How to buy Golem (Golem Network Token) online

Golem was one of the earliest projects built on Ethereum. It was envisioned as a supercomputer that connects buyers and sellers to solve computing issues. These include CGI rendering, AI and cryptocurrency mining. 

In this guide we will cover the fundamentals of Golem, its benefits, drawbacks and how you can invest in 2021. 

Best platforms to buy Golem- 2021

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What is Golem?

Golem is a software that helps connect buyers and sellers who offer and need computational resources. They can buy these resources and services using cryptocurrency. It connects users for services such as CGI, artificial Intelligence (such as chatbots) and cryptocurrency mining. The platform was founded in 2016 by the Golen Factory owners Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski and Piotr Janiuk. In the same year, Golem launched an initial coin offering (ICO) selling 82% of the GNT supply to the public. This raised 820,000 ETH which equated to $8.6 million at the time. 

The Golem software is built to facilitate the exchange of services. It links users who don’t have the skills or resources to carry out a particular project with individuals who offer these services. To incentivize suppliers for their work, sellers are awarded GNT, the native cryptocurrency. The development team believe that the network will become a user-controlled alternative to traditional cloud computing services, which is used to connect sellers and buyers around the globe. 

To keep users updated with their latest actions, the Golem team have their own blog page. On this page, visitors can discover tips and tutorials about how they can use the network, as well as find out about any updates on the technology. 

As of August 2021 Golem has reached its fully diluted market cap of $449,836,029 with 1 billion tokens in supply. One token currently costs $0.45 and reached highs of $1.88 in 2018. The price hasn’t reached a similar level since, having only reached $0.68 in April 2021. 

Buy Golem now at our preferred partner

1
Minimum Deposit
$50
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
CopyPortfolios: Innovative, fully managed investment strategies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Pros

  • Given the complexity of some cryptocurrencies, Golem is relatively easy to understand. This makes it friendly to new investors who are looking for a currency worth investing in. 
  • Currently Golem has a user base of around 97,042 daily users. While this is relatively small when compared to some businesses, it shows the currency has a strong user base to build on. 

Cons

  • Given the fact that Golem was one of the first Ethereum based projects, you’d expect a bit more in regards to its success. The project is no longer new and shiny, which may be seen as a downside to some investors. The team must therefore gain media attention to draw an audience back to the currency. 

How does Golem Work?

The Golem software connects parties across its network. A transaction will begin when someone in the market for computational resources (known as a requestor) asks for resources using a task template. For example, if a user needs AI implemented on their website but doesn’t know how, they can request Golem to complete that for them. To complete this, Golem will ‘rent’ resources from various providers and return them to the requestor. 

Each task is broken down into subtasks. Once a subtask has been completed, it will go through a verification stage to make sure it has been completed to the right standard. The Golem client then pieces each sub-task together into one piece before sending it to the requestor. Once received, the requestor will send GNT to the contract which pays the providers. 

To ensure the right people stay on the platform, Golem uses a reputation system to grade the buyers and sellers that use the marketplace. This system can detect malicious users and provides a metric system for completing tasks correctly. 

How to Buy Golem online

Before buying Golem, it’s important to note that Golem has migrated its currency from GNT to GLM. Just like buying many other cryptocurrencies, GLM can be found on most popular exchanges with the most common options being Binance and Coinbase Pro. 

  1. Start by creating an account on Binance or Coinbase Pro. If you already have an account login and make sure your account is funded. 
  1. Search for GLM and select the number of tokens you want to buy. 
  1. Click “Buy” to purchase your currency. You can double check your wallet to ensure your transaction was successful. 

Top platforms to buy Golem

1
Minimum Deposit
$50
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
CopyPortfolios: Innovative, fully managed investment strategies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
2
Minimum Deposit
$250
Exclusive Promotion
User Score
8.1
Trade the global markets. Trade with real-time execution and professional tools
Follow and copy Naga's top traders who have mastered their trading strategies
Free personal account manager
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3
Minimum Deposit
$50
Exclusive Promotion
User Score
7.5
Over 4 million customers worldwide
Buy, sell and trade nearly 200 digital assets
Verified within 15 minutes

How to Trade Golem

Due to its limited use outside of the platform, trading GLM is limited to certain cryptocurrencies. You can use it to buy Bitcoin (BTC) and Ethereum (ETH) however it cannot be used to purchase many other currencies. Therefore, trading of GLM is not a popular option amongst investors.