Golem is a decentralized supercomputer that allows anyone to rent out their unused computing power and get paid in cryptocurrency. In this article, we’ll take a closer look at the project’s potential and what it means for the future of blockchain-powered games.
The golem coin price prediction is a cryptocurrency that was created by Julian Zawistowski. Golem aims to provide computing power to those who need it.
Caldwell, Justin contributed to this article. 24 March 2019
If you’ve been following cryptocurrencies for a while, you’ve probably heard of the Golem project. This is mostly owing to the fact that GNT was very popular at the time of its initial coin offering (ICO) just a few years ago. Golem was a highly promising idea at the time. The crew, however, missed a few deadlines, which pushed it to the back of everyone’s mind. Until recently, it had stayed in that position.
Last April, the Golem team launched its main net beta, which rekindled interest in the project. When investors returned to Golem, they saw that the idea was still interesting and viable.
Let’s take a closer look at Golem and see what makes this currency so intriguing. Our Golem review delves into the basics of the currency, including what it is, who is behind it, how it works, and more.
What exactly is a Golem?
Golem is a project that aims to create a global supercomputer. This supercomputer will establish a worldwide, dispersed, and decentralized network of computing power that people will be able to buy. Furthermore, if users have excess processing power, they may donate it to the network, which will generate GNT tokens.
Brass Golem is the name given to the project’s first stage. This section of Golem was launched in April of 2018 and focuses mostly on CGI rendering. This is in relation to Blender, a 3D modeling program, as well as LuxRenderer, the rendering engine. According to those engaged in the project, this is a solid first step toward 3D rendering. Especially because rendering is a time-consuming and expensive process.
You’re a filmmaker, for example, and you’ve just completed creating a scene in Blender that you’d want to render in full HD quality. You could conduct the rendering on your own PC, but if you don’t have a lot of computing power, it might take days. No one wants to wait for a scene to render for that long. If you require your scene to render in less than a few days, you have a few alternative options.
You could, for example, send your scene to a rendering farm to be rendered. These farms are specialized services that will render your scene, but they are very expensive. Furthermore, rendering farms may get overbooked, causing you to experience a delay. You may have been better off doing it yourself if that’s the case.
So, what are your options now? To discover the solution, let’s look at how Golem works.
How Does a Golem Operate?
Let’s take a look at Golem’s complete requestor processing process. Someone who needs to perform a computer job is referred to as a requestor. For the sake of simplicity, we’ll assume that the requestor’s job corresponds to one of Golem’s supported tasks.
If the job isn’t supported, the requestor will have to write their own code to do their particular duties. They would accomplish it by using Golem’s job definition framework. Unfortunately, in the first two versions of Golem – Brass and Clay – this is not an option. The ability to execute tasks in a different class will not be accessible until Golem’s third release, Stone.
In the current edition of Golem: Brass, the only tasks accessible are Luxrender and Blender. The full list of jobs will be kept in the Golem Shop in the future. Users will be able to add or utilize jobs on the network whenever they need them via the Golem Shop.
But let’s go back to our issue. You don’t have time to render your scene on your own, and rendering farms are closed. You choose the suitable job and add it to the task manager using Golem. The network now has all of the information it needs regarding the job.
Validation of Providers
A provider – or someone who supplies computer power – chooses the best-broadcast offer and verifies each node on the network at this stage. The nodes with the worst reputations are automatically discarded.
When a supplier identifies an acceptable offer, it provides the requestor a price as well as the required computing power data. In exchange, the requestor verifies the provider’s reputation, ensuring that it is sufficient to proceed.
If everything checks out, the provider will be given the resources he or she needs to start working on the job. The results are given back to the requestor through the Golem network after the job is completed.
At this point, the task manager transmits the data to the appropriate node, which verifies the results. If necessary, the requestor may choose to transmit the data across several nodes to conduct redundant validation.
Finally, a smart contract on Ethereum sends a notice to the payment system. The requestor’s funds are subsequently transferred to the provider’s account. Both the requestor and the supplier’s reputation on the platform will improve if the requestor pays on time and the provider gives over correct findings.
Additional Features
Aside from the capabilities we just described, the Golem platform provides its users with two more features:
Framework for Transactions
This is the set of criteria that developers must adhere to when integrating a transaction model into any Golem application.
