What is Golem?

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Golem

Following the similar trend that led to Uber and Airbnb, Golem presents a solid way to make some extra money with your unused and/or underused resources.

In the Golem ecosystem, you can trade computer’s spare resources to others who need the additional power to perform complex computations and tasks.

Thus Golem combines computing power of every machine on its network.

How Golem Works?

The requester – a person who needs extra power selects a task from Golem's pre-defined task templates.

When a provider finds a suitable offer, it sends a price and its computing power information to the requestor.

In return, the requestor verifies that the provider has a high enough reputation to work with.

After the task is processed and completed, the payment system is notified through an Ethereum smart contract.

Funds then move from requestor to provider.

What is Golem Network Token (GNT)?

GNT is an ERC20 token that you use to pay for the computing power that you rent.

The Golem team minted 1,000,000,000 GNT during the ICO of which 82% was distributed to the crowd-sale participants.

Conclusion

Golem, a distributed supercomputer and computing power marketplace has been around since 2016.

GNT coin also a top-10 crypto by market cap at some point.

But lately the rank has fallen due to bearish market and other reasons.

However, this doesn't change the core idea and developments in the Golem ecosystem.

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