Have you ever used Airbnb? Isn’t it an amazing concept? Renting out unused space has revolutionized the lodging industry.
Can you imagine a similar situation happening with computers?
Wondering what I’m talking about?
Ok, let’s take this simple example:
Let say you live in California, USA and have a powerful computer with 16 GB RAM and 16 GB GPU. You have purchased it on a loan (an extra financial burden on you) for your architectural studies. You use it while you’re awake, but while you’re sleeping, you don’t use this powerful system.
At the same time, across the Pacific Ocean in China, there is another architectural student who is awake and desperately in need of extra computing power. He doesn’t have a powerful computer like you, but he still needs to render his architectural designs.
What if that guy in China could pay you to use your system during your night hours for his computing needs?
Wow, what a win-win situation that would be!
This may look like I am talking in my dreams…
But to your surprise (and mine) this is possible!!
What is Golem?
Golem is basically the Airbnb of computers.
It is the world’s first open-sourced and decentralized super-computer.
Made on Ethereum’s blockchain, anyone anywhere can use it.
Golem’s “supercomputer” gets its power from both small personal laptops and giant data centers spread around the world.
As a user of Golem’s platform, you can run a website, do energy-intensive scientific calculations, run a long code, or do CGI rendering. You can even run miners using this computational resource and mine cryptocurrencies.
Golem makes computing decentralized by changing the very nature of how computer intensive tasks are carried out and distributed. With this, a new global economy can be created which shares unused computing power. And at the same time, anyone can make money by ‘renting’ out their unused space.
What is GNT?
GNT (Golem Network Tokens) are Ethereum-based tokens used to fuel the Golem platform.
To simplify it a bit more, Golem supercomputers will run when the user pays GNT tokens. These tokens will be given to people who have rented out their extra computing power on the Golem network.
GNT’s coin supply is fixed, which means as the project becomes more popular, the price of GNT will likely increase.
Team Golem: Core Team of Golem
- Julian Zawistowski – MA Economics (Warsaw School of Economics). He is an established leader and entrepreneur who wants to change the world for the better. At present, he is the CEO and founder of Golem.
- Piotr ‘Viggith’ Janiuk – MSc Mathematics, MSc Computer Science (University of Warsaw). He is an experienced programmer. He believes in cutting-edge technologies like the blockchain and is keen on bringing them to life. At present, he is the CTO and co-founder of Golem.
- Andrzej Regulski – MA Economics (Warsaw School of Economics). He is an experienced manager and consultant. He has previously consulted public authorities with his consultancy firm. At present, he is the COO and co-founder of Golem.
How Does Golem Work?
Golem is peer-to-peer network connecting service providers to service users via an S-a-a-S (software as a service) platform.
There are three types of users on the Golem network:
|Role||What do they do?||What do they get?|
|Requestors||They demand computing power.||They get access to affordable and scalable software and hardware resources.|
|Providers||They supply computing power.||They get paid in GNT for providing computing power.|
|They develop different applications for various use.||They get paid in GNT for providing suitable apps.|
Golem ICO: Total GNT Produced
The Golen token sale concluded on 13th November 2016. The ICO of Golem ended within 30 minutes and raised $8.6 million.
|Number of tokens created during the crowdfunding|
|Golem Factory GmbH (12%)||120,000,000|
|Golem Team (6%)||60,000,000|
|Crowdfunding Participants (82%)||820,000,000|
Again, the Golem Network Token (“GNT”) supply is fixed, and no new GNT will be created in the future.
How Much Is One GNT Worth?
As per CoinMarketCap, the total circulating supply of GNT is 959,242,000 GNT, and the current price of each unit is $0.15, which makes its market cap approximately $145 million (at the time of this article).
How To Buy GNT
Buy GNT from Changelly
Exchanging Golem for other cryptocurrencies from Changelly is one of the easiest ways to get GNT tokens.
To buy GNT, you will need the following things:
- Your GNT address where you would like to get your GNT tokens.
- BTC/ETC/altcoin to exchange for GNT.
Note: Though this guide shows you how to buy Ripple in exchange for BTC, the process is exactly the same to buy GNT.
Buy GNT from Shapeshift
ShapeShift.io also offers an exchange platform similar to Changelly. It currently supports 30+ cryptocurrencies (including GNT).
If you need to know the step-by-step process of exchanging other cryptocurrencies for GNT, see our guide on ShapeShift. Though this guide is for exchanging ETH for BTC, the process is the same to buy GNT.
