Golem (GNT) Review, Price, Market Cap and more | Coinopsy

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Golem (GNT) - Cypto Supercomputer

The first release of the Golem software, named Brass Golem, focuses on a single use case: CGI rendering. In the near future, Golem wants to add other use cases and compete with ..
Golem's current price is $0.037 USD. In the past 24 hours, Golem's price has increased by +9.0 percents..
Name (Ticker)
Golem (GNT)
Price (USD)
$0.036815087798
Rank
97
Active Supply
980.1 million
Total Supply
1.0 billion
Volume(24H)
2.1 million
Market cap
36.1 million
Fun Name
Cypto Supercomputer
Website Links
Social Links
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Golem (GNT) Chart

Pros of Golem (GNT)

  • Listed on over 10 exchanges
  • Supercomputer for the masses
  • CGI Rendering

Cons of Golem (GNT)

  • No backing (asset, profits, commodity)

Golem (GNT) Review

The Golem project aims to become a global, open source, decentralized supercomputer capable of doing a variety of tasks, from CGI rendering, machine learning up to scientific computing. In practice, the Golem Network enables users and applications to rent cycles of other users’ computing power. Golem utilizes the Ethereum blockchain to settle payments between providers and requestors.

The Golem project can be described as the “Airbnb for computers”. Where Airbnb allows people to rent out their home to visitors, Golem aims to create a platform where people can rent out their idle computational power, even if they don’t have supreme computing capabilities. In this way, thousands or tens of thousands of computers combined could potentially compete with centralized cloud computing services allowing people to monetize their unused computational power.

There are three types of users on the Golem Network: requestors, providers, and software developers. A requestor is the party in need of computing power and providers are the ones providing computing power to the requester. Software developers, on the other hand, will be able to launch their software as a service (SaaS) on the Golem network, by using the Golem Application Registry. The Application Registry allows for anyone to certify an application as trusted or as untrusted. This certifies trust for the provider and requester performing or renting computation power.

GNT is an ERC20 utility token hosted on the Ethereum blockchain which can be used to pay for the computing power one wants to rent. The purpose of Golem’s native token called GNT is to facilitate payments between requestors and providers, as well as to pay software developers. In this way, developers will be able to design a custom payment structure for monetizing their software or applications.

Golem (GNT) Summary

The first release of the Golem software, named Brass Golem, focuses on a single use case: CGI rendering. In the near future, Golem wants to add other use cases and compete with centralized cloud computing services as AWS, Azure and Google cloud. In order to achieve this, the Golem network still has a lot of progress to make and the project ultimately depends on the Ethereum blockchain’s ability to scale for it to allow for millions of microtransactions to be processed.

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Golem (GNT) Transaction Framework

When a developer integrates her application with Golem, she has the freedom to decide which transaction model she implements, as long as it is compliant with Golem's Transaction Framework. The Transaction Framework will take the form of a set of requirements to follow; basic requirements may include:

  1.  Entry in the Application Registry; 
  2. Use of open source and/or deterministic environment, such as EVM;
  3. Community approval or rating of transaction model;
  4. Use of GNT for remunerating software and resource providers.

Golem (GNT) Application Registry

The Application Registry is an Ethereum smart contract, to which anyone can publish their own applications that are ready to run on Golem network. The goal of the Application Registry is to: 

  1. Give developers a way to publish their integrations and reach out to users in a decentralized manner;
  2. Give requestors a place to look for specific tools fitting their needs;
  3. Give providers full control over the code they run because of the security concerns.

 

Since the Golem network is fully decentralized, the Golem team want the Application Registry to be driven by the community. Golem allows requestors to execute the code of an application on someone else's computer. This code is sandboxed and executed with the minimal required privileges. But software bugs are everywhere, and once in a while people defeat sandboxes, manage to execute malicious code on a host machine, and sometimes even take it over. The process of code review and validation cannot be fully automated and left to the autonomous network. On the other hand, it is impossible to assume that no one will ever publish malicious software to run on top of Golem network, which is a flaw the project creators acknowledge in their whitepaper.

Golem (GNT) GNT Token

The Golem Network Token ("GNT") account is a core component of Golem and is designed to ensure flexibility and control over the future evolution of the project. GNT is created during the crowdfunding period (described in this whitepaper) and, following the first major release of Golem, GNT will be attributed a variety of functions in the Golem network. 

