Golem is a decentralized supercomputer, which combines the computational power
Golem is a decentralized supercomputer, which combines the computational power of all the PCs on its network. As a part of the Golem ecosystem, a user can loan additional computational power for various services that the network provides.
So, would Golem be a good investment option too, we will try to answer all your questions on,
How To Buy, Sell and Trade Golem(GNT) coin?
A user can loan the computational power as per their need from the Golem supercomputer, be it for mining, or editing a high-quality video, Golem will be there to loan out that extra chunk of power, which your current computer cannot.
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Golem works on the principle of shared resources to earn the extra money. This form of working has already seen great success in the form of UBER and Airbnb.
The Golem computer power-sharing ecosystem can prove beneficial for those who need high processing speeds on a constant basis, but cannot afford a computer rig as it comes very expensive.
Some of the tasks that require high computational power input on a constant basis include, natural language processing (NLP), artificial intelligence (AI), or even machine learning for DNA exploration. However, the Golem team is first focusing on CGI rendering – an area riddled with expenses and long wait times.
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The Golem Network Token
The GNT token is an ERC-20 protocol based and you will need the token for renting computational power from the network. The Golem team minted 1,000,000,000 GNT during the ICO of which 82% was distributed to the crowd sale participants.
Golem tokens started at $0.01 and reached a temporary high of $0.68, before falling to $0.20. 2017 was definitely the year of Bitcoin and all other Altcoins, as the prices of GNT token touched new peaks during the said period and reached a maximum of $1.16.
Currently, the GNT token is trading at $0.064 with a market cap of $61,554,893.
The coin was once a Top-10 entity, but the development team behind the project took too long to upgrade the project from alpha to beta, a solid two years. This might have frustrated the investors leading to sore market prices.
If the development team make sure to provide timely updates, maybe the prices would peak again.
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Trading Your Golem Token
How To Buy GNT Tokens?
Buying GNT is similar to that of any other altcoin, and you can buy the token from numerous exchanges. You can buy GNT against various pairs, usually Bitcoin (BTC) and Ethereum (ETH), but there are a couple of exchanges which provides other trading pair options too.
Some of the prominent exchanges that sell you GNT includes,
- Binance
- Huboi
- Bittrex
- Poloniex
Among the mentioned exchanges, Binance amount for the highest trading volume of the GNT token.
You either need to buy Bitcoin or Ethereum with your fiat and then buy the GNT token against the bought cryptocurrency.
With Golem Beta now available, you can also receive Golem for renting your own computer power on the network
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How To Sell GNT tokens?
You can sell your GNT tokens the same way you bought it, buy trading out against the available pair on any of the exchanges. You can cash out your GNT riches either against a fiat or against any of the other cryptocurrencies.
You can also sell it to a peer from your hardware wallet directly. In order to that, you need to join a few communities related to your Golem token, look for people interested in buying your token and then make a deal.
Where to Store your GNT Token
GNT tokens are based on ERC-20 protocol, so you can use any wallet which supports ERC-20 type. If you are ready to shell out a few extra bucks, we recommend using a hardware wallet like Trezor for extra security.
The most popular choices for GNT tokens are MyEtherWallet and Mist. You can also make use of the Exchange service wallet facility, but they are the least secure ones.
Conclusion
The novel idea of shared resources could make Golem a success story and it has the potential to do the same, as it has already made it into top-10 cryptocurrencies by market cap. However, the delay in the progress of the network has made it decline in value.
Hopefully, the development team understand this aspect and increase their efficiency to deliver timely updates. This would definitely impact the growth of the network.
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