- Coin Supply: 0
- 24H Vol: $0
Golem Coin Review: A Supercomputer at Your Service
If you’ve been involved in cryptocurrency for a good amount of time, then there’s a solid chance that you’ve heard of the Golem project. This is primarily due to the fact that GNT was very popular at the time of its ICO just a few years ago. During that time Golem was a very promising project. However, the team missed a few target dates which sent it to the back of everyone’s minds. It has remained in that position until recently.
The Golem team released its main net beta launch recently last April, which made many take notice of the project once again. Investors again returned to Golem and found that the project remains both intriguing and promising.
Let’s take a look at Golem ourselves and discover what makes this coin so interesting. Our Golem review goes in-depth into what the coin is, who is behind it, how it works and much more.
What is Golem?
Golem is a project that focuses on developing a worldwide supercomputer. This supercomputer will create a global, distributed, and decentralized network of computing power, which can then be purchased by individuals. Additionally, if users have leftover computing power, they can offer it to the network which will then create GNT tokens.
The initial stage of the project is referred to as Brass Golem. Launched in April of 2018, this portion of Golem focuses mainly on CGI rendering. This specifically relates to a 3D modeling application called Blender, along with LuxRenderer, the rendering engine. Those involved with the project feel like this is a good first step when it comes to 3D rendering. Especially since rendering can be very costly and process intensive.
For example, you’re a filmmaker and you just finished making a scene using Blender that you want to render in complete HD-resolution. You might consider performing the rendering with your own PC, however, if you don’t have a lot of processing power, that could potentially take days. No one wants to wait that amount of time for a scene to render. There are a few other choices if you need your scene to render quicker than a few days.
You could, for example, outsource your scene to be rendered by a rendering farm. These types of farms are dedicated services which will render your scene, however, it’s very costly to do so. Additionally, rendering farms can get overbooked, which means you’ll run into a delay. If that’s the case, you might have been better off doing it yourself.
So now what are you supposed to do? Let’s take a look at how Golem works to find the answer.
How Does Golem Work?
Subscribe To Our Newsletter!
Want expert cryptocurrency knowledge and investment tips delivered straight to your inbox? Just enter your email below.
Let’s go through Golem’s entire method of handling a requestor. A requestor is someone who needs to complete a computing task. For the sake of simplicity, we’ll assume that the task of the requestor aligns with one of the tasks which Golem supports.
If the task is not supported, then the requestor will need to develop his or her code on their own for their specific tasks. They would do so using the task definition framework provided by Golem. Unfortunately, this isn’t an available option in the first two iterations of Golem – Brass and Clay. Task-performing in a different class won’t be available until Golem’s third release labeled Stone.
At this time, only Luxrender and Blender are the available tasks in the current version of Golem: Brass. In the future, the complete list of tasks will reside in the Golem Shop. Through the Golem Shop, users will have the ability to add or use tasks on the network whenever they need to.
Let’s get back to our problem though. You don’t have time to render your scene yourself and rendering farms are unavailable. With Golem, you choose the appropriate task and add it to the task manager. At this point, the network gets the information it needs about the task itself.
At this point, a provider – or someone who provides computing power – selects the best-broadcasted offer and validates each node on the network. The nodes with the poorest reputations are rejected.
Once a provider recognizes an acceptable offer, it sends over a price along with the necessary computing power data over to the requestor. In exchange, the requestor then validates the provider’s reputation, verifying that it’s high enough to continue.
If everything is on the up and up, the provider will then receive the necessary resources to begin computation of the task. When the task is finished, the results are sent back to the requestor through the Golem network.
At this point, the task manager sends the information on to the correct node which in turn validates the results. If needed, the requestor can then decide to send the information over several nodes to perform redundant validation.
Lastly, the payment system receives a notification via a smart contract through Ethereum. Funds are then transferred from the requestor to the provider. If the requestor pays in a timely manner, and the provider sends over accurate results, both will see their reputation increase on the platform.
Besides the functionality we just discussed, the Golem platform offers two other features for its users:
This is the requirements that developers have to follow when they integrate a transaction model for any Golem applications they make.