  1.  Payments from requestors to providers for resource usage, and remuneration for software developers is going to be exclusively conducted in GNT.
  2.  Once the Application Registry and Transaction Framework are implemented, GNT will be necessary for other interactions with Golem, such as submitting deposits by providers and software developers or participation in the process of software validation and certification (as described in the Application Registry section).
  3. The general conditions for using GNT will be set in the Transaction Framework, but specific parameters of these interactions will be possible to define within each software integration.

Golem (GNT) Technical Overview

Golem connects computers in a peer-to-peer network, enabling both application owners and individual users ("requestors") to rent resources of other users’ ("providers") machines. These resources can be used to complete tasks requiring any amount of computation time and capacity. Today, such resources are supplied by centralized cloud providers which, are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Also core to Golem’s built-in feature set is a dedicated Ethereum-based transaction system, which enables direct payments between requestors, providers, and software developers.

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Golem (GNT) Hardware Wallets

Ledger

As for using the Ledger Nano S, the first step towards setting up your device is unboxing it and checking if you have received all the accessories with the device. Once you have it unboxed, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes post which you will be set to use your Ledger Nano S device.

Setup guide video: here

Trezor

As for Trezor, installing is really simple. To properly install it users should attach the unit to the computer. After that continue with installing the  bridge which allows the Trezor to join with the computer. The first step is to connect the Trezor to device’s USB slot with the cable given in the box.  After that, go to myTrezor.com and proceed with installing the browser extension. Trezor can also be used on Android or an iPhone, or on a Windows or Mac computer. Now, initiate the extension and myTrezor will direct you to pick a PIN. After this, you will notice nine buttons but the numbers are hidden. After this, users should check the Trezor’s screen to recognize which numbers are in which place because it switches every time. Now set the PIN. Shortly after, Trezor should present a 24-word wallet “seed”. In short, one word at a time. Note down this seed and save it carefully. If your Trezor device malfunctions or is lost, you can utilize the seed to reconstruct the complete wallet. 

Setup guide video: here

Golem (GNT) Desktop Wallets

Exodus

First, we have Exodus, which supports a ton of other cryptocurrencies along with GNT and is pretty straightforward and easy to use. Just download the app from the official site(exodus.io) and get straight into creating your wallet.  Exodus stores your Private Keys on the machine you choose and not on any server, providing you with a relative peace of mind when it comes to the security of your coins. 

Atomic Wallet

Another option is Atomic Wallet.

Atomic Wallet is a desktop wallet built with security, anonymity and decentralization in mind.

Atomic Wallet was designed to leverage the potential of atomic swaps and become part of a fully-fledged decentralized cryptocurrency ecosystem. 

The “physical” wallet itself is a PC application that can be downloaded onto your computer. Your private keys and other data will then be stored on your PC in an encrypted form.

This means you hold your own keys, which are encrypted and kept only on your own device, control your own funds and can efficiently swap tokens without needing to go through a centralized exchange.

This application then interacts with the blockchains of supported coins. For example, if you check your transaction history in the program, it looks it up on the blockchain and then shows it to you, rather than storing this potentially sensitive information somewhere.

Golem (GNT) Online/Web Wallets

Myetherwallet

Since GNT is based on the ERC-20 standard, all ERC-20 supporting wallets can house your GNT. For an online-based wallet, we recommend MyEtherWallet. The wallet offers a brilliant combination of speed, trustworthiness and simplicity, making it the most popular online wallet for ether and any ERC20-based tokens.

Simply visit myetherwallet.com and set up your wallet with a method of your choosing, just make sure to store your private key somewhere safe. It's wise to have it written down on paper in case your PC/notebook malfunctions.

The only downside to using an online wallet like MEW is that there are literally hundreds of phishing scams out there to get your eth, so you better double check the address everytime and make sure to watch out for any malicious activity on your browser or PC.

Golem (GNT) Buying GNT

Changelly

Currently, one of the only viable ways to buy GNT directly with credit or debit cards is Changelly. The fees aren't the lowest(5%), but its a viable and reputable option if you absolutely must buy with a Mastercard or a VISA. Keep in mind that you will be required to go through KYC verification so have your documents ready.

There's always the alternative of buying on Binance or Bittrex if you have some spare BTC or ETH lying around.

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