What is Golem (GNT)?

Aug 16, 2018 at 19:04

Coin overview

Golem is a global, open source, decentralized supercomputer that anyone can access to share their unused power, from sources as simple as one computer to larger-scale sources like data centers.

Golem Network Tokens (GNT) is Golem’s official token. It is an Ethereum ERC20 token used as currency in the Golem ecosystem to pay for power rented out from other machines. Crowdfunding began in November 2016, with GNT offered at an initial price of $0.01, with its price reaching a high of $0.68 before settling into the $0.20 range. It reached an all-time high of $1.16 in January 2018 before falling again. Its value at the time of writing is at $0.15.

As a P2P network, Golem connects individual users and application owners (“requestors”) to “providers” – users with machines that have free and unused resources. Golem can provide resources needed to complete computing tasks of any capacity and required computation time. The entire process is managed through an Ethereum-based transaction system, using GNT as the currency for fees exchanged between requestors, providers and software developers.

GNT is also a requirement for interactions within the Golem network as indicated in the Application Registry and Transaction Framework. This includes submission of deposits by providers and software developers, or participation in the process of software validation and certification.

Golem’s future plans involve the integration of Ethereum dApps and future platforms, either directly or as extensions. Examples of systems they are considering include payment channel solutions based on P2P routing and transactions (ex. Raiden or multi-party payment channels), external decentralized identity services (ex. uPort), external solutions for task verification or reputation (ex. TrueBit), and external solutions for storage (ex. Swarm, FileCoin).

 

Where to buy?

The highest volume of GNT is traded at Huobi, but it is also available on Bittrex, Liqui, Ethfinex amd Poloniex.

Is it mineable?

GNT has a total token supply of 1,000,000,000 tokens, with a current circulating supply of 959,242,000 GNT.