What is Golem? Complete Analysis

/What is Golem? Complete Analysis

What is Golem? Complete Analysis 2018-02-22T16:08:08+00:00

Golem- Full Guide

Golem is a ground-breaking global tool of technology that works towards decentralizing various CPU powers. Even though Golem is yet in its initial stages, it is a decentralized supercomputer that is distributed and can be accessed by anyone. Currently, the cryptocurrency (GNT) is being developed by a team of dedicated programmers and engineers who have vast experience in P2P platform and blockchain technology.

The cryptocurrency has proved to be successful, and it shows a promising and revolutionary future. Currently, Golem is in alpha whereby it is codenamed Brass Golem, and it is set to be released in 2018.

This is what GNT offers:

  • Performing blender CGI rendering.
  • Used in distributed computing power.
  • Offers a substitute for the irreconcilable difference between inflated cloud-based rendering services and waiting age.

The technology behind the development of Golem is a straightforward one that comes with its pros and cons. The status of the golem technology is somehow unknown, and even though the company has been communicating with the community, they still declined to give a concrete release date of the coin. The original release date was scheduled to done a couple of months ago, and the release that is known as BRASS GOLEM will have supported CPU based graphics rendering. Nevertheless, the release date was postponed since the creators felt that it wasn’t the right time.

How does Golem work?

  • Its computing power providers share their unused computing power to the Golem network which uses the resources to process a request from the users who want to hire the services of the network.
  • The network plays a vital role in splitting up large tasks and distributes them to multiple computing nodes for processing.
  • The transactions are done through Golem GNT tokens.
  • Just like in the cryptocurrency mining, those who provide computer resources are compensated for their participation on the network.

Golem potential uses

Here are some of the potential uses of Golem,

  • Computer graphics: Due to its superfast speed, Golem can be used to distribute the task of rendering CGI within a few minutes at a cheaper rate.
  • Business and analysis: brass Golem is used to speed up business computation in stock market predictions and big data analysis at a lower cost.
  • Machine learning: Golem can be used in expediting the process when teaching AI to beat grandmasters, recognize the human voice or recognize different images.
  • Science: the field of science can take advantage of those low cost and easy access to a powerful supercomputer. The technology plays a vital role in the analysis of DNA and simulating protein folding.
  • Cryptography: it can run the globe’s first and biggest fully decentralized cryptocurrency mining pools. Additionally, GNT crypto makes the cryptography to work like integer factorization.
  • Microservices: the golem app registry can run different kinds of decentralized micro-services and apps that everyone can create and share an income if they want.
  • Micropayments: golem network uses a superfast technology that comes with a secure money transfer systems used to make a micropayment. Golem provides a streamlined pathway where currencies all over the globe and users can make some micropayments for different transactions.
  • Computing power: Golem network allows users to give out their cycles to other user’s machines. Any user with a single PC or huge data center is allowed to share the resources to the network. For the reason that there are numerous software developers who are in the center of Golem’s ecosystem, both the app registry and transaction framework will enable you to deploy and disperse resources to Golem network.

Golem market

Golem cryptocurrency focus on distributed computing market. The distributed computing is currently an incredible market, with conjectures that foretell a gross revenue of $246.8 billion by 2020. However, the price change is always colossal, especially when the market value of the top cryptocurrency as from July 2017 was around $97 billion.

Within the time it was scheduled to be released, and now, the price of Golem token- GNT, has experienced some changes, hitting as low as $0.18, and just recently the value reached $0.35. Golem project experienced the prices increase almost the same time during the overall bump in the price of Ether which was a range of $450.

The primary goal of Golem is to create a focused market for computing. Golem Brass being the initial stage, it is designed to reinforce CGI rendering only. Golem strives to change the oligopoly state of distributed computing where clients are forced to pay more. Golem has introduced an approach of decentralized and appropriate registering power.

Golem cryptocurrency is an auspicious approach that can be used as a vital gadget for:

  • Prescription
  • Machine learning
  • Cryptography
  • Designs
  • Business

Golem mining

Unlike other coins, Golem cannot be mined because of its pre-developed restrictive properties. However, the developer can obtain the GNT tokens through a pre-mining process that allows users to share coins amongst themselves. Mining Golem depends on what you are using the computer for.

  • In case you are just an average user, you will only be a provider, whereby Golem assigns your computer the task to perform when it is idle, and you get some income from it.
  • The payment will come from requestors who pay providers for using their machines.

