What is Golem, and how can I buy it in South Africa?

The Golem Network is a decentralized sharing economy, where anyone can ‘rent’ spare computing power. Here’s how to buy Golem tokens in South Africa!

The advent of the Blockchain has created a frenzy of cryptocurrencies such as Bitcoin Ethereum, and Dash which now compete for supremacy – however, other interesting concepts have emerged to make use of this new technology in interesting ways.

Read: Amazon has purchased three new cryptocurrency-based domain names

What is Golem?

Golem is one such idea that leverages the Blockchain without serving directly as a peer-to-peer payments network. In principle, ‘Golem’ is an open source supercomputer which is constituted by the spare processing power of thousands of computers around the world.

To power this endeavour, the Golem Network is a decentralized sharing economy that lets anyone ‘rent’ out a portion of their computer’s processing power to serve as part of the Golem supercomputer itself.

Whereas in the past one might have had to purchase a specific hardware rig for varying purposes – Golem enables users around the world to use decentralized supercomputing for purposes as varied as business, research, machine learning, or even cryptocurrency mining.

What are Golem tokens used for?

As Golem is essentially a peer-to-peer network that comprises a global computing system, users can use Golem tokens as a form of currency when renting out computing power on the network.

For instance, an artist or videographer needing processing power to render footage can request Golem’s computing power for such a task. Golem will determine the amount of processing power needed and then compute how many tokens are needed to satisfy the transaction and the rental of processing power.

Golem leverages an Ethereum smart contract to trade tokens, and all transactions are recorded on the Ethereum blockchain.

Through an Initial Coin Offering, Golem Tokens soared in value by nearly 4,425%, and at the time of writing Golem (GNT)tokens are valued at $0.351786 USD per token.

How can I buy Golem tokens in South Africa?

To buy Golem tokens in South Africa, users can make use of Coindirect – a South African exchange that offers easy access to Bitcoin, Ethereum, zCash, and many other popular cryptocurrencies, and represents an easy means for many South Africans to purchase Golem with Rand.

With Coindirect, users can make use of secure instant EFT to purchase their coins – Users can create their own Coindirect account by signing up with their email address and can then create a password. within a 90-minute payment window, users can dictate how many Golem tokens in GNT or Rand value they wish to purchase, and can EFT the required funds directly to Coindirect. Until the EFT is authenticated, the allocated Golem will be held in escrow.

Coindirect provides customers with both easy access to an online Bitcoin and Ethereum wallet, and users trading Golem tokens will further receive their own online wallet for their personal use.

Users interested in selling their Golem tokens or other cryptocurrencies can further setup payments to reflect directly into their banking account of choice once a trade is completed.

To unlock a R15,000 ZAR trading limit, users will need to fill in their personal details and can verify themselves by uploading a copy of their ID or Passport, a selfie holding both items, or a Proof of Address.

Read: The International Monetary Fund may develop its own cryptocurrency

Have your say!

What are your thoughts? Do you plan to purchase Golem tokens or any other cryptocurrency in the near future? Which appeals most to you to hold or trade? Be sure to let us know your opinion in the comments below!

Follow Bandwidth Blog on Twitter: @bandwidthblog

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