Feb 28, 2022 10:45
Since Bitcoin is a shiny gold that appreciates over time and beats inflation always, the question to ask is why not everyone sets up mining rigs and mine Bitcoin, instead of buying them from an exchange. Well, the answer for the same is the cost involved in mining BTC and other PoW cryptocurrencies. As a result, industry-centric mining rigs with a very high hash rate have been mining the majority of the cryptocurrencies and retail miners have turned marginalized over the years.
What if there was a way to deal with this problem? Or, put better, what if the community could jointly share resources and establish true decentralization on which all cryptocurrencies stand. That’s what the Golem Network aims to achieve and it has been striving towards its fulfillment.
What is the Golem Network and GNT Token?
Golem is a cryptocurrency-powered software ecosystem where computational resources can be bought or sold for cryptocurrencies, especially, the GNT token. The ecosystem establishes a democratized cloud computing environment where hardware can be purchased online through a sharing economy and put to use for meeting various purposes. Like a supercomputer, Golem performs CGI rendering, AI, and crypto mining. In this way, most of the computational power which remains unused can be shared by the owners with others in exchange for GNT Token.
GNT is the native token within the Golem ecosystem which will streamline all operations of sharing, buying, selling, and renting in the Golem ecosystem.
Note: In a recent token migration, GNT Token has been renamed as GLM Token.
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How Does The Golem Network Establish a Shared Economy?
Golem’s ecosystem’s motive is to provide an open-source workable ecosystem model which is highly flexible, programmable, and connects to the end-users on a personal level. Through the Golem Network, a wide array of tasks can be performed like CGI rendering, Machine Learning, scientific computing, and token mining. In the workable model, the requester needs to submit a task that will be matched by the sender. Once that is established, the sender will share the computational resources on-chain over the network.
For example, if Alice has a large mining rig with an 800 m/H speed; however, Alice could use just 600 m/H. To maximize the mining potential of the set-up, Alice could lend the additional 200 m/H of computing power to Bob through a shared mining pool. For the same Alice will raise a payment note and Bob must pay in GNT tokens for such a service. In this way, despite Bob not having a mining set-up, he could easily mine BTC using Alice's computational power. That’s the whole point of Golem Network, to establish true decentralization.
Why is GNT Token a Revolution?
GNT token has turned revolutionary because the ecosystem has been diversifying use-cases ever since its inception. Not just empowering the mining, but also other aspects. In the latest release, the Golem Network has introduced 3D rendering. Through the help of the 3D rendering, all those artists, creators, and animators who couldn’t complete their project due to restrictive computational power costs could use the Golem Network by paying those who own such resources through the GNT token and complete their projects.
GLM Price Prediction - What is Happening to Golem Crypto?
GLM token has shown mixed reactions on the charts for the last few months. We did see double bottom formation at the .28 and .27 price levels. However, the market did pick up from 0.49 price levels.
Pic 1. Break out from the resistance level
If we look at the trading volume in the last 24 hours, it is well over 574%.
Pic 2. Daily Trading Volume
However, we do see a descending triangle forming at the 0.62 and 0.56 price levels which could show that we might see a further downside in action where prices may drop to as low as 0.48 level. However, to invalidate that claim, support should form somewhere at the .50 level which could possibly see the next resistance at the .62 levels.
Pic 3. Descending triangle pattern
Where to Buy GNT Token?
Since the GNT token migrated to GLM, there are not many exchanges that still sell this old token. You would find GNT on DEXs such as LBank, Apeswap, and Hotbit. On the other hand, the volumes traded are very low. That's why it would make more sense to buy GLM instead.
Where To Buy GLM Token?
There are many exchanges that offer the Golem GLM token. We picked the safest exchanges below:
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