If you need some extra computing time than you have on your machine, because you are CGI specialist, scientist, tycoon, crypto coin miner or financial marker, then you will be allowed to use Golem as the requestor.

  • As a requestor, you will submit your task to the network, and you will pay the pay the provider for using their machine’s time. Additionally, you will need to get a proprietary software in the store in case the tasks need a software.
  • However, if you own your open source or proprietary software such as rendering engine, analytical package trading robots or specialized scientific package, you might need to use Golem as a distribution channel.

Golem wallet

Golem wallet offers you a platform to store private and public keys and allows you to interact with Golem blockchain enabling you to send and receive payments from other users. A wallet expedites the transfer of Golem while it gives ownership of the remaining digital coins to the user. The wallet is available in numerous forms including mobile, desktop, web and hardware wallets.

  • How do they work?

When an individual transfers some coins, they are typically transferring ownership of the coins to your wallet address. Your private key that is stored in your wallet is supposed to match with the public address on which the currency is assigned to. This will allow you get access to the coins and unlock the funds.

List of parameters to check before using a GNT wallet:

  • Safety: making sure your wallet is secure. Try to check if it has an HTTPS to be sure it has a secure protocol.
  • Reliability: make sure the wallet provider is transparent and reliable on how they run. Additionally, the wallet code must be open source to help you know how the provider is securing your coins. Ensure that the source code is updated.
  • Rating: always make sure you get a wallet with the highest rating since it shows that is the most secure.
  • Ease of use: getting a wallet which has an easy user interface will help you make your transactions with ease.
  • Fees: In order to avoid extra costs and to make sure you use of golem is efficient and continent double check the prices of different wallets and choose the most optimal one for you.

Wallets that support Golem

Jaxx >>

This is both a mobile and desktop wallet that is designed to deliver a streamlined Golem experience.

Pros:

  • High level of security and privacy
  • Offer a multi-currency exchange
  • Offers wallet links in various platforms
  • Has excellent user support
  • User-friendly, and free.

Cons:

  • Not open source
  • Slow

Trezor >>

This is a hardware wallet Ideal for storing coins with ease and security.

Pros:

  • High level of security and privacy
  • High storage power
  • Easy to use the web interface
  • Open source software,
  • Newbie friendly
  • In-built screen.

Cons:

  • Costs $99

Ledger >>

This is also a hardware wallet which is offline and extremely secure. Check out our Ledger Nano S review for more.

Pros:

  • Allows third-party apps to run on the device, offers U2F support, supports multiple currencies, inexpensive.

Cons:

  • Uses traditional wallet software, can’t create hidden accounts, lacks password manager.

Exodus

Available on the desktop and it provides an easy guide to back up your wallet.

Pros:

  • High level of privacy and security
  • Newbie friendly
  • Easy-to-use interface
  • Has open source software
  • Free
  • Supports several currencies.

Cons:

  • It’s a hot wallet, thus vulnerable to hack and theft

 How to buy Golem?

Golem can’t be bought straight with fiat money; it can be exchanged from big tokens such as bitcoin and ethereum.

Here are some of the exchanges that support the transfer of other coins to GNT.

Binance >>

Binance is a multi-currency exchange that comes with high performance and high liquidity.

Coinspot >>

This is a multi-currency platform that runs on a stable monitoring environment with a high level of security. Bear in mind that the fee will vary per coin depending on the network used.

Cryptopia >>

This website focuses on great user experience for crypto coins. For them to make the digital coins available to all, Cryptopia offers a mining pool, marketplace and currency exchanging service and a support framework for all the coins listed.

Bittrex

This is one of the largest cryptocurrency exchanges that provides a huge number of trading tokens into bitcoin.

Buying Golem with Bitcoin

  • Buy Bitcoin using your favorite payment method such as bank transfers.
  • Create a Bittrex account to allow you trade the GNT.
  • Transfer Bitcoin to Bittrex.
  • Buy GNT in the Bitcoin market.
  • Appraise the Golem and store them in your wallet.

So…

Golem is one of the newest popular currency in the digital world, and it’s one of the cryptocurrencies that operates on a lumen technology. It allows users to transfer their payments to other users at superfast speed securely. Additionally, micropayments across the globe have become more effective thanks to it.

Many thanks for reading this article. We hope you got the answers to all the questions you had about Golem. You can visit our website for information on Golem and other digital coins. Don’t be left behind by the cryptocurrency wave.