What is Golem Coin (GNT Token)?
A Beginner's Guide
GNT Coin Price
Golem Cryptocurrency Summary
Golem is a global supercomputer that will allow anyone to access it.
It is decentralized and created by ordinary laptops and desktops all around the world.
By using the personal networks and power of computers and databases around the world, Golem will allow people to both “rent” their computing power and use the computer power.
History Of Golem Token
Golem started in November of 2016.
They released their white paper on a supercomputer from a decentralized network.
It was created as a whitepaper on Github by Golem Factory.
Then on June 14th, 2017 they launched their ICO aimed to help fund the project.
On July 11th they released their Alpha and had since been refining it to take it to the public.
What is Golem Cryptocurrency? The Purpose of GNT
Golem was designed to be a worldwide supercomputer.
The problem is that many people and companies have networks and entities that aren’t being used to their full capacity.
It's essentially like paying for something that you won’t ever use.
Golem will enable users/applications to rent out other users’ machines (providers).
So the possibilities are quite endless - you can tap into this supercomputer with computing power readily available to render a video, edit a photo, run an application, etc. (more on this below).
They allow for an ethereum-based transaction to be completed through the network, providing applications and a transaction framework at the center of the ecosystem.
The Benefits and Features of Golem Coin:
Golem uses a p2p network to ensure decentralization and scalability.
This comes as a two-fold opportunity.
By using a p2p network, Golem can ensure that no one can centralize and manipulate the network while creating self-sufficient scaling.
As more people join the network, more people can contribute, making resources scale.
They have built it keeping transactions encrypted and signed for guaranteed security.
Transaction System with Task Computation
Instead of computation in a central entity, Golem nodes take place in an isolated virtual machine.
This is for maximum security of the computation.
Those lending their computers can choose the number of CPU cores, and how much RAM and disk space they want to rent to the network.
Now those users who want to perform a task or transaction have a multi-agent transaction.
Allowing users to match the amount of power needed with the providers.
A Reputation System
Similar to a proof of importance model by Cardano, Golem uses a reputation system.
This reputation system allows the decentralized program to run without oversight on each node in the GNT network.
Nodes then receive a reputation rank, which is allocated from their peers.
If a node has inappropriate behavior or aims to go against the system, then it is penalized, and its rank drops.
Task Definition Framework For Node Selection
With Golem there are many different tasks one can choose.
Between graphics, storage, computing power.
Golem’s blockchain allows users to specify the task they are using with Golem’s libraries with high-level programming languages.
The network then automatically distributes the tasks over each node.
Application Creation For Use
With Golem application developers can create and develop apps on the network.
These applications then head to the application registry.
Which can be accessed and used by other users for a fee, the fee is set by the application creator for whatever method of payment they would like.
Examples of What Can Be Used on The Golem Supercomputer
With the application registry, users can rent and use quick and easy Dapps.
Anyone can develop these Dapps and even make a profit if they would like.
Golem can distribute the task of rendering GPI, doing a task that would take days in minutes.
This means that rendering 3D movies, graphics, and anything that is made from design work can be created effortlessly.
When it comes to X-rays, 3D-printing, and analysis of DNA, there is a lot of data that goes into rendering it.
By utilizing the power of computers around the world, this could be done at faster speed.
Making the world of science more accessible and run at a faster rate.
Golem has the capability of utilizing images, patterns and learning across machines around the world.
Leading to faster and more accurate machine learning.
What Do We Think Of Golem?
Golem is a very interesting idea for a Cryptocurrency.
They have a solid team and are actively working on building the infrastructure of the company.
We thoroughly like this idea as a way to improve the world’s computing power. As we move more into a sharing economy, this will be one of the ways to improve efficiency.
If you liked this review and want to help support the academy donate some Golem below!
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