What is Golem?
Golem is an Ethereum-based software that allows users to run a marketplace where computing tools can be purchased and sold for cryptocurrencies.
Golem is one of the first Ethereum ventures, and it’s conceived as a kind of supercomputer that connects buyers and sellers for a variety of computations, including CGI rendering, artificial intelligence, and cryptocurrency mining, among other things.
How does Golem work?
Golem’s app is designed to promote this sharing by connecting people who don’t have the money to complete tasks with those who do.
All that contribute services to the Golem network are rewarded with GNT, Golem’s native cryptocurrency, in exchange for their efforts.
Golem’s developers see the network as a user-controlled solution to conventional cloud storage platforms, which bind people looking for technological work today.
The requestors, or users that use computational resources for an operation, are the first participants in the Golem network. The suppliers supply the requested processing power to the requestors.
Both network users, from the private user with a PC to data centers with supercomputers, whose machines are not operating at maximum capacity and may therefore provide processing resources, fall under this category.
Golem assigns processing resources to requestors and pays providers in GNT, Golem’s own currency.
Technically, Golem is built on the Ethereum blockchain, with Smart Contracts containing agreements on computing time and payment.
GNTs act as so-called tokens, or coins with the appearance of a symbolic money. They act as a payment method, but they are essentially only a meta-currency built on the Ethereum blockchain.
They are not mined and are just used to make payments via smart contracts.
The Golem network, in this context, only supplies mediation traffic for negotiated processing power, with no payment transactions in its own currency.
What is the History of Golem?
Golem (GNT) is a cloud storage power management framework that is decentralized. It’s also known among the developers as the “Airbnb” of computing power.
Users on the network will give away free computational resources to those who need them, and they are charged in GNT.
In 2015, Golem was launched as a shared utility for providing computational resources over the Internet.
Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski, and Piotr Janiuk co-founded Golem Factory, the organization behind the Golem network, in 2016.
The Golem team sold 82 percent of the GNT tokens to the public that year, earning 820,000 ETH (approximately $8.6 million at the time).
How do I hold Golem?
GNT is an ERC20 token. You can hold it on any common Ethereum wallet, such as Metamask or MyEtherWallet.