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Golem

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Description

What does Golem do?

Developed by imapp (a company based in Poland that is also involved with Ethereum and OmiseGo) Golem is a decentralized cryptocurrency that acts as a marketplace for computing power and applications. The technology connects people willing to rent their idle computing power with people who need extra computing power - for projects and other things that would be impossible to accomplish using only their own computing resources.

Interactions between buyers and sellers of computing power and applications on Golem happen without the need for any third parties. Golem uses Ethereum smart contracts to settle payments.

Apart from providing a cheap way for people to access more computing power, the project could fuel advancement in the fields of data analysis, cryptography, AI machine learning, and many others.

What are GNT tokens used for?

The native currency of Golem is an ERC20 token known as GNT. GNT is used to exchange value on the Golem network. People renting out their computing power, called Providers, get paid in GNT by Requestors, the entities in need of the service.

Since GNT is an ERC20 token, GNT transactions are recorded on Ethereum’s blockchain. As a result, GNT tokens are not mined and there is fixed total supply set at 1,000,000,000.

How can GNT value appreciate?

Since GNT is used to pay for computing power, increasing demands for computing services are expected to boost the price of GNT. It’s also important to note that Golem is a cheaper alternative to Amazon, IBM, or Google’s computing services. If the project gets attention and its services become legitimized, it may gain adoption very quickly.

GNT is not inflationary like many other cryptocurrencies; GNT’s fixed supply should help its price since there will not be additional tokens created. Growing concerns over centralization will also help people see the need for a decentralized computing ecosystem, increasing attraction to Golem and resulting in higher prices for GNT.

What is the difference between Golem and its competitors?

The main competitors of Golem are big companies providing computing services like Amazon, Google, IBM, and Microsoft. Compared with these options, Golem offers cheaper prices and decentralization. By using smart contracts, Golem provides a fair and transparent way for people to buy and sell computing power.

Cryptocurrencies competing with Golem are Gridcoin and SONM. However, Gridcoin projects are more technical and harder to launch than Golem’s. SONM, on the other hand, has the same offerings, but Golem has the advantage of starting its development earlier.

  • Mainnet Launch: April 2018
  • Open Source: Yes
  • Consensus Type: PoS
  • Technology: Ethereum
  • Total Coin Supply: 1,000,000,000
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Description

What does Golem do?

Developed by imapp (a company based in Poland that is also involved with Ethereum and OmiseGo) Golem is a decentralized cryptocurrency that acts as a marketplace for computing power and applications. The technology connects people willing to rent their idle computing power with people who need extra computing power - for projects and other things that would be impossible to accomplish using only their own computing resources.

Interactions between buyers and sellers of computing power and applications on Golem happen without the need for any third parties. Golem uses Ethereum smart contracts to settle payments.

Apart from providing a cheap way for people to access more computing power, the project could fuel advancement in the fields of data analysis, cryptography, AI machine learning, and many others.

What are GNT tokens used for?

The native currency of Golem is an ERC20 token known as GNT. GNT is used to exchange value on the Golem network. People renting out their computing power, called Providers, get paid in GNT by Requestors, the entities in need of the service.

Since GNT is an ERC20 token, GNT transactions are recorded on Ethereum’s blockchain. As a result, GNT tokens are not mined and there is fixed total supply set at 1,000,000,000.

How can GNT value appreciate?

Since GNT is used to pay for computing power, increasing demands for computing services are expected to boost the price of GNT. It’s also important to note that Golem is a cheaper alternative to Amazon, IBM, or Google’s computing services. If the project gets attention and its services become legitimized, it may gain adoption very quickly.

GNT is not inflationary like many other cryptocurrencies; GNT’s fixed supply should help its price since there will not be additional tokens created. Growing concerns over centralization will also help people see the need for a decentralized computing ecosystem, increasing attraction to Golem and resulting in higher prices for GNT.

What is the difference between Golem and its competitors?

The main competitors of Golem are big companies providing computing services like Amazon, Google, IBM, and Microsoft. Compared with these options, Golem offers cheaper prices and decentralization. By using smart contracts, Golem provides a fair and transparent way for people to buy and sell computing power.

Cryptocurrencies competing with Golem are Gridcoin and SONM. However, Gridcoin projects are more technical and harder to launch than Golem’s. SONM, on the other hand, has the same offerings, but Golem has the advantage of starting its development earlier.

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