What is GNT Cryptocurrency?

Golem is a platform for exchanging computational resources with the help of cryptocurrency that gives incentives to its users to operate the market. Golem factory, which is the parent company of the golden platform, was created by Piotr Janiuk, Julian Zawistowski, Andrzej Regulski and Aleksandra Skrzypczak in the year 2016. Golem was one of the first platforms to integrate Ethereum.

Golem was created with the vision of being a supercomputer that could connect buyers and sellers. The buyers, known as requestors, can request various kinds of computations. These computations can range from CGI rendering, Cryptocurrency mining, machine learning, artificial intelligence, and many more.

Golem helps to connect buyers who need services to ones who have those to spare. On successful completion, it allows the ones providing assistance to get rewarded with GNT, the native currency of Golem. This way, the platform creates an ecosystem of buyer-and seller-controlled environments devoid of traditional cloud computing services.

To know more about GNT Cryptocurrency and the GNT price, you can check out the website.

How Does the Platform Work?

The Golem platform processes the request of a buyer for computational services, which then connects with various sellers on the platform who could provide the services. One who accepts it has to deliver it.

First, someone who needs a service has to create a task template to request assistance. Such users are usually known as “requestor,” according to the platform. For example, if someone wants CGI Rendering, which is very time-consuming and machine-intensive work, they can ask Golem CGI experts to do the job.

The GNT Cryptocurrency is valuable since it is the only currency transacted for services on the platform. So, buyers or “requestors” would have to buy GNT to avail of the services. The service providers also have to accept the payments in GNT. So, it creates a vice versa process of value creation.

Golem depends on the Blockchain technology of Ethereum to create a trustless payment system. It is done for transparency between both the buyers and service providers on the platform.

Also, the value of GNT is ever-increasing since there can only be 1 billion GNTs as like many other cryptocurrencies. But this future lack of supply creates a superficial demand for its which increases the value of GNT more.

How to Ask for Services on Golem?

A task template can be created on Golem by dividing it into three portions for the computer to understand what and how to execute.

  • The source code needs to be run.
  • Ways in which the main task can be divided into sub-tasks to be sent to different nodes.
  • The way to verify the final result.

One can create a new template or use ones that are already created. Once a user submits a request on the platform, Golem uses its computational power to finish the task. Once done, the verification stage compiles all the subtasks and verifies the work. Once the requestor receives the project successfully, the payment is received and redirected to all the providers.

How to Exchange GNT?

https://letsexchange.io/ helps any service provider on Golem to easily exchange the currency into any other cryptocurrency. It can be exchanged with more than 200 cryptocurrencies supported by the website, and there are no limitations to the exchange. So, one can provide services on Golem and then utilize the GNT to exchange into any other cryptocurrency of choice.

Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
Leave A Reply

Your email address will not be published.