Digitization has made life a whole lot easier. From its application in security and artificial intelligence to its application in various sectors like agriculture, finance, commerce and technology, one can say the dawn of a new era of digitization is already at hand.
One place where digitization has been the main idea of its existence is in the cryptocurrency industry. Digitization in cryptocurrency is the driving technology that holds the industry today which presents an alternative way for people to store their assets and trade them for rewards. One crypto coin that has fully adopted digitization is Golem.
Golem is a leading cryptocurrency platform that all investors to not only trade their assets but also earn extra income. As a blockchain platform, it allows users to sell computing power in exchange for Golem tokens. Before we dive on the benefits of Golem cryptocurrency and why one should invest, we are going to look at the factors that surround its existence.
What is Golem Cryptocurrency?
Golem cryptocurrency is the handwork of three cryptocurrency enthusiasts, Julian Zawistowski, Piotr Janiuk, and Andrzej Regulski. Their idea follows the decentralized system of the blockchain industry. They developed a blockchain platform that could challenge and compete with other computing power industry like Amazon and Google.
Golem cryptocurrency is the answer for people who intend to provide computational power to users who require the services of adding data to perform complex analysis online. Golem has created a network system that enables application owners and individuals to rent out their resources to other users. This service comes with a charge according to the amount of computing power rented.
When Golem’s ICO was launched on 11th November 2016, it lasted for 22 days. Its ICO process was organized on smart contracts running in Ethereum. This gave room for ethereum holders to own Golem’s token in an easy exchange process.
Why Invest in the Golem Cryptocurrency?
Here are a number of reasons invest should embrace this coin;
1. A decentralized system for computational power
The blockchain industry is built on a decentralized network. This makes individuals have total access to the peer-to-peer network without passing through third parties and middlemen. Golem operates in the same fashion as every other decentralized service. This decentralized nature comes with a lot of benefits like the freedom to choose your desired network providers, the ability to exchange valuable assets and services through the Golem network.
2. A simple architectural design that is flexible
One of the main reasons why most people find it difficult to invest in cryptocurrency is because of the complexity of some blockchain platforms. But with Golem cryptocurrency, the network design is easy and straightforward.
Golem’s blockchain network is designed to embrace three groups of networkers. The suppliers of computing power which are also called providers, the task operators who require the services of the suppliers (requestors) and the software developer. Each of the three networks in Golem blockchain has its peculiarity and functionality. If you are a provider that rents out its idle computing power, you will have access to earn extra Golems token in exchange for your computing services. Individuals and requesters will be provided with access to choose between a range of computing services in the Golems network.
3. A cheaper alternative compared to other private computing services
Investing on other private owned platform for the services of computing power can be very expensive especially if it is used for business analysis, gaming, machine learning, and artificial intelligence. Golem’s platform bridges the gap between paying for higher services in other platforms to its blockchain services. Users of Golem will be able to enjoy a cheaper alternative compared to other computing power services.
4. A platform for software developers
The growth of software applications has made so many complex information to become easy. Golems blockchain network will integrate the Application Registry and transaction framework in a feature that provides developers with greater flexibility. In this way, developers can create their own decentralized application DApp and monetize it in Golem blockchain network. Therefore, Golem will create a system of microservices with which software developers can develop their skills and market their services through the Golems network.
5. An alternative way to earn an extra token for providers and requestors
Golem is built as a system where both providers and requestors can enjoy extra tokens using their services. It is opened to both teams – not only to providers. In the Golem’s community, requestors can become providers because from time to time, most of them will need additional resources. This will grant them access to rent their hardware and earn extra fees.
6. Addition of extra security through the use of the Stone Golem feature
With the implementation of the Stone feature, Golem adds an additional level of security to the Golem network. This feature will help with the functioning of full task API, application registry, transaction framework, blacklisting of applications, and the support for SaaS task to develop the SaaS model.
7. A smart contract type
Golem cryptocurrency is a product of ethereum smart contract. Its development is built on the background of smart contract capabilities. With the implementation and use of smart contract on Golems network, users can enjoy a trustless, transparent system during times of transactions. An individual can use the digital code as a third party to seal contractual agreements without the presence of a lawyer or middlemen. This smart contract process has removed the exorbitant charges coming from middlemen and reduced any negative influences from either party.
8. A better consensus as compared to proof of work or proof of stake
What first comes into your mind when you hear of Golem cryptocurrency? Mining right? The growth of Golem cryptocurrency is not built on its mining consensus because you can’t mine Golem. Its approach to consensus is quite different from using any mining pool or GPU for the mining process. Golem uses its simpler model of allowing users to make extra money without the use of hashing powers, GPUs, pools or any hardware.
9. Ability to grow your network
Golem has created flexibility in the use of its blockchain network to allow potential investors to grow their investments and networks while using their platform. This system has also allowed tech developers to integrate their network with great flexibility.