The application registry is a smart contract on the Ethereum network which allows developers to publish applications they create for Golem. As a result, developers have an easier time finding requestors and users for the tools they need on the platform.
Golem Use Cases
Golem has no shortage of use cases that make it a coin worth considering. Here are some of them:
- Business analytics – Golem can be used to perform business computations faster while providing data analytics for large corporations at a lower cost.
- Computer graphics – Since it provides superfast speeds, Golem offers the ability to distribute tasks like CGI rendering in just a few minutes and at a cheaper rate than rendering farms offer.
- Science – The ability to access a supercomputer means those in certain fields can perform tasks quicker. For instance, those who need simulating of protein folding and DNA analysis can use Golem for assistance.
- Cryptography – Golem can run large and completely decentralized mining pools for cryptocurrency. GNT also allows cryptography to behave like integer factorization.
- Microservices – Golem’s app registry can perform various types of decentralized micro-services. These apps can share and create income if developers want those types of features.
- Machine learning – Golem is used in expediting machine learning when teaching. This works to understand various images and recognize human voices.
- Micropayments – Using Golem’s blockchain network means you’re getting a very fast platform that provides secure transactions. This can be used to make micropayments as well. GLN offers a streamlined gateway where currencies from around the world can create and perform micropayments for various transactions.
- Computing power – With Golem, users can provide the computing power of their own machine and lend it to those who need it. Whether you have a massive data center or a single PC, Golem gives you the ability to share your resources with others. This is just one reason why Golem has many software developers who are part of its network.
Who is Golem?
Golem has its management and development team in Poland. Julian Zawistowski is Golem’s CEO and founder. Zawistowski has degrees in both international politics and economics from the Warsaw School of Economics. He also received a Masters in Arts in Economics. Additionally, Zawistowski founded Imapp, a company that provides data analytics and programming support to businesses.
Other members of the teams – which consists of over twenty more individuals – previously worked at Imapp with Zawistowski. The majority of the software engineers and program developers who work at Golem received their computer science degrees from various Polish universities.
While you might not find any blockchain rockstar employees at Golem, the project does have a solid, dependable team working on it. Even though they’ve missed target dates in the past, the team continues to drive forward toward release dates. This tells investors and those interested in the project that despite a few delays, the work eventually gets done.
GNT, the Golem Token
Golem’s ICO was November of 2016, where 820,000,000 GNT tokens were distributed to holders. At the time, it raised 820,000 ETH in just under 20 minutes of the ICO kicking off. The project itself kept 120,000,000 tokens, which is roughly 12 percent of the total token supply while distributing 60,000,000 GNT to team members and those who got in on the project early.
Users cannot mine GNT, however, it’s earned by providing your computer power to the network which allows it to compute complicated algorithms. From the perspective of a miner, Golem behaves like any other cryptocurrency that can be mined. The difference is that the end product doesn’t require processing by the blockchain, but uses a variety of computing services.
As a matter of fact, users could potentially use Golem to mine other tokens and digital currencies. Basically, users can pay GNT to access the power of other people’s GPUs and CPUs. This would allow them to mine their favorite crypto within the blockchain world.
Golem provides a significant amount of demand from both enterprise-level businesses and retail companies. As a result, the project has developed partnerships both within and outside of the blockchain industry. One of the earliest relationships Golem realized was with Streamr in September of 2017.
Streamr is a real-time decentralized marketplace for data. The intention behind this partnership was to help one another grow and develop within their respective markets. Streamr makes use of Golem for its power, which the company needs to validate results, manage peer reputation, assign tasks, and configure pricing mechanisms. Additionally, it’s used to perform tasks that are resource-intensive that a single decentralized platform might not be capable of handling on its own.
Golem also has a relationship with Friend Software Corporation. This company provides its users with a friendly operating system that the company calls FriendUP. This operating system wants to give its users a pleasant experience while also becoming decentralized.