I personally prefer using Changelly because they have better exchange rates and a better transaction history feature to track my funds.
Buy GNT from Exchanges
Below is a list of established cryptocurrency exchanges listing GNT:
- Binance: Supported pairs are GNT/BTC, GNT/ETH, GNT/BNB
- Huobi: Supported pairs are GNT/BTC, GNT/USDT, GNT/ETH
- Bittrex: Supported pairs are GNT/BTC, GNT/ETH
- Gate.io:Supported pairs are GNT/USDT, GNT/ETH
Golem Wallets (aka GNT Wallets)
Jaxx is a popular multi-currency mobile wallet which supports GNT (it also has a desktop version).
In Jaxx, you hold your private keys thereby making you the only one who controls your tokens.
Jaxx is a safe and secure way of handling cryptocurrencies and allows you to restore your GNT funds if you have the seed backup key.
Jaxx is available on iOS mobile/tablet, Chrome & Firefox Extensions, and Mac/Linux desktops.
Exodus is the first desktop wallet to support Golem.
It is also a popular wallet for various other cryptocurrencies.
It has a one-click email recovery feature. It focuses on easy usability without compromising the security of your accounts.
The 12-word recovery seed key feature enables you to restore your funds if you run into any issues with your device.
Exodus is available on Mac, Linux, and Windows.
Web Wallet/Hardware Wallet
MyEtherWallet is a web-based wallet for Ethereum-based tokens like Golem.
But MEW is different from traditional web wallets because here you control your private keys.
We recommend using hardware wallets if you hold a significant amount of funds.
Golem is still being developed and is intended to have a large impact on the mining, science, machine learning, and computer graphics industry in the coming decade.
Some of the use cases of Golem:
Roadmap & Future of Golem
If we imagine the Golem solution being applied to the above use cases, then it is a fact that the effects would be far-reaching. Right now, the majority of cloud computing resources are mainly handled by Amazon, Google, and Microsoft Azure, all of whom enjoy high margins.
Though these solutions are reliable, they are highly centralized and very expensive.
Now, it needs to be noted…
Golem is a huge and aspirational project.
Only time will tell how it plays out in the end. But at the moment, GNT tokens are looking good, and early investors are reaping big profits. GNT tokens, since Golem’s ICO, have grown at a rate of more than 5,000%, which is excellent growth in just 8 initial months.
Needless to say, as the platform becomes more popular, the value of each GNT token is expected to increase manifolds.
The future of this project hinges on its timeline:
At present, Golem is just a proof of concept, and the application is still under development. The Golem team plans to release the full product after 4 iterations.
The 4 versions will be as follows:
- Brass Golem (Alpha Testing)
Brass Golem is in alpha testing now. This version is only focused on CGI rendering (as of now).
- Clay Golem (to be released within 15 months after crowdfunding)
Clay Golem will make Golem a one-stop shop for distributed and decentralized computation solutions. In this version, Task API and the application registry will be introduced.
- Stone Golem (to be released within 24 months after crowdfunding)
Stone Golem will be a more secure and stable version of Clay Golem. It will also enhance the functionalities implemented in Clay Golem. High hand version updates of Task API and the Application Registry is expected to be released.
- Iron Golem (to be released within 48 months after crowdfunding)
The final version of Golem will be called Iron Golem. When this is released, it will provide developers with more freedom to develop apps using an internet connection or apps which run outside of a sandbox. It will be a much more stable and attack-resistant version of Golem.
Update: Golem is a very ambitious project and until you have the appetite to wait for 5-10 years in the long term, do not look here. And what I am saying is also reflecting in their timeline shown above.
Below are some links that will help you stay updated on Golem:
So when are you buying your first Golem token (GNT)? Which wallet are you using to store your GNT? Do let me know your comments and feedback in the comments section below!
Here are hand-picked articles for you to read next:
- What is Cardano Cryptocurrency (ADA) & Blockchain 3.0
- Cryptojacking : How Hackers Are Mining Cryptocurrencies Without Your Knowledge
- Coins vs Tokens: Know The Difference [Crypto Basics]
- A Beginner’s Guide To The 0x Protocol (ZRX)
- Top 5 Protocol Coins You Must Know About
Creatonics is the Crypto exchanges contributor for CoinSutra.
He has a background in both finance and technology and holds professional qualifications in Information technology.
Join us via email and social channels to get the latest updates straight to your inbox.