Golem

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What is Golem ?

Golem is a peer-to-peer network in which users exchange unused hardware capabilities. It is a decentralised marketplace for information technology resources. Cloud computing has existed before, but it is now a public and user-controlled system.

Golem was created by a small group of cryptocurrency enthusiasts led by Piotr Janiuk. They desired to develop a proxy-free and censorship-resistant protocol that would provide global access to computer power.

Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski, and Piotr Janiuk co-founded Golem Factory, the business behind the Golem platform, in 2016.

Golem (GNT) is an Ethereum-based cryptocurrency token, which is their native token. The current quantity of Golem is 1,000,000,000, with 990,670,000 already in circulation.

Primary features of Golem

• New Golem’s transaction structure is built on Ethereum’s Layer 2, which needs ERC-20 tokens.
• The Golem Network promotes a worldwide community of creators who are developing bold software solutions that will alter the technological landscape of future generations by leveraging the platform’s computing power.
• The open-source technology is adaptable, wholly customisable, and encourages innovation.
• The Golem Network’s settlement layer is constructed on top of Ethereum’s Layer 2, enabling transactions to be more affordable.

Is Golem a promising cryptocurrency?

Investors may want to consider adding GNT to their portfolios if they believe in the possibility of a decentralised marketplace for anybody looking to purchase or sell computing power.

In February 2021, the price of Golem (GLM) surged 230% to a three-year high following protocol upgrades.

It’s virtually difficult for any cryptocurrency trader to determine how Golem’s solution stacks up against Amazon Web Services and the other top-tier cloud service providers it intends to compete with. As a result, this restricts the upside potential of the GLM coin until such validation occurs through real-world use cases.

How to use Golem ?

• Pay for services: GNT is the Golem network’s digital asset token used to pay for services. 
• Exchange Golem: Users can purchase and trade Golem for fiat money or other digital currencies.
• Trading: Users can buy Golem cryptocurrency through a cryptocurrency exchange and save in a wallet if they believe the prices will move up soon.

Pros & Cons of Golem

Pros

• Golem’s software facilitates the trade by connecting users who lack the resources necessary to complete projects with those who have.
• Golem Coin can be a passive income source as one gets Golem crypto when you provide unused computer resources.  
• Developers can create decentralised apps on this platform.

Cons

The price of Golem Coin has been very volatile. The price fluctuations of coins have removed previous gains.

Trade Golem on CoinSwitch

• You may start trading in Golem coins with as little as Rs.100.
• The platform allows instant withdrawal 
• Buy and sell Golem coins with no fees

Golem ICO summary

Golem Coin ran its ICO from 13th October 2016 to 13th November. It raised $8.6 million for 820 million GNT tokens. The project’s “Golem Factory” foundation, together with early contributors and team members, held 180 million tokens.

BTC to INRETH to INRDOGE to INRLTC to INRMATIC to INRTRON to INRXRP to INRSHIB to INRMANA to INRUSDT to INRBCH to INRADA to INR

FAQ's on Golem

• What is a Golem coin?

Golem is an Ethereum-based currency that enables users to pay for and receive resources using the Golem protocol. The protocol allows for network participants to lend their computer’s excess processing power to others.

• Where can I buy a Golem coin?

Many cryptocurrency exchanges, including CoinSwitch Kuber, allow for the purchase of Golem.

• Is Golem coin a good investment?

Price volatility is highly likely to occur shortly. Golem is extremely liquid, and one can trade it against Ethereum (ETH), Bitcoin (BTC), and other stable currencies (USD).

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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.