Golem Network Token (GNT)

Mkt. Cap.
$ 59.243 M
Vol. 24h
$ 7.395 k
Open 24h
$ 0,06
Low/High 24h
$ 0,05 - $ 0,06
Since
17/11/2016
Circulating Supply
1 000 000 000
Total Supply
1 000 000 000

Golem Network and Golem Token (GNT): What Are They?

Golem is a decentralized computer network that functions due to the power of every machine connected to the global system. Users are encouraged to loan or rent their computer space there. Other members, who need more computing powers to solve complicated tasks, are used to pay money for additional space while those who have powers for rent receive income. Also, Golem has a big interest for CGI rendering.

How does it work?

Golem has a number of task templates available for users. If the template is not suitable for a requestor, he would have to write his own code using the task definition framework. This option isn’t included in the first and second Golem’s releases Brass and Clay. However, it is available in the third version – Stone.

The first version of Golem has two templates – Luxrender and Blender. In the future, developers promise to launch a Golem Shop where users can add and purchase new templates.

Once a requester pays to a provider, he receives computing power via IPFS and may begin his work. The complete task goes back to a requestor through IPFS. The results are usually verified by an appropriate node (one or multiple).

The payment system is notified through Ethereum’s smart contract and provider receives the funds. The smart contract regulates the deal and makes sure that the results are legit.

Features

  • Transaction Framework

It is a set of requirements for a developer to follow when creating a transaction model for a Golem app;

  • Application Registry

This one is a smart contract for developers that allows them to publish their apps within a Golem network. This way, both developers, and users can easily find what they need.

Golem Network Token (GNT)

Golem Network Token (GNT) is based on ERC-20. This token was created to allow network users to pay for the rented computing power with ease. Providers decide the rental price and request it in GNT. Currently, prices at Golem network vary significantly, but they are expected to get into equilibrium with time. Also, GNT is used to submit deposits and take part in the Application Registry.

During the ICO, Golem company minted 1,000,000,000 tokens. 82% of all tokens are distributed to the crwodsale participants.

Trading

During the trading history, the price for GNT has grown from ~$0.01 (~0.00001 BTC) to ~$0.68 (~0.00027). After that, the price decreased to ~$0.20 (~0.00003 BTC). This winter the price rose to $1.16 (~0.0008 BTC) before falling again to the current figures of ~$0.30 (~0.00003 BTC).