What is Golem? (GNT)

The introduction of Bitcoin and the blockchain has made waves in the financial industry over the past four years. The concept of allowing users complete freedom over how they trade value and decentralising transactions has opened up a new mindset and world of opportunities.

While many cryptocurrencies are aimed at becoming hybrid payment methods, others are looking at this technology with fresh eyes and have seen the potential in the blockchain and decentralisation. Which could create new avenues that could push not only the technology but open up entirely new markets.

The potential of blockchain is endless and dapps (decentralised applications) looks like one of the first industries that will flourish by disrupting the already lucrative app market. One token aims to be the pioneer in this field and it's called Golem / GNT.

What is Golem (GNT)?

Golem is a global, open sourced, decentralized supercomputer that anyone can access. But it's not some monstrosity server farm close to the sea guzzling down electricity and needing the ocean to cool it down. Instead, it's made up of the combined power of user's machines, from personal laptops to entire datacenters.

Anyone will be able to contribute or use resources with Golem to compute (almost) any program you can think of, from rendering to research to running websites, in a completely decentralized and inexpensive way.

The Golem Network is a decentralized sharing economy of computing power, where anyone can make money 'renting' out their computing power or developing and selling software.

The Golem project - Creating a worldwide supercomputer

Why you should pay attention to Golem?

Golem enables users/applications (requestors) to rent out cycles of other users’ (providers) machines. Any user ranging from a single PC owner to a large data centre can contribute resources to Golem network.

Golem also opens up an entirely new worldview for processing assets; economical, conveyed, worldwide registering. Combining the power of the entire globe into one single supercomputing network could make Golem a noteworthy rival in the distributed computing business sector away from corporates and into the hands of the individual.

Golem will also be able to offer cheaper, greener and more cost-effective way of utilising resources for both organizations and individuals who need to perform substantial calculations. Which presents a solid defence for holding some GNT as a venture and additionally to be added to a crypto asset portfolio.

What is Golem being used for?

Computer graphics

Golem can distribute the task of rendering CGI, doing in minutes what would take days, for cheaper than anything else. The first version, Brass Golem, will do this only.

Big data analysis

From stock market predictions to big data analysis, Golem can speed up business computation while lowering costs.

Machine learning

Whether you're teaching an AI to beat grandmasters or recognize images or human voice patterns, you can go to Golem to speed up the process.

Cryptography

Golem can run the world's first and largest fully decentralized cryptocurrency mining pools. It can also help with cryptography work like integer factorization.

Supercomputing at a fraction of the cost

The world of science can benefit immensely from inexpensive and easy access to a powerful supercomputer. From DNA analysis to protein folding simulations to searching for alien life and on and on.

Microservices

The Golem application registry can run countless types of decentralized microservices and dapps, which anyone will be able to develop and share (for a profit, if they wish). These are just the tip of the iceberg in Golem's potential use cases. And more will appear as more technologies come to fruition.

Can you mine Golem?

Golem is a token based on the Golem network and can’t be mined; it is only issued.

Can you earn Golem?

Trading

Golem users can earn digital currency via exchanges. Users can earn tokens through trading on different fiat and cryptocurrencies and take advantage of market fluctuations.

Contributing resources

Once the app is released, Golem users will able to register and contribute either their computer, server or rigs to the network and receive funds in return. Users will be able to rent out their CPU, GPU processing power or storage space to others on the Golem network.

Should you invest in Golem?

Unlike other cryptocurrencies that rely on transaction volumes and trade partnerships in order to drive up its value and market cap Golem actually has a service to offer. It's a service that not only encourages high-frequency transactions from both parties but one that can potentially disrupt the current hosting, server and cloud computing market. Currently, cloud computing is a growing market with forecasts predicting a turnover of $246.8 billion by 2020. If Golem proves to be successful, it could be revolutionary.

At present, cloud computing is an oligopoly leading to high prices for users. To change this situation, a paradigm shift is necessary and Golem suggests that the right way is to decentralize and distribute the power of computing. Golem could be a major competitor in the cloud computing market and one that revolutionizes the way companies and people perform heavy calculations, which makes a strong case for maintaining some GNT as an investment.

For more on Golem check out their official website

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Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.

Tags: Cryptocurrency, blockchain