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The word “golem” originally comes from a Jewish folklore about a ‘shapeless mass’ or ‘artificial man’ who builds itself into a life that did not previously exist.
What is Golem Network Token? Why should you care?
Golem provides a solution to the problem of massive computational requirements for more advanced calculations and applications such as AI, chemistry predictions, site hosting, artistic rendering, video game streaming, media processing, coding proteins, and even mining cryptocurrencies.
Instead of relying on one supercomputer to run these advanced demands, the network distributes each of the tasks into smaller parts in the server, allowing for anyone to access the decentralized supercomputer in an efficient and inexpensive way.
The bigger the network, the stronger the golem.
The project started in February 2014. Julian Zawistowski, the CEO and Founder of Golem, was originally an economist by trade. The currency is based on Ethereum and enables users to enter into smart contracts with those on the network who are renting their computers. Members of the community and developers on the team have taken to calling this the “Airbnb” of computers.
All computations occur in virtual machines so that they are fully isolated from the host’s system, preventing theft of the information. The network has preset computing tasks and high-level code in an open library providing a framework for what calculations users may be seeking.
This is a scalable solution to an expensive and widespread problem – which is an abundance of people who lack the computational power required to study the subjects that the cutting edge of the world focuses on. It is worth noting, there is an alternative competing currency called SONM that sells itself as a similar solution.
Golem Network has a tremendous amount of applications for users around the world who don’t have sufficient computing power. In the long run, there is an opportunity for tremendous benefit and gain. Zawitowski believes that the Golem network is more about the technology and software than the markets and coins. While they aren’t the only of its kind, they will certainly be a strong contender.
How can you invest in Golem?
You first need to buy Bitcoin on Coinbase and then transfer it over to your account at Cryptopia to exchange it for GNT. If you get stuck or need help, send us a message through our Facebook page or email and someone on staff will walk you through the process.