Updated: Dec 20, 2019
Golem is a blockchain platform that can also be called a bank of the computing power of all connected machines. It is a decentralized network, which uses its distributed cloud to offer the massive computing power to the masses. In short, Golem allows you to transform your computer power into currency, by essentially helping you rent out those computer resources you are not using. This way Golem converts idle power into work. GNT tokens are ERC20 tokens and are used on the Golem network.
This guide will talk about the purpose behind Golem, its creators, the way it works, and the various uses and applications.
What Is Golem Designed For?
Golem is essentially designed as a decentralized global platform for microservices, which the team likes to call “new Internet of tomorrow.” It is aimed at being the first ‘world supercomputer’. The Golem Network is built on the Ethereum blockchain and could prove to be one of the most impressive Dapps on the blockchain.
The platform was launched as Brass (beta phase) in April 2018, and after 14 software implementations, it was finally released in public, allowing people to rent out their unused computer power. Golem is intended to help people gain the power required for performing intensive calculations for activities like artificial intelligence (AI), natural language processing (NLP), and machine learning for DNA exploration.
Who Is the Team Behind Golem?
The Golem development team is led by Julian Zawistowski, who is on the advisory board for Hoard, a video game blockchain platform. Piotr Janiuk is the co-founder of Golem and has worked on numerous projects, including imapp.pl and Lightcraft.
How Does Golem Work?
There are two parties to every Golem transaction - the requestor and the provider. The requester asks for power from the provider to perform his task. In the earlier Golem versions called Clay and Brass, the tasks had to be the same class as templates provided by the platform, such as Blender or Luxrender. Now, requestors can write their code for required tasks using the task definition framework.
Once the requestor chooses a template or creates an own template, the task is added to the Golem task manager. Information is uploaded on the network regarding the task. Providers receive all broadcast task offers and have the option to select the best one. While doing so, providers also check each node’s reputation and reject those with a poor reputation.
If everything looks good, the provider receives appropriate resources through IPFS and starts the computation on the task computer. The results are sent back to the requestor when this is complete, who passes it along to appropriate nodes to verify all results.
Finally, a notification is sent to the payment system through an Ethereum smart contract following which, funds are transferred from the requestor to the provider. Both parties will witness an increase in their reputations if the provider sends accurate results and the requester pays without a hitch.
What are Current and Future Applications of Golem?
GNT tokens are required by the provider to rent out their spare computing power. This power is added to cluster computing networks, which allow delivery of processing power anywhere it’s needed to carry out intensive tasks, like video rendering.
Outside of renting out computing power, Golem also has an application registry, which is an Ethereum smart contract that can be used by developers to publish their applications. This application registry makes it simpler for requesters and users to find what they are looking for.
GNT tokens are used by the requestor, to pay the provider against the amount of computing power rented. Providers are free to set their own GNT rental prices since Golem is a marketplace. The prices tend to find equilibrium over time without any intervention from Golem. GNT is also required by providers to submit deposits and participate in the application registry.
Golem has had an eventful history, with numerous versions and constant upgrades. Although it was originally part of the top 10 coins by market cap, the rankings have declined now due to slow updates and releases.
Nevertheless, Golem’s goal to become a world supercomputer, allowing users to share resources is still a novel idea and one that excites many in the industry.
Golem’s constantly developing network clusters for improved efficiency, and future releases are expected to better define all prospects. The platform has continuously exhibited a steady upward trend in terms of market value. An investment in this crypto may seem like a healthy and profitable option in the long term if you believe in the crypto industry.