The Golem project gave the Friend Software Corporation $750,000 of its ICO earnings to support its mission while also lending its computing power. In exchange, FriendUP OS gave Golem access to its ecosystem. Golem has many partnerships within the blockchain industry as well, as it cements itself as one of the up and coming platforms in the community.
Buying and Trading
You can buy and trade GNT on several exchanges, the largest of which is Bithumb. You can also expect a good amount of options on Huobi, Binance, and Bittrex. The intent of the Golem team is to simply use GNT as a means of payment on the Golem platform. They have no intention of marketing the token for speculative investment.
Once you have received your GNT, you’ll want to move them into a wallet. Holding your tokens on an exchange might not be the best idea since there are many inherent risks. In the next section, we’ll discuss some of the better wallet options in which you can store your GNT.
If you’re interested in holding Golem, you’ll need to find a crypto wallet that supports GNT. A cryptocurrency wallet is used to hold your crypto assets, but with Golem it’s a bit misleading. The reality is that Golem tokens need their native network to exist. GNT cannot be minted, printed, or moved outside of the Golem network. Even if you do move the tokens, it all occurs within the GNT network.
Here are some of the top wallets on the market you can use to hold your GNT:
Should I Invest in GNT?
There are many benefits to using decentralized networks that reside on the blockchain. Golem is no exception. Here are a few of the benefits you can expect when using Golem.
- Gives users the opportunity to see their investment grow without third-party intervention.
- Investors and traders can operate anonymously within the Golem network. With centralized institutions, your details and information are known by everyone within the network. This is different from Golem since its encrypted, which means your information is protected.
- Earn GNT by renting out your unused computer resources. This is one of the main reasons many users are joining the GOlem network. You’ll earn payouts of GNT without needing to get into the complex algorithms and consensus models that many blockchain projects use. These include Proof of Work (PoW) and Proof of Stake (PoS) among others.
- Golem’s team works hard to provide new features that make the project more reliable, effective and appealing to both users and investors. The team is committed to improving the system so that it can be a platform that many see as an opportunity for growth and advancement.
Just as Golem has its advantages, it also has its fair share of drawbacks. In order to make an educated decision about whether or not to invest in Golem, it’s important to have both sides of the coin. Here are a few of the primary drawbacks you’ll experience with the Golem project.
- Many countries are passing regulations that directly impact cryptocurrencies and digital tokens. These types of laws and regulations can suppress the value of certain cryptocurrencies, and GNT will be no exception.
- The Golem team does not work very quickly. The project has already missed several target dates and does not market itself very well to those outside of the industry. If a stronger competitor emerges, Golem could be easily moved aside.
- Since Golem resides on the Ethereum blockchain, it can be directly impacted by the performance of Ethereum. This is different than other coins that rely solely on Bitcoin, which are completely independent. If a change occurs with Ethereum, more than likely GNT will have a similar experience.
When you think about Golem from the perspective of a massive worldwide supercomputer, then you can see the value and reason for excitement behind the project. Think about it from a futuristic point of view. It might seem like science fiction (or something straight out of the Terminator movies), where all the world’s computers work together. They would all form an interconnected network which would have the ability to access enormous amounts of processing power.
Remember, however, that Golem is still in its infancy. But in the next five to six years it’s easy to see how the project could have millions of computers willing to offer their processing power to the network. This would give users the ability to perform enormous tasks with seemingly little effort in a short amount of time.
Of course, every project comes with drawbacks as well. Golem doesn’t do a great job of marketing itself and could do a better job of hitting its target dates. Fortunately for Golem, there are no other projects that are trying to do what they’re doing, but their slow pace could come back to bite them if they don’t make significant strides in the near-term.
Golem has a very strong community following with a great leadership team. It would be good to see the project expand beyond Poland and add team members from other places in the world. The project has developed strong partnerships and is a strong influence in the crypto community. However, it would be nice if the development pace would step up a notch.
All those things said Golem is a solid project with a lot of potential. We here at Total Crypto plan on keeping an eye on the Golem project for the foreseeable future.
Learn more about GNT coin by reading the team’s official documentation.