Everything You Should Know About New Cryptocurrency “Golem”

Everything You Should Know About New Cryptocurrency “Golem”

Nowadays, Blockchain technology has reached a new zenith with various cryptocurrency flourishing. Certainly, it has made investing across the world easier and safer than ever. Moreover, it provides an opportunity to people to make money in a short period of time. Golem is another cryptocurrency that has entered the market and provided a chance to make some extra money while browsing social media. The idea seems to be quite tempting and so is the concept of the project.

So, here we have covered all you need to know  about new crypto “Golem” in this article.

What is Golem?

Golem is a global, open sourced and decentralized supercomputer which is accessible to all. It creates decentralized sharing computer’s excess CPU power where you can loan out computer’s spare resources to others who want additional power to accomplish their task. Let’s look in detail what is Golem?

What Are GNT Coins?

GNT is known as Golem Network Token, which is an Ethereum-based token. This method plays a major role in the exchange between Golem ecosystem contributors. Actually, this platform is preferred by the requesters to recompense software developers, contributors, application usage in that order.

In other words, it is a platform that works as a peer-to-peer market that allows you to rent your computer’s excess CPU power for other people uses as well. As a provider, you can set a GNT rental price that you believe is suitable. Whether you’ve to submit deposits or take part in ‘Application Registry’ Golem network token is the solution.

See Also: Things That Make Us Doubt Cryptocurrencies

History Of Golem

Julian Zawistowski is the founder and Chief Executive Officer of Golem wherein co-founder of the project are Andrez Regulski, Aleksandra Skrzypczak, and Piotr Jniuk. It is a Switzerland-based project that started back in 2014 but incorporated in the year 2016.

How Does Golem Work?

The golem is a platform that offers an unused computational resource that can be easily used for renting computing power to other people who wish to perform memory-intensive tasks, where the user pays to the provider in the form of Golem’s cryptocurrency. Now that we know that how does Golem work, its time to look into where to buy Golem.

Where To Buy Golem?

You can easily invest in Golem by purchasing them from popular exchanges like Bittrex, Bitfinex, Ethfinex, and Poloniex. You can consider Shapeshift for the trading in case you’re comfortable with spending a little bit of extra money.  However, after the launch of Golem mainnet, you can receive GNT for renting out your computing power.

Where To Store Your Golem?

As this cryptocurrency supports ERC20 token that reflects golem is built with Ethereum blockchain. You can store your Golem in the non-exchange ERC20 wallet as well, for example, MetaMask, MyEtherWallet, and Mist.

Who Should Buy Golem?

As Golem is growing in popularity and raising each day in the market. Moreover, the GNT gained the huge number of audience and it seems that the token is going to attract much more people to fall in the pool of Golem cryptocurrency. However, there is no restriction that only specific people can own Golem coins but people that fall into the following categories should opt for it.

  • Machine Learning
  • Programmers who  organize decentralized applications (dApps).
  • Scientists working on the big models.
  • Business that deal with a huge amount of data.

Everyone can try their hands as a provider just by renting their machines in the exchange for the cryptocurrency.

Future Of Golem

Investing your hard-earned money in any cryptocurrency is an amazing way to diversify further than many other portfolios. As Golem is an entirely new cryptocurrency that would be a good investment and there are a lot of chances to make good money out of it. Moreover, there is no decentralized system like Golem which has entered the market before, so it looks like Golem is going to grow more and raise its value in the near future.

Just like Amazon business is turning into a multi-billion, and looking forward to hitting trillions in the coming time, likewise, GOLEM has a great possibility to take part with the growing needs of such services. Don’t you think?

See Also9 Interesting Facts About Bitcoin

Bhoomika Basera is an analyst and blogger at Systweak Software. She likes to explore and discover latest technological updates and hacks.She is a backpack traveller and loves to explore cities and off beat places!

Show your support

Clapping shows how much you appreciated Bhoomika Basera story.

0 thought on “Everything You Should Know About New Cryptocurrency “Golem””

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.