How Golem (GNT) Works & Its Benefits

Initially, according to certain mythology of the Jews, Golem is an animated character carved out from clay and life has been magically brought to it. In our current world, things seem to be a little different. Golem exists in intangible substance which is known as the internet. In simple terms, Golem is a kind of computer which is also known as this AirBnB for computers.

Golem (GNT) simply allows the users to rent out space in their personal computers. Why let your computer gather dust at the corner whereas you can make money with its space? Golem provides the platform where you can rent your extra space to interested parties. On the other hand, if you are into online business and struggling with an upcoming deadline because your computer is taking too long to respond, you can consider renting space in underutilized computers across the globe. This could increase your overall efficiency.

This being the case, we will discuss the origin and founders of Golem, its market performance, scope of membership, distinct features and its uses.

The History and Founders of Golem

The leader of Golem’s team is Julian Zawistowski who is an adviser who hoards; a certain platform for blockchains that holds the industry of video gaming. The team set in place at first released the alpha Brass, in 2016 August. The Brass consists of two tools namely; LuxRender and Blender which are used for rendering CGI.

Initially, Golem began as a passion project which did not have a central server and used the peer to peer network. When the users rented their computer space, they were paid in Ethereum. In Golem they work under a philosophy that no work is impossible as long as it is widely distributed across the world. Golem has real-world applications therefore the tokens of Golem cryptocurrency used to make payments have market value.

In the past few years, the tokens used at Golem have increased at an alarming rate therefore it made it to the top ten list of the most valued crypto currencies in the market as at April, 2017. Actually the crowd funding event held by Golem turned out to be the second fastest in the history of blockchain industry. They managed to raise about $8.6 million in less than 30 minutes. In addition to that, it also managed to have the third biggest ICO (Initial Coin Offering) in history.

Understanding Golem

Technology – The Golem token is the most essential part of the network that supports these super computers. After the great performance at the initial coin offering, the funds which were raised were used to refine and expand on the network’s scope. Golem is decentralized and more to that, it has an open source program that allows its users to rent the computer space of their desire as well as connect with each other through the blockchain provided by Ethereum.

For a transaction at Golem to be compete and successful, it must consider the performance of the machine, the prices charged and reputation the machine you are interested in renting. In cases where cheating and fraud is prevalent, the reputation of the machine is degraded and might not be chosen in transactions that will be done in the future.

The users of Golem – Any person who is interested can use Golem to compute anything from but not limited to web hosting, learning of complex machines, GGIs rendering among other uses. It can also be used to run some of the largest decentralized mining pools for cryptocurrencies in the world. In such a case, Golem can be used in advanced ways like cryptography in factorization of integers.

In addition, scientists are considering to use Golem to increase the speed of researches that they carry out. Some of them include exploration of the entire Human DNA coding. Moreover, certain digital assets are adding Golem into their systems. Some of these digital assets include the Poloniex which managed to increase on its market cap to $23 Million in February 2017.

The founders have a strong belief that in the near future, Golem might be used for micro service. In that, the users can run personalized applications like note taking and other larger applications like rendering. Their main aim is that the entireblock chain is decentralized and there is no single point that the project will have glitches. The fact that Golem is attached to some real world utilities, the tokens used by Golem have a great potential in the crypto market. The fact that the demand for more machines to aid learning and research activities every day is high; Golem will be the in thing in the next few years. This will have a general impact to the network’s growth.

There are several crypto exchanges where you can purchase Golem. You can store your Golem in certain wallets which can support the ERC20. These wallets include:

  • My Ether wallet
  • Mist
  • Hardware Wallets like Trezoe for enhanced security

In conclusion, Golem is basically a widely distributed super computing power in the market place. It has been in the market ever since 2016. The coin had fallen significantly after being ranked among the top ten which makes the users question the efficiency of the team behind Golem. However, they have paid attention to improvements that will raise the Brass Alpha and might be releasing the Brass Beta soon enough. They are expanding their scope of membership around the world by additional team members to the technology super team and extending their outreach in the community. All in all, there are similar projects which are a challenge to Golem. This will determine whether the Golem will succeed or fail in the market.

Collins Valentin

Collins is a blockchain enthusiast, who spends his time between documenting the blockchain revolution in Africa, and writing the latest on the cryptocurrency space. Email: editor.news@blockpublisher.com

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