Meet Golem (GNT): The Cryptocurrency For The Blockchain Supercomputer
In the world of computing, more power simply results in spectacular performance. Special effects and CGI used in a variety of Hollywood movies, for instance, require lots of computing power costing upward of $100 million for a single project.
Now imagine a world where you can get highly sophisticated CGI rendering at extremely low costs. Scratch that… picture your computer being used to generate CGI or even contribute to a scientific research or be used in a machine learning project. This is pretty much what Golem (GNT) is all about.
What is Golem and how does it work?
Golem is an ambitious Blockchain project that seeks to be the decentralized supercomputer of the world. Basically, the entity aims to be the Airbnb of the computing world by allowing regular owners of idle PCs to rent out processing power to its infrastructure and get rewarded in golem’s network token (GNT).
Golem boasts of being capable to handle a variety of tasks including CGI rendering scientific computing as well as machine learning among others. In fact, Golem claims that the only limitation to its capacity (once fully developed) will be the creativity of software programmers on its platform.
Poised to be a futuristic internet service provider, it will not only make the computation of complex applications available to the masses but also lower the cost of CGI rendering, machine learning and other computer demanding tasks that currently cost millions.
The golem network will host providers (owners of idle PCs) and work with software developers to create API’s that facilitate Requestors (payers of computing resources) to get access to golem’s application registry and infrastructure.
Golem (GNT) is an open source project meaning more people can contribute plus it boasts of a team of economic think tanks, developers and entrepreneurs including the founder and CEO Julian Zawistowski and CTO Piotr Janiuk who is also the co-founder.
The rest of the team (most of who reside in Warsaw Poland) is made up of competent developers who notably have a great deal of experience in the crypto space.
The problem it’s solving
As a decentralized supercomputer, Golem plans to create a global ecosystem for computing power. It is set to disrupt big time players in the computing market such as Amazon, IBM, Google, and Microsoft, in an effort to supply affordable computing resources that have previously been the reserve of heavyweight market players.
The long-term use case, according to Golem, is to build a Web3.0. This will be a completely decentralized network that will enable users to secure their content using Blockchain’s cryptography while also allowing for easy exchange of the same content among users without the surveillance of centralized corporations and governments.
Golem plans to go beyond renting computer processing to entirely rethink the idea of bulk machine processing such that seamless data sharing will be enabled in a variety of industries.
Without a doubt, there is a lot to be expected from Golem given the fact that its GNT token has already broken into the top 100 cryptocurrencies according to XBT.net.
Currently, it’s priced at $0.63 with a market capitalization of over half a billion. Whether this cryptocurrency will ever reach the heights of Bitcoin and Ethereum is unknown but by the look of it there is much to come given the CGI rendering market alone is set to grow to a whopping $3 billion, according to MarketsandMarkets.com.