cryptocurrency exchange right now, will actively help you make the right decision by providing the prices for a GNT token on the crypto exchanges it’s sold in, all at one place. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token, and CoinSwitch will facilitate the comparison in various exchanges.
  4. What’s more - with CoinSwitch, you need not create or rely on the wallets specific to the exchanges. Instead, all transactions can happen to and from your very own private wallets, the benefits of which we’ve spoken about here earlier.

Storing GNT

After initiating the Golem mainnet, is a full-fledged ERC20 token that can run on the Ethereum blockchain account. Now, it will run on its own blockchain, and will flow into your account as per the power you rent out. The storage of GNT is as simple as opening another web account; creating a new wallet with ERC20 support would do the trick just fine. A recommended option is MyEtherWallet.

Sometimes hacking and other ways of stealing information can jeopardize your account safety. So in order to be even more protected, you can always buy a hardware wallet. Ledger Nano S and Trezor can be the go-to-solution for an extra security measure.

#4 – What is the future of Golem?

Earlier, after its launch in 2016, Golem/GNT was quick to grab a position in the top ten cryptos. The idea was attractive to the industry and its prices were rewarded - going from $0.009 in December 2016 to 0.685 in June 2017 - a 75x return in just 6 months!

Golem then peaked at over $1.15 in January 2018 during the crypto market boom, before falling to $0.18 in April during the bear market. As of June 2018, it trades at $0.37.

Complete Analysis of Golem | Live Golem (GNT) Price Charts & Predictions

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

0.609355

0.637755

0.599345

0.618659

34,103,700

511,396,000

Apr 01, 2018

0.201298

0.205354

0.182331

0.192915

5,596,180

167,935,000

Feb 01, 2018

0.467863

0.473372

0.383801

0.430306

13,428,500

390,320,000

Dec 01, 2017

0.288846

0.333698

0.279997

0.317759

14,058,000

240,618,000

Oct 01, 2017

0.264793

0.265005

0.257622

0.258588

1,468,440

220,581,000

Aug 01, 2017

0.232346

0.268081

0.229590

0.259067

3,152,050

193,552,000

Jul 01, 2017

0.479292

0.494733

0.430766

0.442944

3,266,130

399,266,000

May 01, 2017

0.222324

0.242740

0.173630

0.217398

13,878,900

182,306,000

Mar 01, 2017

0.022814

0.023117

0.021369

0.023117

222,810

18,707,200

Jan 01, 2017

0.009733

0.009955

0.009165

0.009868

22,571

6,628,520

Dec 01, 2016

0.013339

0.013604

0.011644

0.012879

8,438

9,083,710

Nov 18, 2016

0.015051

0.019346

0.013465

0.013566

7,130

Nov 18, 2016

#5 - How is Golem different from other cryptocurrencies?

  1. In comparison to Ethereum, Golem’s computation is not replicated in every machine connected to the network.
  2. Ethereum is not quite designed for computer intensive tasks like Golem. Ethereum as a platform is neutral to all potential applications, while Golem is a decentralized application based on the same platform.
  3. They are ever expanding in terms of both reach and technological support. The team is updating the Brass alpha and working on launching a Brass Beta soon.
  4. Golem isn’t a store of value like Bitcoin. Rather, is the fuel that will power transactions on computers globally, truly democratising processing power.

#6 -Should you invest in Golem?

Golem has had quite an eventful history in its time on the market. Originally a top 10 coin globally, it declined in its rankings due to slow releases and updates, and the hype around other projects that pushed them to the top. Nevertheless, Golem’s goal - one of being a world supercomputer that lets users share resources - remains a novel idea that excites many in the industry.

The constantly developing network provides a window for even better efficiency later on, and the future releases should better define its prospects. Golem has exhibited a steady and upwards trend in market value. Do a bit of market research to account for the glitches that might arise, but an investment in Golem currently seems to be a healthy profitable option in the long run if you believe in the crypto industry.

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