The key difference between Golem and Ethereum
In the cryptocurrency world, it is important to understand what technology stands behind this or that coin when you want to invest your money into a blockchain-related project, So minded the following information if you have decided to convert GNT to ETH.
Ethereum was launched in 2014 as an alternative to Bitcoin, and unlike BTC it provides not only decentralized payment options, but also the whole platform for developing decentralized apps or dapps. Many other projects that are based on Ethereum have appeared ever since its launch, and Golem is one of them. If you want to convert Golem to Ethereum, remember that Golem is built on top of Ethereum and provides some additional options to its users. Golem presents a decentralized marketplace for computing power where every participant can share his own PC’s capacity with the network and make money on this. Simply join the network, specify how much power you want to share, earn Golem tokens for this and exchange GNT to ETH for more liquidity.
What is Ethereum mining algorithm?
When you convert Golem to Ethereum or vice versa ETH to GNT, it’s recommended to also learn how these cryptocurrencies are produced. As Ethereum is based on Bitcoin, it utilizes the same mining algorithm Proof-of-Work, which implies getting a reward for the work that your machine does while resolving computational problems. The difference is that Ether can be mined only on the end-user machines and cannot be produced on the special equipment that leads to the monopolization of cryptocurrency mining. Also, mining Ether is more profitable when you do this on your own rather than when you join the mining pool.
What is Golem mining algorithm?
As Golem is based on Ethereum, the mining process is pretty much the same for it. You can mine Golem on your home laptop and you don’t have to acquire any specific equipment.
The circulating supply of Golem equals to 963,622,000, while its maximum supply equals to emission infinite.
For Ethereum, the circulating supply equals to 106,221,554, while its maximum supply equals to emission infinite.
If you want to exchange Ethereum to Golem, the market capitalization is a very important index that you should pay attention to.
For Golem, the current market capitalization equals to $94,469,509.00. Ethereum’s capitalization equals to $26,697,630,268.00.