Registrar of Applications
The application registry is a smart contract on the Ethereum network that enables Golem developers to share their apps. As a consequence, locating requestors and consumers for the tools they require on the platform is simpler for developers.
Use Cases for Golems
Golem has a wide range of applications, making it a currency worth considering. Here are a few examples:
- Business analytics – Golem may be utilized to speed up business calculations while also lowering the cost of data analytics for big companies.
- Computer graphics – Because of its ultrafast capabilities, Golem can spread jobs like CGI rendering in a matter of minutes and at a lower cost than rendering farms.
- Science – Having access to a supercomputer allows people in some areas to do work faster. Those who require help modeling protein folding and DNA analysis, for example, may turn to Golem.
- Cryptography – Golem has the ability to operate huge, fully decentralized cryptocurrency mining pools. Cryptography may also behave like integer factorization when using GNT.
- Microservices — Golem’s app registry is capable of performing a variety of decentralized microservices. If developers desire these features, these applications may share and earn money.
- Machine learning – When teaching, Golem is used to speed up machine learning. This aids in the comprehension of different visuals as well as the recognition of human voices.
- Micropayments — When you use Golem’s blockchain network, you get a lightning-fast platform with safe transactions. This may also be used to send micropayments. GLN provides a simple interface via which currencies from all around the globe may generate and execute micropayments for a variety of transactions.
- Computing power – Golem allows users to lend their own machine’s computing power to others who need it. Golem allows you to share your resources with others, whether you have a large data center or a single PC. This is only one of the reasons why Golem’s network includes so many software engineers.
What exactly is a Golem?
Golem’s development and management teams are based in Poland. Golem’s CEO and founder is Julian Zawistowski. Zawistowski graduated from the Warsaw School of Economics with degrees in international politics and economics. He also has a master’s degree in economics. Zawistowski also created Imapp, a firm that assists companies with data analytics and programming.
Other members of the team – which includes over twenty more people – previously worked with Zawistowski at Imapp. The bulk of Golem’s software engineers and programmers earned their degrees in computer science from different Polish institutions.
While Golem does not have any blockchain superstars on staff, it does have a strong, reliable crew working on it. Despite the fact that they’ve missed deadlines in the past, the team is still working toward a release date. This assures investors and others interested in the project that, despite a few setbacks, the work will be completed eventually.
GNT stands for Golem Token.
The Golem ICO took place in November 2016, and 820,000,000 GNT tokens were issued to investors. It raised 820,000 ETH in little under 20 minutes after the ICO started at the moment. The project retained 120,000,000 tokens, or around 12% of the entire token supply, while giving 60,000,000 GNT to team members and early adopters.
GNT can’t be mined, but it may be earned by donating your computer’s processing power to the network, which enables it to run complex algorithms. Golem operates similarly to any other cryptocurrency that may be mined from the viewpoint of a miner. The distinction is that the final output does not rely on blockchain processing and instead makes use of a range of computing resources.
In reality, Golem may be used to mine a variety of different tokens and digital currencies. Users may pay GNT to utilize the processing power of other people’s GPUs and CPUs. This would enable users to mine their preferred cryptocurrency on the blockchain.
Partnerships
Golem generates a considerable amount of demand from both corporate and retail enterprises. As a consequence, the initiative has formed alliances both inside and beyond the blockchain sector. Streamr was one of Golem’s first partnerships, which he discovered in September of 2017.
Streamr is a decentralized real-time data marketplace. The goal of this collaboration was to assist each other expand and flourish in their respective sectors. Streamr uses Golem because of its strength, which it requires to verify findings, maintain peer reputation, assign jobs, and set price methods. It’s also utilized to carry out resource-intensive activities that a single decentralized platform may not be able to do on its own.
Friend Software Corporation has a partnership with Golem. This business offers a user-friendly operating system called FriendUP to its customers. This operating system aspires to provide a pleasant experience for its users while simultaneously decentralizing.
The Golem project donated $750,000 of its ICO proceeds to Friend Software Corporation, as well as donating its computer capacity. FriendUP OS granted Golem access to its ecosystem in return. Golem has a number of collaborations in the blockchain sector as it establishes itself as one of the community’s up-and-coming platforms.
Purchasing and Selling
GNT is available for purchase and trading on a number of exchanges, the biggest of which being Bithumb. On Huobi, Binance, and Bittrex, you can also anticipate a large number of choices. The Golem team intends to simply accept GNT as a method of payment on the Golem platform. They have no plans to sell the token as a speculative investment.
