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One reason why the internet is currently imperfect is that there is no transparency and accountability in how personal user information is collected, stored and used. Pixels and cookies made by technology giants like Facebook and Google track user search habits. Internet users are also paranoid about mass surveillance by the government. The power to control the internet and all of its data are centralized and controlled by several powerful individuals, governments and companies.
Ownership of market information has also proven to be a key element for success, especially for peer-to-peer market platforms. Over the past 10 years, we have seen an increase in the market and they have shown how valuable information is and how having data can open up huge revenue potential.
People like Airbnb and Amazon strive to provide a convenient infrastructure to connect value creators and consumers. And the value of the network depends largely on how the intermediary, namely the company, facilitates and curates the transaction of quality values, especially in industries and markets where information is asymmetrical. High-functioning markets have the ability to hold information and utilize the information asymmetry.
When this platform is able to achieve product-market conformity, more and more users will join the network, increasing network value. Although it is possible for users to generate revenue from participating in networks, the ability to utilize information asymmetry will distribute most of the wealth generated by the network to network owners and not to participants.
Introducing the Ethereum network
But while the vision of having a decentralized internet and market seems ideal for some people, we may not be far from that reality. See blockchain technology and Ethereum network.
Ethereum is a decentralized public blockchain network that runs smart contracts, which are independent programs that can facilitate and enforce exchange of values automatically when certain conditions are met.
Think of Ethereum like the App Store. This allows developers to build decentralized applications (or "dapps" for short) on the network. However, instead of using fiat money, tokens are used on the Ethereum network to exchange goods and services. In addition, the use of tokens adds a new dimension to the network - it gives ownership to the participants.
Value for all users
The Golem project, also known as Airbnb for computing power, is one of the many companies that build Ethereum networks. Tokem Network Token (GNT) must be exchanged for fiat money, bitcoin, or ether (universal currency Ethereum network), so users can participate in the network.
When there are users who simply rent idle computing power on their personal computers to the Golem Network, "crowdsourced supercomputers" are created. Users who rent their computing power receive GNT from users who use this supercomputer.
When market-product compatibility is achieved and positive network effects come in, users use supercomputers well for their projects (such as filmmakers making 4K videos or scientists running simulations for their experiments) will attract more users to rent their computers to the cloud with reward GNT. Supercomputer users benefit from gaining access to powerful cloud computing solutions at a relatively low cost, and tenants benefit by gaining revenue streams for computing power that is not used on their personal devices. All network participants receive positive 'network participation value'.
What distinguishes the blockchain network, the Golem Network in this case, is its ability to create a new dimension of value beyond the value of network participation for its participants. Because there is a limited amount of GNT in the network, when GNT demand increases when the number of users increases, the value of GNT will also increase. If the demand for these services has increased tenfold from the start, the value of one GNT will also increase proportionally. The more users who join the network, the more existing users are rewarded, because their GNT gets value, bringing 'network ownership value.