Golem (GNT)

Posted by

The Golem project aims to become a global, open source, decentralized supercomputer capable of doing a variety of tasks, from CGI rendering, machine learning up to scientific computing.

Joke Name

Golem = Cypto Supercomputer

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (GNT)

Coin or Token

Circulating Supply (950 Million)

Total Supply (1 Billion)

Market Cap Ranking

Review

The Golem project aims to become a global, open source, decentralized supercomputer capable of doing a variety of tasks, from CGI rendering, machine learning up to scientific computing. In practice, the Golem Network enables users and applications to rent cycles of other users’ computing power. Golem utilizes the Ethereum blockchain to settle payments between providers and requestors.

What problem does Golem try to solve?

The Golem project can be described as the “Airbnb for computers”. Where Airbnb allows people to rent out their home to visitors, Golem aims to create a platform where people can rent out their idle computational power, even if they don’t have supreme computing capabilities. In this way, thousands or tens of thousands of computers combined could potentially compete with centralized cloud computing services allowing people to monetize their unused computational power.

Software as a service (SaaS)

There are three types of users on the Golem Network: requestors, providers, and software developers. A requestor is the party in need of computing power and providers are the ones providing computing power to the requester. Software developers, on the other hand, will be able to launch their software as a service (SaaS) on the Golem network, by using the Golem Application Registry. The Application Registry allows for anyone to certify an application as trusted or as untrusted. This certifies trust for the provider and requester performing or renting computation power.

Golem’s native token, GNT

GNT is an ERC20 utility token hosted on the Ethereum blockchain which can be used to pay for the computing power one wants to rent. The purpose of Golem’s native token called GNT is to facilitate payments between requestors and providers, as well as to pay software developers. In this way, developers will be able to design a custom payment structure for monetizing their software or applications.

Summary

The first release of the Golem software, named Brass Golem, focuses on a single use case: CGI rendering. In the near future, Golem wants to add other use cases and compete with centralized cloud computing services as AWS, Azure and Google cloud. In order to achieve this, the Golem network still has a lot of progress to make and the project ultimately depends on the Ethereum blockchain’s ability to scale for it to allow for millions of microtransactions to be processed.

Pros

  • Listed on over 10 exchanges
  • Supercomputer for the masses
  • CGI Rendering

Cons

  • No backing (asset, profits, commodity)