One of the goals of cryptocurrency is to provide a flexible system where individuals can trade assets and be rewarded with tokens. This system of decentralization has been the driving force of the blockchain industry in recent times.
A cryptocurrency network that has been flexible to its investors in the area of earning extra tokens is Golem cryptocurrency. Golem cryptocurrency is a peer-to-peer decentralized system that allows users to rent out unused computational resources as a means of earning extra Golem tokens.
This article seeks to provide an understanding of Golem cryptocurrency from its meaning, history, market cap, features, how to secure its coin and its mining process.
History of Golem cryptocurrency
Golem cryptocurrency was founded by three people: Julian Zawistowski who is the CEO of Golem, Piotr Janiuk who is the CTO and Andrzej Regulski. The three founders have unique abilities in entrepreneurship, programming, and financial management respectively. In recent times, Golem has been appreciated by different experts in the areas of marketing, project management, software engineering, and UX/UI designing.
Golem successfully launched its first ICO in November 2016. Nine months later, its alpha, Brass was released. This lasted for eight months before its Golem beta 0.15.1 was released in April 2018. Golem looks forward to implementing other features namely the Clay and Stone features. The Clay feature seeks to assist developers in integrating applications through the use of API. The Stone feature seeks to help users with the transaction framework of Golem blockchain.
Golem token and its market cap
Golem network token (GNT) represents golem cryptocurrency. Its GNT is an ERC-20 token of ethereum. With Golem token you can pay for computing power. As at 14th March 2019, Golem ranked 68th with a market cap of $71,644,247 in the coin market. Its circulating supply is 963,622,000GNT against its total supply of 1 billion GNT.
Golem and its features
Golem is an open source decentralized network where individuals rent out and buy computing power. Golem blockchain industry looks forward to becoming a marketplace of cloud services where individuals willing to increase their computing project can find trusted services. The Golem community will allow anyone willing to buy computing power to use its native token, GNT. GNT will be traded in exchange for computing power in relation to the size of computing power.
Essentially, Golem brings people who are willing to trade their computing power. This process helps individuals that are in need of computing power in the area of business, analysis, and gaming to find ease of access. Golem looks forward to reducing the dominance of big names like Google, Microsoft in the computing market. Through their decentralized computing services, there will be no need for investors to pass through third parties before they solve their needs.
How it works
The Golem market community is built in two parts – a system for ‘providers’ and ‘requestors.’ The providers supply computing power to the network through the renting of unused computing space. With the renting out of computing space, providers can set their renting price and be paid with Golem token. In a reverse process, requestors are individuals who are seeking the use of computing power in other to serve their projects. Requestors will be exposed to a competitive market price that will be cheaper as compared to other large computing services.
One important aspect of the working principle of the Golem network is that it allows requesters to become providers. This will make requestor to be able to rent their hardware computing resources in other to earn some Golem token.
Golem’s wallet system
Golem’s wallets are needed in other to get access to Golem tokens (GNT). These wallets provide you with three access codes for you to be able to have access to transact with your token. These codes are private keys, public keys, and passphrase. They are necessary for the identification of your Golem token, for accepting payment with Golem, and for generating private keys in case of any loss. Some example of Golem’s recognized wallets are:
- Exodus Wallet – This wallet system allows you to manage your Golem in one place. Exodus wallet is available for desktop users in Windows, macOS and Linux files. Exodus wallet provides a secure system for GNT holders through the use of encryption of private keys.
- Ledger Wallet – Ledger wallet is another recommended wallet for the storage of GNT token. It is a hardware wallet that provides useful storage capacity as cold storage. Ledger wallet exists as Ledger Nano S wallet and Ledger Blue. The Ledger Nano S wallet exists as USB format for the sending of GNT token. While the Ledger Blue wallet is designed with a touch screen capability. It can also be connected to a computer like the Ledger Nano S.
- Jaxx Wallet – Jaxx wallet brings diverse options to individuals willing to store their GNT in the web, desktop, and smartphone. Jaxx security allows you to create a 12-word backup phrase which can be used to manage private keys. Jaxx also grants users the right to add a second layer of security in order to fortify their wallet system.
Where to buy Golem’s Token
Securing your desired amount of GNT token requires the use of several cryptocurrency exchanges or decentralized services. Cryptocurrency exchanges allow individuals who own any other cryptocurrency like bitcoin, ethereum or litecoin to exchange them for Golems token. Some examples of crypto exchange services that allow the trading of GNT tokens are:
- Binance – Binance exchange allows you to exchange your ethereum for golem tokens. When signed up on binance platform, trading for golem tokens is very easy. It requires you using the exchange trading pair of GNT/ETH, typing your desired amount of ethereum you wish to trade and wait for the conversion process to take place.
- Bittrex – Bittrex allows you to explore the possibility to secure your desired Golem token. In the ethereum market, you can buy Golem with the use of ethereum through their trading pairs.
Other ways by which you can secure GNT is by renting out computing power to requesters in its blockchain platform.
How to mine Golem’s Cryptocurrency
Golem cryptocurrency was not designed to be mineable like bitcoin and other cryptocurrencies. Users can acquire GNT by trading their computing power for its tokens.