Golem Uses Super-Efficient Supercomputer
Golem (GNT) is a cryptocurrency that was founded by Julian Zawistowski in late 2016. It is the only accepted form of payment for the Golem project, and is named after the Golem in Jewish mythology, which is a creature created by a wizard made from many bits and pieces that becomes something much stronger than its components. The Golem project is the world’s first decentralized supercomputer, and it utilizes cryptographic blockchain-based technology to be truly anonymous and decentralized.
Anyone with idle processing power can rent it out on this network, in order to receive passive income; therefore, anyone with unused processing power should look into this crypto-platform so they can make extra money. When a customer submits a task to be completed on Golem’s decentralized supercomputer, it is split up and distributed to many different computers across the network, preserving anonymity and drastically increasing efficiency.
“Decentrally” Renting Out Processing Power
Processing power for rent is nothing new on the internet, perhaps the most well-known example is Amazon EC2. However, the Golem project is far cheaper and, more importantly, decentralized. On centralized platforms like Amazon EC2, those in charge of the network can freeze your computing projects at any time for any reason and steal your results.
When using this network’s decentralized supercomputer, users have peace of mind that projects they pay for will never be stopped. Moreover, data on this platform is not likely to be stolen, since it uses cryptographic hashing and is split between many different computers around the globe.
Useful Application Registry & Legitimate Source of Revenue
Another important aspect of Golem is the application registry, where developers are able to produce scripts and applications that can be purchased by people using the project’s supercomputer. This provides an avenue for software developers to earn cryptocurrency, and greatly increases the usefulness of the supercomputer since there will be many built-in applications to increase ease of use and quality of results.
GNT is a token released and distributed using an Ethereum smart contract, which is a popular and secure mechanism to create new cryptocurrencies via an initial coin offering (ICO). 1 billion GNT were created in the genesis block; 820 million were distributed to people who purchased GNT with Ethereum and 180 million were kept by the developers. Currently, developers still hold 166 million coins, which makes investment in GNT somewhat risky since they can sell their coins at will, thus applying downward pressure to the market.
You Cannot Mine This Crypto
GNT is not mineable and completely dependent on the Ethereum blockchain, which is actually good since there is a huge amount of mining power maintaining and securing the Ethereum network. Each GNT is worth 20 cents as of this writing, yielding a market cap of $168 million which is the 67th highest out of the thousands of different cryptocurrencies. Combined with daily trading volumes in excess of $5 million, this indicates that GNT is very popular.
Considering the intrinsic value of GNT as the only accepted form of payment for the Golem project, the world’s first decentralized supercomputer, it’s likely to gain value in the long term and is, therefore, a smart choice for your cryptocurrency portfolio.
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This is not advice. Advice should be accepted by your chosen legal counsel only and financial advice should come from a licensed or certified financial professional. As always – do your homework and make decisions based on your own education. Seek information and look into projects before adding to or diversifying your portfolios.