What is Golem (GNT) – A Comprehensive Guide

Golem is a decentralized supercomputer, which uses Blockchain technology to share computational power. In the Golem ecosystem, one can rent spare computational resources to others who need that extra bit of Computational power or request some computational power for completing the task at hand.

Are you intrigued by the Golem’s concept, and want to know more about the supercomputer based on the distributed ledger, then you have arrived at the right place. This article would serve as your comprehensive guide and tell you what is Golem(GNT).

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What is Golem?

Golem (GNT) is a supercomputer which combines the processing power of all the computer on its network. If you feel you do not make complete use of your computer’s processing power, then you can join the Golem network and rent your computer power too.

Golem follows the successful and traditional principle of shared resources which saw the startups like Uber and Airbnb take the world by storm.

The idea is worth millions already, because there is a huge market for shared computational power, as most of the online professions, as well as a significant part of the traditional sectors, need computers for any task.

Suppose you are a YouTuber who does their own editing and video rendering, now in order to edit high-quality videos, you need a ton of power from your computer, which cannot be done on a simple high-end home-based PC. And buying a specialized rig would cost you a fortune.

This is where Golem can dive in to help you get some extra power to complete your video rendering. Now let us understand the ecosystem in reverse, i.e you have a beast of a computer, but you usually work on your laptop now, so what if you can make money from your ideal computer?

Yes as a part of the Golem ecosystem, you can also rent your surplus computer power to those who need it and earn some rewards, which are kind of Block Reward in case of mineable cryptocurrencies. Some of the tasks which require a constant supply of computational power include, natural language processing (NLP), artificial intelligence (AI), or even machine learning for DNA exploration

However, Golem is currently focusing on the CGI rendering sector which is burdened by the expensive rigs and long wait times.

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What Task Templates Are Available on the Golem Network

Golem has released two task template as of now, called Blender, and Luxender, and both are pre-set, thus you cannot write your own codes for task templates according to your needs.

Once you have selected a template, it will be added to your task manager, and a request broadcast for the required computational power is initiated by the network. Now different nodes will broadcast the message to the Provider who would send in the information of his computational power available along with the price.

The requestor would then verify the provider information assign the task. Once the task is complete, it would be sent to the requestor to recheck and verify. Once everything has been taken care of, the requestor would initiate the payment.

All the transaction between the requester and the provider is governed by an Ethereum contract. If the requester and provider are happy with each other’s work and execute the contract, their ratings would get higher, thus giving them better opportunities in the future.

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The GNT Token and How to Use, Buy and Trade it?

The GNT token is based on ERC-20 protocol, the token is used as a financial entity on the Golem network, where you can pay the provider in GNT or receive payments from a requestor after completion of the task.

The Golem team minted 1,000,000,000 GNT during the ICO of which 82% was distributed to the crowd sale participants.

How To Buy GNT?

You can buy GNT tokens like any other cryptocurrency or altcoin from an exchange. If you are new to the crypto realm, you must know that most of the altcoins on the trade market is traded against the Bitcoin or Ethereum for regulatory reasons.

You can buy Bitcoin or Ethereum first from various exchanges like Binance, Polenix, and Huboi. After buying in BTC, you can trade your bought Bitcoin for GNT tokens. But, buying against the fiat is still a big no-no.

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How To sell GNT?

Buying and selling are two aspects of the same coin, and once you have bought crypto, you can sell it in a similar fashion, on the same exchange.

If your Exchange does not allow for fiat withdrawal against GNT, then trade it against Bitcoin or any other altcoin which allows for fiat withdrawals.

Conclusion

Golem’s use case of Blockchain is unique in a way and can turn out to be a big thing in the near future. Golem was introduced to the world in 2016, and it even breached into top 10 cryptocurrency by market cap.

With a great community and developer team behind the network, Golem is for sure going to make big strides in near future.

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