X

3746 Views

Golem Review: Things You Didn’t Know About The Coin

Spread the love
  • 1
    Share

Launched in the first quarter of 2017, Golem is a decentralized peer-to-peer platform that allows users to sell their unused computational power of their devices to others that need it more.

Golem is a supercomputer network that combines the processing power of dozens of devices, creating the first global market for idle computing power.

What makes Golem different?

The Golem Network uses all that power to provide its users with the possibility of completing any computationally-demanding task. The platform is mainly aimed at future scientists who will require incredible amounts of processing power for complex studies and projects.

There are two types of users associated with the Golem ecosystem: requestors and providers. The first ones give the orders and request the processing power while the later ones provide it for a reward in GNT (Golem Tokens).

Once you install the Golem app on your device, you are requested to select how much processing power you are willing to provide. Next, just click the “Start Golem” button. Please note that changing the level of the allocated power can only be achieved if all the processes are stopped.

As expected, the platform doesn’t use the total power and memory of your device. Golem only uses your computer’s processing power in order to solve the tasks provided by the requestors, and this only after the “Start Golem” button is clicked.

How does Golem work?

Golem allows users to obtain digital currencies by renting their computing resources. The platform splits large tasks and distributes them to multiple computing nodes. After the requests are accomplished, the users get paid.

Tasks are mathematical puzzles that must be solved. As a user, you decide the task your computer will solve, as well as the associated fee. You can accept or decline any task of your choosing.

How to buy Golem tokens?

To keep your digital coins, you will need a specific digital wallet. Since the Golem network uses Ethereum and smart contracts as a transaction system, its designers recommend that you use the MyEthereumWallet app. If you already have an account, then you already know what you have to do – if not, read below.

After creating your new wallet, you will receive a private key. Afterwards, you have to encrypt the data of your account using a strong password.

First, you will need to buy Ethereum and exchange it for Golem tokens. You can choose to exchange the altcoins by using some of the most popular platforms such as Coinbase, Cex.io, LocalBitcoins, Coinspot and others.

After these steps are completed, the platform’s wizard will guide you further with the configuration process.

Conclusion

Golem is a powerful and innovative platform that strives to reduce the costs usually associated with renting and borrowing computing power by tapping into the best of P2P and blockchain technologies. It provides users with the possibility of lending the extra computing power to anyone in need. The cryptocurrency has seen a fair share of success despite the fact that it’s still a relatively new market contender and it shows promise for future positive developments.

0 Shares

You may be interested

Spain May Soon Require Investors to Reveal Their Crypto Holdings
News
129 views
News
129 views

Spain May Soon Require Investors to Reveal Their Crypto Holdings

Solomon Magawi - October 23, 2018

As Bloomberg reported recently, the Spanish government proposed a controversial bill that would require cryptocurrency investors to disclose their holdings.…

The US Government Seized Over $700,000 Worth of Cryptos from a Dark Web Drug Dealer
News
170 views
News
170 views

The US Government Seized Over $700,000 Worth of Cryptos from a Dark Web Drug Dealer

Joshua Tayo - October 23, 2018

Oxymonster, a dark web drug dealer who specialize in the sales of Grade drugs has been sentenced to 20-year in…

Cold Wallet vs Hot Wallet: What’s The Difference?
Learn
1025 views
Learn
1025 views

Cold Wallet vs Hot Wallet: What’s The Difference?

Anca Faget - October 23, 2018

Wallets are software programs and devices which store the private and public keys of Bitcoins and other cryptocurrencies. There are…