You’ll want to put your GNT in a wallet after you’ve received them. Keeping your tokens on an exchange may not be the greatest option due to the many dangers involved. We’ll go through some of the better wallet alternatives for storing your GNT in the following section.
Wallets
If you want to keep Golem, you’ll need to locate a crypto wallet that accepts GNT. A cryptocurrency wallet is meant to store your crypto assets, however it’s a little deceptive with Golem. The truth is that Golem coins need their own network to function. Outside of the Golem network, GNT cannot be coined, printed, or transferred. Even if the tokens are moved, it all happens inside the GNT network.
Here are a few of the best wallets on the market for holding your GNT:
Should I Put Money Into GNT?
Pros
There are many advantages to utilizing blockchain-based decentralized networks. Golem is no different. Here are a few of the advantages that come with utilizing Golem.
- Allows customers to see their investment develop without the involvement of a third party.
- Within the Golem network, investors and dealers may act anonymously. With centralized institutions, everyone in the network has access to your personal information and data. This differs from Golem in that it is encrypted, ensuring that your data is safe.
- Rent out your idle computer resources to earn GNT. One of the major reasons why so many people are joining the GOlem network is because of this. You can earn GNT without having to understand the complicated mathematics and consensus models used by many blockchain initiatives. Proof of Work (PoW) and Proof of Stake (PoS) are two examples.
- Golem’s staff works tirelessly to provide new features that improve the project’s reliability, effectiveness, and attractiveness to both users and investors. The team is dedicated to developing the system so that it may be seen as a platform for development and progress by many.
Cons:
Golem has a lot of benefits, but it also has a lot of disadvantages. It’s critical to have both sides of the coin in order to make an informed choice about whether or not to invest in Golem. Here are a handful of the most significant disadvantages of the Golem project.
- Many nations are implementing legislation that will have an immediate effect on cryptocurrencies and digital tokens. These rules and regulations have the potential to depress the value of various cryptocurrencies, including GNT.
- The Golem squad isn’t known for its speed. The project has already missed numerous deadlines and does a poor job of marketing itself to people outside the profession. Golem may be quickly pushed aside if a bigger rival arises.
- Because Golem is based on the Ethereum blockchain, its performance is directly influenced by Ethereum’s. Other currencies that rely entirely on Bitcoin, on the other hand, are fully self-contained. If Ethereum undergoes a shift, GNT is likely to have a similar experience.
Last Thoughts
When you consider Golem from the viewpoint of a huge global supercomputer, you can understand the project’s usefulness and cause for enthusiasm. Consider it from a future perspective. Where all of the world’s computers operate together, it may seem to be science fiction (or something right out of the Terminator movies). They’d create a network that could access massive quantities of computing power since they’d all be linked.
Keep in mind, though, that Golem is still a baby. However, it’s simple to see how the initiative might have millions of machines ready to give their processing power to the network in the next five to six years. This would allow people to do massive activities in a short period of time with apparently little effort.
Of course, there are disadvantages to any endeavor. Golem’s marketing isn’t fantastic, and it could do a better job of sticking to its deadlines. Fortunately for Golem, no other projects are attempting to accomplish what they are, but if they do not make substantial progress in the near future, their sluggish pace may come back to haunt them.
Golem has a large and devoted fan base, as well as an excellent leadership staff. It would be fantastic to see the initiative grow beyond Poland and include team members from all around the globe. The project has formed solid alliances and has a significant presence in the crypto world. However, it would be great if the rate of development accelerated.
After all of this, Golem is a strong project with a lot of promise. Total Crypto will be keeping a close watch on the Golem project in the near future.
[ratings]
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Related Articles
Author Biography
Justin Caldwell
Justin has an MBA from Baker University and is interested in learning more about the real-world uses of blockchain and cryptocurrencies. He is a bitcoin investor with a long history of writing experience. Justin has his own Medium site, https://medium.com/crypto-pilgrim, where you may follow him.
Golem is a decentralized platform that allows users to rent out their unused computer power. The GNT token is used to pay for the computers, and the more computing power you have available, the more you can make. Reference: golem coin mining.
Related Tags
- golem network
- where to buy golem coin
- golem token swap
- golem network review
- golem use cases