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What is Golem (GNT) and how does it work?
This one of the questions you can put in the category of 'frequently asked questions'. According to their own site, Golem is the following:
Golem is a global, open sourced, decentralized supercomputer that anyone can access. It's made up of the combined power of user's machines, from personal laptops to entire datacenters. Anyone will be able to use Golem to compute (almost) any program you can think of, from rendering to research to running websites, in a completely decentralized & 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 & selling software.
To say it in easy language, Golem wants to be the Airbnb for computers where everybody can rent or lease computing power. One off the first applications that Golem wants to achieve is to make decentralized rendering possible, specifically 'CGI' rendering. Lets take a look at the process.
The transaction process of Golem is given in the figure below.
After the figure it will be explained in steps.
First the computer graphic artist buys Golem tokens (GNT) on the network. Golem determines that the rendering process needs, for example, five computers running for 1 hour each. When a graphic artist integrates her application with Golem, she has the freedom to decide which transaction model she implements, as long as it is compliant with Golem's Transaction Framework. Examples of transaction framework components are custom receipts, payment to software developer or Per-unit use of software (per-node, per-hour, etc.).
The CGI artis will pay 5 GNT to the 5 other computers. This happens automatically in the Golem network.
GNTs aren't actually traded on the Golem Network itself. The CGI artist's transactions are recorded onto the Ethereum blockchain, which updates the account balances of each computer that participated.
Computers supporting the Ethereum network, called miners, compete to solve a computationally intense math problem. The winning miner adds a new block of transactions to the ledger.
The ledger contains every Ethereum transaction ever made. This single source of the truth is nearly tamper-proof because all the computers running the Ethereum software hold a copy of it. The GNT transactions are recorder in the Ethereum ledger.
Golem makes rapid progress in the development of its product and data scientists, companies or editors will soon use the computing power. One of the applications could be CGI rendering, making algorithms or mapping the whole galaxy! With the decline of cryptocurrencies today, it may be an ideal moment to step in Golem. But that’s is a decision you need to made by yourself.
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UnknowCrypto
My top 5 crypto's are now live in this article. Including Golem of course!
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Golem....
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True Flip {ICO} - Already running a transparent blockchain lottery! Bomb! Bonus 20%! Hurry! :)
The platform is already working and making a profit :)
https://steemit.com/ico/@happycoin/true-flip-ico-already-running-a-transparent-blockchain-lottery-bomb-bonus-20-hurry
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This does a good job of summarizing the Golem business model. I wonder how long the Ethereum blockchain will be able to hold-up once big projects like this start going mainstream.
There is another blockchain startup aiming to do the same thing as Golem called SONM. They are trying to differentiate themselves from Golem by utilizing fog computing. A third project that already has ~4m registered users is Gridcoin Research. They use something called the Berkeley Open Infrastructure for Network Computing (BOINC) to enable non-ASICS processors the same amount of GRC for providing computing power.
It will be interesting to see how well these three projects doing in the coming years.
Good post!
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All three are all interesting developments. I don't know which one is the best and probably only time will teach us that.Ethereum will have to scale up when all the applications go live but for now there is still a lot of time needed for the development of Golem, which will give Ethereum time to improve the network.
Thanks for your awesome and detailed feedback!
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If Gridcoin had more of a legitimate business infrastructure like Golem, I think they could give them a run for their money. SONM just recently completed their ICO, so I don't think Golem will have to worry about them as being too fierce of competition. I own GNT personally, and I just recently moved out of my position in GRC.
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I assume each will own their own little niches. A decentralized world isn't necessarily a winner-take-all world like we've seen with centralization and network effects.
Here, the network effect is the Ethereum VM.
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"VM" meaning "Virtual Market"? There are many other blockchains on which to could dApps. I think Ethereum will be eventually have to occupy a similar niche to these three companies as the demand for ETH becomes greater, and greater.
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I totally agree with your comment though. I would also be willing to bet that they each share a different part of the market.
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Great summary.....I see this as one of the best altcoins and have a stash :-) @waykiwayki
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Thanks @waykiwayki, I see this as one of the best crypto assets. The development makers quick progress (most other coins aren't even in development) and the team is very transparent about their progress!
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They did a new update today too...... https://blog.golemproject.net/brass-golem-alpha2-0-7-3766e08a71ca Issue for me is I need some liquid for more golem as I'm all in on crypto, land, and gold.
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Great job! I already entered into the Golem world :)
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Thanks for showing and describing the the internal provess of golem's transaction
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