What is Golem (GNT) – Comprehensive Beginner’s Guide

What is Crypto Golem?

Golem is a crypto-based on a decentralized global supercomputer that combines the computing power of each machine in its network. In the Golem ecosystem, you can lend unused resources from your computer to others who need extra power to perform calculations and complex tasks. Following the same trend that led to Uber and Airbnb, it’s a solid way to make extra money with your unused and/or underutilized resources.

On the other hand, you can rent the computing power of the network to run or even simply speed up the tasks that your computer has trouble managing. This is ideal if you regularly perform intensive calculations for activities such as natural language processing (NLP), artificial intelligence (AI), or even machine learning for DNA exploration. However, the Golem team focuses first on rendering CGI – a field riddled with spending and long waiting times .

Where to buy Golem GNT?

There are several platforms on which you can buy GNT; however, it is traded with the largest volume on Binance as a trading pair with BTCet ETH. GNT is also available on Huobi, Bithumb, Bittrex and Poloniex. Of course, as usual we recommend the Binance platform. You can go there by following the link below.

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Be aware that on Binance, it is not possible to buy GNT with the euro. For this, you must go through a platform that accepts the exchange of bank currencies with cryptos. The most intuitive platform is Coinbase. That said, you can check our comparison of platforms to buy cryptos.

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Once the main Golem network has been launched, you can receive GNT for the rental of your computing power .

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Where to store GNT

You can store your GNT in any ERC20 compatible wallet. The most popular options are MyEtherWallet and Mist. If you are willing to spend a few euros to better protect cos cryptos, you should use a hardware wallet like the Trezor or the Ledger nano for more security.

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How does the crypto Golem work?

Let’s review the entire process of an applicant (party who needs to perform a computer task) using the Golem network.

To keep it simple, let’s assume that the requestor’s task is in the same class as one of the task templates provided by Golem. If this was not the case, the applicant should write their own code for the task using the task definition framework. However, this option is not available in the first two versions – Brass and Clay. Running tasks in a different class of task templates will be available in the third version, Stone.

Blender and Luxrender are the only two task templates available in the first Golem, Brass version. Finally, all task templates will be transformed into a Golem Shop where you can add and use new templates on the network .

But let’s go back to our example. After the requestor has chosen a template, the task is added to the task manager and the network receives the task information.

A provider (part providing the computational power) receives all the offers of tasks disseminated and selects the best one. In doing so, it also checks the reputation of each node distributing the tasks and rejects those with a bad reputation. When a supplier finds an appropriate offer, he sends price information and computing power to the applicant. In return, the applicant verifies that the supplier has a sufficient reputation for working with him.

If all is kosher, the provider receives the appropriate resources through IPFS and starts the calculation on the task computer. When the task is complete, it returns the results to the requester over the IPFS network.

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Then, the task manager passes the information to the appropriate node to check the results. The requester may decide to send it to multiple nodes for redundant verification.

Finally, the payment system is notified through an intelligent Ethereum contract , and funds flow from the applicant to the supplier. If the supplier sends accurate results and the claimant pays on time, both parties will see their reputation improve.

Additional features

Apart from the scenario described above, Golem contains two other related features.

  1. Application Registry – An intelligent Ethereum contract for developers to publish their own Golem apps. This makes it easier for developers to find users and seekers who want to find the tools they are looking for.
  2. Transaction Framework – A set of requirements that a developer must follow when implementing a transaction model for its Golem application.

Golem Network Token (GNT)

GNT is an ERC20 token that you use to pay for the computing power you rent. As a supplier, you are free to set the rental price of your GNT to what you deem appropriate. As Golem is a market, these prices should find a balance over time. You will also need GNT to submit deposits as a vendor and participate in the application registry.

The Golem team issued 1,000,000,000,000 GNT during the ICO, of which 82% was distributed to sales participants.

The Golem team and its progress

Golem is led by Julian Zawistowski who is also a consultant to Hoard, a blockchain platform for the video game industry. The team first released an alpha version, Brass, in August 2016. Brass includes Blender and LuxRender, two tools for CGI rendering. Later versions are as follows:

  • Clay – Includes the application registry and the job API. In this version, developers will be able to integrate into the platform.
  • Stone – Includes certification mechanism and transaction framework. With this version, Golem can be used in a SaaS model.
  • Iron – Increased security and stability. This release allows developers to create applications that run outside the sandbox.

The long-term vision of the Golem team is to build a decentralized microservice platform that acts as the “new Internet of the future”.

There are some similar projects in Golem that the team tackles on its FAQ page. The most notable project is iExec; however, it focuses primarily on applicants who want to perform off-line calculations. The Golem team thinks there will be no overlapping use cases between the two in the immediate future and that they may even be able to work together later .

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SONM and BOINC are also working on similar issues. SONM uses third-party frameworks while Golem does not, and the Golem team claims that BOINC is a more centralized solution.

Trading Golem coin

Throughout its history, the price of GNT has gone from ~ 0.01 $ (~ 0.00001 BTC) to a temporary peak of ~ 0.68 $ (~ 0.00027) before falling back to ~ 0, $ 20 (~ 0.0000003 BTC). In December / January, it followed the rest of the bull market to reach its historic high of around $ 1.16 (~ 0.0008 BTC) before collapsing to its current price of ~ $ 0.30 (~ 0.00003 BTC).

Formally a cryptocurrency in the top 10 according to its market capitalization, Golem has slipped into the ranks. With an alpha product that has been around for over a year now, investors can be frustrated by the time it takes to develop the product. Future releases may result in price increases, while announcing a partnership with CGI may also be beneficial.

Conclusion

Golem is a distributed supercomputer and a computing power market . Available since mid-2016, the currency was previously one of the top 10 crypto by market capitalization, but has since fallen in the rankings. This does not mean that the team has stopped progressing.

She has constantly improved her Alpha Brass and intends to launch the Beta Brass Beta soon. In addition, it has strengthened technical support, increased community awareness and expanded its reach globally.

With similar projects on the heels of Golem, this year should determine if a slow and steady race really wins the competition.


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