One of the best and most secure ways to store any crypto assets is with a physical wallet. They are an extra layer of security against hackers. This technology continues to evolve and there are several options now for investors.
BEST CRYPTOCURRENCY WALLET FOR GOLEM (GLM)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW TO DECIDE WHICH CRYPTOCURRENCY WALLET TO USE FOR GOLEM (GLM)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
The most widespread examples of this are the Ledger Nano and the Trezor.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a Bluetooth-connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built-in touch screen).
What Is Golem (GLM)?
Golem is a blockchain-based software that allows users to buy and sell computational power for various purposes, including artificial intelligence, cryptocurrency mining, CGI rendering, and other complex computations that demand great computing power. Golem represents a version of traditional services of the same kind that is controlled by users, and thus is decentralized and doesn’t depend on central authorities and third parties.
Golem allows users to sell their excess computing power to users who lack the resources to work on complex projects that require greater computational power for execution. Users who sell their resources are rewarded with GLM tokens in exchange for their service, paid by buyers on the network. The price depends on the amount of rented computational power.
Golem effectively provides a P2P market for computing resources by splitting tasks into smaller portions so the system can scale properly and form a unique user-dependent market. GLM is the utility token of the Golem network, and it serves as the main store of value on the network. The GLM token incentivizes sellers to rent their computing power in exchange for GLM-based payment provided by buyers.
HOW DOES GOLEM WORK?
Golem works by processing requests and connecting buyers and sellers based on the request in question. On the Golem’s Network, users who buy computing power are known as Requestors. Requestors can create requests that the Golem system then processes, validates, and uses to connect the Requestor with appropriate resources. The system splits the task into smaller fractions of the initial task and rents the computing power from multiple users in portions.
The Requestor can have Golem complete the work for them, such as rendering CGI elements that require major computational resources. Instead of waiting for the work to be completed by traditional cloud computing service providers that can be rather expensive and slow, Golem splits the task and finishes the work almost instantly with fractions of computational power provided by sellers in the peer-to-peer market.
The Requestor will use a task template to request resources for computing, with task templates containing all the information the Golem Network needs in order to carry out the requested task. Users can make a request with a pre-existing template or customize their own task template, which will be verified by Golem automatically. Once the Requestor receives the completed work, they make a payment to the Provider (seller) directly into a contract within the Golem system.
WHO ARE THE FOUNDERS OF GOLEM?
Golem was created by Golem Factory, which was co-founded by Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski, and Piotr Janiuk. Golem Factory has existed since 2016 and was behind the development and the launch of the Golem Network in 2018.
The idea behind Golem is to provide computing resources for demanding projects without the involvement of central authorities. The team raised about $8.6 million in ETH in 2016 by selling more than 80% of the total supply at the time when the project was pitched.
WHAT MAKES GOLEM UNIQUE?
Golem finds a way to speed up the process of buying and using computational power by dividing task requests from Requestors to Providers into smaller tasks. This system makes cloud computing services decentralized through automation and more cost-efficient thanks to the division of tasks into smaller fractions.
Golem also places the control over the P2P market into users’ hands, connecting Requestors and Providers based on the task template. Unlike traditional cloud computing service providers where a central authority sells the resources and takes the profits from users, Providers get paid directly for their services, so anyone can earn GLM as a service provider on Golem. The system incentivizes users to sell their computational power, while Requestors can get the resources they need at a lower cost when compared with traditional cloud computing.
WHAT’S THE GNT TO GLM MIGRATION?
The Golem Network’s former token, GNT, began its migration to GLM at the end of 2020. The migration is ongoing and does not have a deadline.
Users can migrate their GNT to GLM at a 1:1 ratio. The migration is gradual and converging towards the same maximum total supply of 1,000,000,000 tokens.
Official website: https://www.golem.network/
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