Posted February 01, 2021
What Is Golem? Where To Buy This Promising GNT
Golem is an Ethereum based project that aims to build a decentralized network which allows users to share and aggregate computing resources to create a global supercomputer. It allows GNT token holders to ‘rent out’ their spare computing power. This is then added to cluster computing networks to deliver processing power where it’s needed, for intensive tasks such as video rendering.
The Golem team is creating a network to share resources and hopes to supply software developers with an alternative to traditional centralized cloud service providers like Amazon, Google, Microsoft, and IBM. The network functions as a peer-to-peer marketplace for excess computing power.
Users can rent out their hardware in exchange for compensation in Golem tokens (GNT). Those that require resources to complete intensive tasks, like CGI rendering, can pay for this excess capacity through a decentralized marketplace. Golem aggregates multiple resources when completing compute tasks enabling almost anyone, from a single PC to a full data center, to contribute to the network.
How Golem Works:
Golem was created by Golem Factory, a Switzerland-based organization co-founded by CEO Julian Zawistowski, CTO Piotr Janiuk, and COO Andrzej Regulski. Like Uber and Airbnb, it’s a two-sided marketplace, requiring Golem Factory to market to both requestors and providers of computing power.
There are two systems in place to protect the integrity and security of processes and transactions on the Golem Network – concents and Intel Software Guard Extensions (SGX).
A concent is a third-party that verifies the data output and financial transactions. These concents are trusted proprietary software developers who have the knowledge to verify positive results. They can force the transaction through whatever step it’s stuck on in the event of a protocol dispute or network disconnect. The use of a concent is optional and will require an additional fee.
SGX is an Intel-developed technology that creates a protected execution area in memory. This protects the code and data being processed from being compromised by either the computer provider or malicious parties taking over their computer. This provides end-to-end encryption, even in a distributed cloud computing model.
The Power of Cluster Computing
Supercomputing is one of the most important technologies of the modern age. New technologies like machine learning/artificial intelligence, 8k computer-generated graphics rendering, and scientific simulations are very hardware intensive. Even though today’s multi-threaded CPUs dwarf what was available a decade ago, they still need help computing these tasks fast enough.
The first use case of Brass Golem focuses on CGI rendering using Blender and LuxCoreRender. Both are free, open-source software programs, and they can actually work in conjunction with each other. Models would be created in Blender and rendered in LuxCoreRender.
Blender is a complete toolset capable of 3D modeling, UV unwrapping, texturing, raster graphics editing, rigging and skinning, fluid and smoke simulation, particle simulation, sculpting, animating, motion graphics, video editing, and more. It even has an integrated game engine.
GNT Coin Price Prediction 2021
As long as bitcoin is in the main role and pulling upwards, there is little room for GNT to shine. It will, however, increase its USD denominated value thanks to the overall rise in crypto prices. Nevertheless, GNT to BTC ratio will probably slump, possibly to all-time lows. This means that it is best to keep your funds in bitcoin until it reaches its provisional peak, opening the doors for the altcoins to enter the scene. Golem will not be among the top candidates to record big gains, as the money usually flows from bitcoin profits to bluechip altcoins and big cap coins before trickling down to the tier two projects, where GNT belongs nowadays.
Golem Network Coin (GNT) Future Outlook
As a result, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will GNT be among those 5%?
History has shown that truly innovative technology always takes longer to develop, costs more to fund, and is frequently doubted before officially coming to market. Despite Golem having been around for quite some time (~2.5 years, or 250 years in crypto-years), the innovative efforts and challenges Golem is taking head on are easily some of the biggest in the crypto world. Patience is a virtue…
However, before we can expect Golem to see large adoption, it’s fair to say the broader crypto world will need to see some adoption of its own. It’ll take time, an effective marketing campaign, greater awareness, further development, and meaningful partnerships to exist before one can expect a ramp in adoption.
This makes Golem one of the most intriguing projects to have in your portfolio – the upside is huge but the risk is even bigger. Investment in Golem makes sense only on a very long time scale and proper expectation management – it could easily end ingloriously.
You can buy GNT on Cex.io, Kraken or Binance. You can store it on Ledger Nano S, Trezor T or eToro wallet. You can earn passive income by trading it on Cryptohopper or Bitsgap.