Golem is more than just a cryptocurrency; it is a global network that seeks to influence how computer power is used and shared across
the globe. Most importantly, the platform specifically targets the global cloud sourcing industry that has for long been held by global internet powerhouses like Amazon and Google. Unlike the latter two that have centralized data centers to keep information entrusted to them by online users, Golem seeks to establish a decentralized form of information storage that gives its members across the world chance to store such data in small encrypted packets.
What is it for Golem network members?
Depending on the computer power and space an individual contributes to the network they will be compensated in the form of Golem Tokens
(GNT). Therefore, unlike regular cryptocurrencies like Bitcoins that can be used universally to purchase products and services from different online merchants, Golem tokens are specifically meant to be exclusive to the Golem network. This means that members can have their private data hosted securely and privately by others. Members can also use sophisticated computer software that they either can’t afford or some that their low-power computers can’t support at competitive prices.
Where do contributors get their Golem tokens?
The Golem network only allows for payments for services rendered on the platform in the form of Golem Tokens, but where can first-timers get these tokens?
1. Lending out computer power or space
The easiest method of laying your hands on the golem tokens is by joining the network and contributing computer space or power. You will receive Golem tokens depending on the amount of space contributed and the time you hold on to the data entrusted to you.
2. Exchanging with other cryptocurrencies and hard cash
Do you have other crypto coins such as Bitcoins or Litecoins that you would like to exchange for Golem tokens? There exist several reputable online cryptocurrency markets that facilitate such exchanges at competitive rates. These markets also provide for Golem token exchanges with ordinary cash.
Mining primarily involves the verification of golem transactions and for every successful verification action; you receive a certain number of Golem tokens. And armed with the necessary computer power, you too can start mining golem tokens and using them to acquire services on the network or exchange them on the cryptocurrency markets.
While the multi-nationals with centralised datacentres can be compromised into releasing your personal data through datacentre hacks and legal actions, Golem uses block chain technology that is heavily decentralised and encrypted. In such a case, your online trolls cannot identify hosts to your private data and neither can the hosts access it.
The Golem network and its tokens is, therefore, more than just a cryptocurrency. It is a technological revolution on the data storage and computer power use that allows its members chance to gain extra sources of income from their idle computer space and power.