Cryptocurrency Golem (Golem) - the most interesting Polish startup, which successfully started a few years ago. He defines himself as Airbnb for computers and a new era of economic sharing - computing power. The name Golem comes from Jewish folk tales. A golem is a creature of clay, resembling a man, but devoid of soul, intellect and speech.
The oldest reports about the Golem date back to the 16th century, in territories under the rule of Emperor Rudolph II of Habsburg. How is the fabulous being associated with a modern cryptocurrency project? Let's figure it out together.
Table of Contents:
3. Course Golem
General information about the cryptocurrency Golem
When a user needs computing power, he has two options. Go to a computer store or the Internet for a virtual machine from Amazon Cloud or Microsoft Azure. In the first case, he gets enough power for normal applications, such as playing or even rendering films, and he does not need to use any intermediaries. In the second case, it receives much more power, but must pay a relatively large margin to intermediaries for this.
What happens if you combine the advantages of both models and get rid of their shortcomings? This is how Golem was created. This is a distributed computer network created by the Polish company Imapp, which previously was engaged in software consulting. Few people know about this, but he made the third largest ICO (Initial Coin Offer) in history. And in just 29 minutes! Golem is not the first to use the power sharing idea. Projects such as Boinc, Seti home or Folding home have been around for many years, and also offer computing power for scientific research or for searching for extraterrestrial civilizations.
Golem development and implementation
The Golem project was founded by five people: Julian Zavistovsky, Piotr Yanyuk, Andrzej Regulski, Alexandra Skrzypczak and Pavel Bylitsa. They presented their idea on the Crowdfunding platform, focusing on 8,6 million dollars. To support the implementation of the project, it took just 29 minutes, which very eloquently illustrates the scale of interests to the project.
The plan of the five Poles is simple in theoretical terms and at the same time extremely difficult to implement: the Golem project was to become a powerful peer-to-peer infrastructure (p2p), which made the computing power of a computer available for a fee. It was decided to make payments for resource providers in the GNT cryptocurrency.
GNT working principle
Golem is an open, global and decentralized supercomputer, which almost every user who is interested in a subject can learn about. It works on a peer-to-peer peer-to-peer network. The network consists of three parts:
- Suppliers of computing power who earn on its use;
- Applicants who use computing power and software;
- Authors (software developers) for whom Golem is something like the App Store.
This network makes it possible to:
- visualize graphics and video;
- analyze large amounts of data;
- to mine cryptocurrency, i.e. to support a decentralized network of accounts (blockchain).
It is assumed that the network will always find a balance between price and the amount of computing power. Decentralization will ensure the security of sensitive data, thanks to cryptography. All connections are encrypted and accounts run on virtual machines remote from the supplier’s computers. Security will enhance the reputation and ranking system of users. If someone wants to use computers, for example, to attack DDoS or not pay the provider, their rank will be reduced.
Golem project team
The network token Golem (GNT) is part of the network Golem, or differently Gol, and was designed to provide flexibility and some control over the future evolution of the project. The authors of the project have achieved that within six months the network has reached full performance. Golem is called a supercomputer because it can connect to computers around the world and use their computing power to conduct research, visualize graphics, or even generate other cryptograms.
In other words, you no longer have to invest in equipment, because you can do everything remotely. The creators also took care of the possibility of making money on the use of other equipment. The concept of a global supercomputer seems to have a lot of strong arguments. Many people have very powerful machines that they use mainly for games. However, this hobby is not the cheapest, so with the help of Golem they can share their computing power for a fee, in the Gol cryptocurrency. An international team of visionaries and programmers led by the Polish citizen Julian Zavistovsky for several years has implemented this idea. They built a working version of Alpha, which showed how Golem will look in the future.
During the ICO, which ended on November 11 2016 of the year, 820 000 tokens Gol was acquired in the project, which was equivalent to 8,5 million USD (today up to 250 million USD). This means that the GTN token costs 0,215130 USD with a market capitalization of more than 180 million USD. During the existence of its maximum, the cryptocurrency reached at the beginning of this year, when for one goal it was possible to get 1,15 $. Truth has happened since cryptocurrency correction, its rate has declined and now it is being sold even cheaper than when the ICO began. Golem cryptocurrency forecast for 2018 year is not so joyful, as I will write a little later.
