Golem is a platform for managing the computing power in the blockchain space. Due to many complex mathematical problems in our world, the need for powerful resources to deal with this computing task increased.
Everywhere you look, from the cinema industry to the IT sector, everyone needs computing sources more than ever.
This is where Golem comes into the picture. It is a decentralized platform that incentivizes users to run a marketplace for exchanging computational resources. Golem is built on the Ethereum blockchain and connects sellers and buyers of computational power worldwide.
Here we will talk about everything you need to know about this cryptocurrency, how it works, and where to buy it. So looking for a new project to invest in, you should learn more about Golem.
What is Golem?
Golem, or as developers refer to it, ‘Airbnb’ for computer power, is a network that allows users to allocate free computational power to developers and users who need it in exchange for money. And the money in this context is, of course, the native token of the golem network, which is called GNT.
Golem aims to become the first world supercomputer. GNT holders can rent or sell out their spare computing power using this market. The spare computing of the token holder will be added to the cluster computing network to provide processing power where it is needed.
This network is designed to facilitate the exchange of computing power in the market. This platform links those who need resources to those who have them to spare. The resource provided will be rewarded with GNT for their participation.
The history of Golem
Golem factory designed Golem in 2015, and it was one of the earliest projects built on Ethereum. Using this market, developers, and users worldwide will be able to access the necessary computing power at any time. And the whole network is decentralized, and there is no need for a third-party participant.
The idea behind the creation of this platform is entirely new. This project is truly one of the most impressive projects on Ethereum. The platform went online in April 2018, letting people rent out their spare computing power.
How does Golem work?
The Golem network consisted of requestors who are users in need of computing power and the providers who have the spare computing power and want to rent it out.
A provider can be an individual with a PC or a data center with supercomputers. The requesters pay and receive the computing power, and the golem platform rewards the provider with GNT.
The golem platform can be used in scientific research, machine learning, artificial intelligence, data analysis, Monte-Carlo tasks, mining other cryptocurrencies, and rendering effects.
There are two different systems in the network that ensure the integrity and security of the processes.
- Consent
The consent mechanism is a third party in the network that verifies the rent and the payout. Concerns are trusted developers who act as the support team in network disconnect. Users must pay to use consent, and it is an optional feature. - Intel Software Guard Extention (SGX)
This technology creates a protected memory that keeps code and data from compromisation.
GNT token
There is a total supply of 1000000000 GNT in the Golem network. You can trade GNT on different exchanges worldwide. If you are living in Australia, Bitunivex will help you trade this token.
It is worth mentioning that it is impossible to mine GNT, and you can only earn it by renting out computing power. It is interesting to know that you can use Golem to mine cryptocurrencies. In this case, you will pay GNT to CPUs and GPUs providers to mine your favorite crypto. The use cases of this platform are yet to be discovered because everyone needs computing power for running applications, rendering movies, and so on. Soon, the number of developers who will try to integrate this platform into other blockchains will increase.
It is the best time to acquire some Golem. If you even have a powerful PC that does not work to its total capacity, rent the spare computing power and earn GNT today.
