What is Golem (GNT)? How to Buy GNT?

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What is Golem (GNT)
What is Golem (GNT)
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Computational tasks are becoming very difficult for a computer with an average CPU. One would agree that Supercomputers are being used to compute various functions that would take an ordinary computer a long time to perform, because of its high processing capabilities. For instance, we have seen Bitcoin miners using supercomputers to solve a complex mathematical puzzle in the process of confirming transactions on the network.

However, building a supercomputer requires lots of funds and high technicality which is very difficult for an average individual to afford. This is where Golem comes in.

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Golem is a platform that brings users together to enable an individual that doesn’t have the resources to perform high-level computation with his computer to meet with another that has all the resources to accomplish the same task for a small fee.

Golem is a global peer-to-peer, open source, decentralized Supercomputer, which combines the capabilities of different computing machines on the network.

The primary goal of Golem is to bring various users together to share available computing devices with those in dire need of it for a very cheap fee, as compared to the actual amount it would cost if the user were to buy a new computing machine for a specific purpose.

Golem was first conceived in 2014 by its founder Julian Zawistowski. It has been in beta testing since its release, and the first version was released in August 2016 it is called the Brass stage. This stage includes Blender and LuxRender for CGI rendering. Other subsequent phases that the Golem network would have to go through are:

Clay Golem: This release would focus on developers having access to more tools that would enable them to build more Dapps, and integrate with the system.

Stone Golem: This phase will improve massively on the security of the platform.

Iron Golem: This is the final phase that will confirm other stages before releasing it to the public.

At the iron stage, anyone would be able to used Golem to perform any operation, from conducting intensive research with the network to the computation of complex mathematical puzzle that requires the services of artificial intelligence.

How Does Golem Work?

Before discussing how Golem works, it is important to note the parties in a transaction on the Golem platform, they include;

Requestors: These are people that are in need of computing resources. They are those that need to perform a task.

Providers: Those that offer their computing services to other users.

Software Developers: Those that create applications that utilize network resources.

On the Golem network, once a requestor needs a job to be performed, he sends his request by choosing from the available tasks template on the system.

However, if the task the requestor wishes to perform is not listed in the template, then the user will have to use the task definition framework to write his or her code. The network will receive the request and add it to the task manager timeline.

A provider that has the computing resources will go through the available tasks and select the job that he can perform effectively. Before he starts the task, he will go through the requestor’s profile to know his reputation, whether he will be able to make payment after he delivers the service to him (This can be determined according to the ratings of every user’s previous dealings on the network.). If the provider is convinced with the requestor’s reputation, he will send his price to the requestor, which then examines the provider’s credibility before he agrees that the task should be performed.

When both parties reach an agreement, an Ethereum smart contract is set up, and the provider gets to work. Once he is through with the task, the task manager will automatically send the completed task to a node, to verify the authenticity before delivering it to the requestor. If the requestor is not convinced with the result, he can still send it to multiple nodes for confirmation.

Once the requestor is convinced with the result, he then pays for the service rendered to him as agreed earlier with the golem network token (GNT).

Golem Network Token (GNT)?

This is the coin that the golem network uses. It is the medium of exchange on the platform. A provider is free to set his GNT price to whatever amount that pleases him.

At the time of writing, the current GNT price is $0.37, with a market cap of $307.53M, and it is the 43rd largest cryptocurrency in the world, according to CoinMarketCap.

How to Buy GNT?

At the moment, GNT cannot be bought directly with fiat currency, it can only be purchased by exchanging BTC or ETH with it, and the exchange can be done on; Bittrex, Ethfinex, and Poloniex.

Where to Store GNT?

GNT can be stored in any wallet with ERC20 support. Among which includes; Myetherwallet, mist wallet, and Trezor wallet.

Conclusion

Golem has a promising future because the project will no doubt be beneficial to individuals that are unable to gain access to the functions of a supercomputer in the past due to its high cost.

Golem could also be an indispensable tool in the medical sector, business world, e-learning, etc.

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