How to buy a golem?
Using a contract with Ethereum allows direct transactions between software developers and people who download and provide computing power. Developers can use GNT to distribute software, and can use software to set prices for software. Gol Tokens are distributed through ICO, which means that there is no possibility of mining cryptocurrency.
It works on the principle of a Smart-contract with Ethereum, which is similar, in the end, to the purchase of an ETH-portfolio for itself. The maximum number of coins has been set to 1 000 000 000 GNT, and 8 200 000 GNT has already been distributed and this amount is available in the market. With all confidence we can say that Golem is different from other cryptocurrencies, which are used primarily for the transfer of value. Pit allows you to provide computing power for a fee or buy it.
As already mentioned, mining Gol is not provided by the developers, and therefore the only way to get coins is to buy them on cryptobirds. Today Golem cryptocurrency, like cryptocurrency Cardano Presented on many exchanges. Despite the fact that there are several dozen such sites, the tasks and functionality of them are very similar. I propose to consider in more detail currency purchases at several of the most popular cryptocurrency exchanges.
The process of buying coins Gol is quite simple. Initially, you need to select the desired currency pair with GNT, after which you will be taken to the glass of orders. Here you can make a deal at the most favorable rate. In addition, it is possible to create your own order at your own rate and wait until someone else buys it. To do this, enter the desired amount of bitcoins or ether, which you are ready to give and the amount of the goal you want to receive, into the appropriate fields of the form that appears.
In terms of volume, it is not one of the largest stock exchanges. The average daily volume of about 1,2 thousand BTC. However, in terms of the number of users, Tidex is developing extremely dynamically and is currently one of the most popular crypto exchange platform. The platform interface was created not only for experienced investors, but also for novice users. Because of this, buying and selling Golem currency is extremely simple. Everything was trimmed to the most important functions. High liquidity, small spreads provide an opportunity to increase potential profits. In addition, the exchange regularly organizes stocks for investors. Unfortunately, the stock exchange does not support working with fiat currencies.
Exchange is attractive. The size of the deposit for CNY and BTC is zero. The cost of exchanging BTC / CNY is 0,2% of the transaction value. Other operations - 0,1% of the transaction value. In addition, it is the only cryptocurrency exchange that offers to buy electronic currencies, such as cryptocurrency nem Or Gol for fiatnuyu currency. The truth concerns only the Chinese yuan. Otherwise, for the purchase of GNT tokens will have to acquire Bitcoin or ether. Further, the buying process will be standard - we enter the cryptocurrency on your wallet to the stock exchange, after which we buy Gol for it, at a favorable rate or expose our application, which will be redeemed by another user.
Should I be interested in Yunbi? Low commissions say yes. If all goes well, there is no problem. If it turns out that it is necessary to ensure the observance of their rights in court, you can face serious problems. At the beginning, when the investor does not have much money, you can use this service. But when the amount will increase, and there is no legal support in China - you need to look for another exchange.
Of the advantages of the exchange can be noted high security. Liqui customers are able to protect their accounts by two-factor authentication using a code from an e-mail message. Using these tools, you can effectively protect your account from burglary or unauthorized withdrawal of funds. True, trading with fiat currencies is impossible on this exchange.
Where to store Golem?
In short, Golem is a contract with ETH, so you just need to create any Ethereum address and send Gol tokens for storage. It is also possible to use multicurrency wallets for storage, for example, Jaxx or Exodus. In addition, do not forget about this method of storage, as wallets on cryptocurrency exchanges, which also allow relatively safe to store the selected altcoin. The highest level of storage security can provide a cold wallet - physical storage that supports Ethereum wallets with support for the ERC 20 standard.
Despite the very bright prospects for the Gol project and the initial interest of investors in it, its future is a big question. So make a forecast is quite difficult. The developers themselves remain suspiciously silent for a long time, while competitors are not asleep. If a few months after the launch of cryptocurrency, she was able to enter the top ten Altcoins by capitalization, now it has fallen only in the fourth decade. If, in the near future, the platform developers do not show the Internet community that they are actively working to implement their idea, investor confidence may well be replaced by the massive sale of GNT and redirection of funds to other projects.