Golem (GNT) is an ERC20 token that allows its users to rent computing power. Users who need large amounts of processing power for difficult tasks like CGI rendering, scientific calculations, or artificial intelligence software, are able to rent out processing power from the Golem Network at a cheaper cost than they could from a company that offers a similar service via the cloud, for example, Amazon Web Services. But unlike a cloud-based server, Golem is decentralized, so it is censorship-resistant and does not have a single point of failure that can be attacked to take the network down.
Golem is looking to be a crucial component for internet service providers and software developers by providing the option to rent computing power in a transparent market with competitive pricing. Computer processes — like those that involve rendering — and developing complex applications — like those that involve artificial intelligence — are both resource-intensive and for that reason, time inefficient and expensive. Typically, one laptop or CPU alone cannot complete the task in a timely manner due to having an insufficient amount of computing power.
Anyone who periodically needs large amounts of computing power—video game developers, low-budget movie makers, scientists, schools, and artists–has access to power whenever they need it. Golem could make supercomputing as commonplace as logging on to social media.
Golem is a worldwide, decentralized supercomputer that combines the computing power of every machine on its network. In the Golem ecosystem, you can loan out your computer’s spare resources to others who need the additional power to perform complex computations and tasks. Following the same trend that led to Uber and Airbnb, this sharing economy is a solid way to make some extra money with your unused and/or underused resources.
On the flip side, you can rent computing power from the network to perform or even just speed up tasks that your computer has trouble handling. Renting is ideal if you routinely perform intensive calculations for activities like natural language processing (NLP), artificial intelligence (AI), or even machine learning for DNA exploration. However, the Golem team is first focusing on CGI rendering – an area riddled with expenses and long wait times.
Golem allows users to rent out the processing power of their computer’s CPU or GPU (graphics processing unit) to other users on the network. The Golem supercomputer is made up of the combined processing power of all users signed up to the network. It can be harnessed by users who need to perform complex tasks their hardware might not be able to do on its own. The network incentivizes users to keep their CPU or GPU Power providers are then rewarded with Golem Network Tokens.
To keep it simple, let’s assume that the requestor’s task is the same class as one of the task templates that Golem provides. If it wasn’t, the requestor would have to write his/her own code for the task using the task definition framework. However, this option isn’t available in the first two releases – Brass and Clay. Performing tasks in a different class than the task templates will be available in the third release, Stone.
Blender and Luxrender are the only two task templates available in the first Golem version, Brass. Eventually, the set of task templates will turn into the Golem Shop where you can add and use new templates on the network.
Back to our example, though. After the requestor chooses a template, the task is added to the task manager, and the network receives the information about the task.
A provider (party providing the computing power) receives all the broadcasted task offers and selects the best one. In doing so, it also checks the reputation of each node broadcasting the tasks and rejects ones with a poor reputation. When a provider finds a suitable offer, it sends a price and its computing power information to the requestor. In return, the requestor verifies that the provider has a high enough reputation to work with.
If all is kosher, the provider receives the appropriate resources via IPFS and begins the computation on the task computer. Once the task is complete, it sends the results to the requestor back through the IPFS network.
Then, the task manager passes the information to the appropriate node to verify the results. The requester may decide to send it to multiple nodes for redundant verification.
Finally, the payment system is notified through an Ethereum smart contract, and funds move from requestor to provider. If the provider sends accurate results and the requestor pays on time, both parties will see an increase in their reputation.
Golem's price today (October 10, 2021) is $0.562375 with a 24-hour trading volume of $17,459,823. GLM price is down -3.8% in the last 24 hours. It has a circulating supply of 1 Billion GLM coins and a total supply of 1 Billion. It has a circulating supply of 91 Million Golem coins and a total supply of 146 Million.
Golem's ROI with 540% in a year exceeded in 'Polygon Ecosystem, Business Platform' categories which had 367% growth over the past year. It's underperformed in the crypto market which had 11850% growth over the past year. You can track Golem Return On Investment (ROI) on our website for Free.
A capable marketing team and brand awareness have a direct impact on the success of any project. According to our data, Golem's Twitter account saw an increase of 1% in the number of followers over the months from May 14 until October 10 of 2021. Moreover, its Reddit channel users went up by 2% over the same period. You can follow Golem's popularity using our report, which is accessible in our website's popularity.
Our data indicate that Golem's ranking among the markets' cryptocurrencies in terms of market capitalization increased over the last months, from 162 to 145. Also, its price saw a similar trend, rising from $0.40 to $0.57 today at the time of writing. However, its liquidity score is 39% under the market's average score, which means that it would be difficult to sell the Golem if the market is falling. You can find our report about Golem's market capitalization, price, and liquidity score on our webpage.
We are here to help you make smarter financial decisions by freeing up your intelligence through making it easy to compare thousands of coins. We do all the hard work for you and help you remove emotions from your decisions. However, making an investment decision requires considering your own financial situation and comparing your investment options.
To see our reports and easily compare the available investment options, check out our website.
Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situation, or needs. You should not rely on any advice and/or information contained in this website and before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation, and legal advice.
© 2022 - Created by Cryptologi.st