Blockchain Validator
Posted May 02, 2022 Blockchain Validator Blockchain Validator A blockchain validator is a person who verifies transactions on a blockchain. Once confirmed, transactions are added...
Posted February 01, 2021
What Is Golem? Where To Buy This Promising GNT
Golem network his token Golem token (GLT) 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.
This 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.
So it 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
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.
Wallets to store it are many like Ledger Nano S, Trezor T or eToro wallet.
Also you can earn passive income by trading it on Cryptohopper or Bitsgap.
You have not selected any currencies to display
Recent Posts
Top Rated Crypto Exchanges
Binance
It is a popular Cryptocurrency exchange because they list more than 100 different coins. It is one of the most trusted platforms as they support multiple fiat currencies like USD, EUR, RUB, TRY etc. It has become so popular that it has stopped creation of new accounts.
Kraken
From day one, they are designed and built for newcomers and experts alike. They become one of the largest bitcoin exchanges, serving clients in over 190 countries, and continue helping people discover the world of crypto. Learn How to buy Tron.
CEX
Established in 2013, London based CEX.io is a Bitcoin exchange as well as a cloud mining providing company. The company supplies both a trading platform and brokerage services for Bitcoin, Ethereum and a range of other cryptocurrencies.
RELATED POST
Understanding Bitcoin Halving: A Complete Guide
Posted Mar 14, 2024r UNDERSTANDING BITCOIN HALVING: A COMPLETE GUIDE Understanding Bitcoin Halving: A Complete Guide Bitcoin halving is the moment when the reward for...
Breaking Free from Banks: The Promise and Potential of Decentralized Finance (DeFi)
Posted Feb 28, 2024 Breaking Free from Banks: The Promise and Potential of Decentralized Finance (DeFi) Breaking Free from Banks: The Promise and Potential of...