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 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.
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.”
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.
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.
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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.