What is Golem? Complete Analysis

/What is Golem? Complete Analysis

Golem wants to be the Airbnb of Computing. Learn about it and more.

What is Golem? Complete Analysis 2018-05-03T17:57:15+00:00
What is Golem? Complete Analysis

Golem- Full Guide

Quick inner navigation:

  1. What is Golem?
  2. How does Golem work?
  3. Golem potential uses
  4. Golem wallet
  5. Golem mining
  6. How to buy Golem?

What is Golem?

Golem is a ground-breaking global tool of technology that works towards decentralizing various CPU powers. Even though Golem is yet in its initial stages, it is a decentralized supercomputer that is distributed and can be accessed by anyone. Currently, the cryptocurrency (GNT) is being developed by a team of dedicated programmers and engineers who have vast experience in P2P platform and blockchain technology.

Golem serves as a decentralized blockchain-based platform where people with extra computing power can lend it out to those in need. The network combines the computing power of all of its members and rents it out to individuals and companies that require extra computing power in different proportions.

The problem with existing services like Amazon web services is that they are expensive. Golem wants to take costs down by allowing anyone to share their computers’ computing power. By tapping into the decentralized nature of blockchain, Golem hopes to reward network providers higher while keeping costs for those paying for the computing power low. Although anyone can request for computing power, Golem targets companies that need high computing power. Animation companies, for example, use up to 100 million CPU hours per project. Most companies can’t afford to purchase thousands of computers to meet the much-needed CPU power. Golem also targets media companies that do a lot of CGI rendering, data companies, and AI companies. Golem also targets companies that deal with machine learning. Additionally, the network has built a platform that can be used to create decentralized applications. Developers could build an application centralized around a particular niche and get paid using Golem cryptocurrency coins.

The cryptocurrency has proved to be successful, and it shows a promising and revolutionary future. Currently, Golem is in alpha whereby it is codenamed Brass Golem, and it is set to be released in 2018.

This is what GNT offers:

  • Performing blender CGI rendering.
  • Used in distributed computing power.
  • Offers a substitute for the irreconcilable difference between inflated cloud-based rendering services and waiting age.

The technology behind the development of Golem is a straightforward one that comes with its pros and cons. The status of the golem technology is somehow unknown, and even though the company has been communicating with the community, they still declined to give a concrete release date of the coin. The original release date was scheduled to done a couple of months ago, and the release that is known as BRASS GOLEM will have supported CPU based graphics rendering. Nevertheless, the release date was postponed since the creators felt that it wasn’t the right time.

How does Golem work?

Golem offers 2 main services: requesting for computing power or issuing computing power. Either way, Golem users must download the network on the latest operating system in their computers. Golem only works on Windows 10, MAC OS 10 and the latest version of Ubuntu. The network is around 600MB in size. After downloading the Golem network, you create an account and get a wallet where you either send or receive Golem coins for being involved in the network. If you are a computing power provider, the network helps you set up your computing power to share it with the Golem network. Computing power requesters communicate with Golem directly. Golem amasses the computing power shared by network providers and rents it out to requesters based on the amount of power they need. The requesters pay in GNT tokens.

Its computing power providers share their unused computing power to the Golem network which uses the resources to process a request from the users who want to hire the services of the network. The network plays a vital role in splitting up large tasks and distributes them to multiple computing nodes for processing. The transactions are done through Golem GNT tokens. Just like in the cryptocurrency mining, those who provide computer resources are compensated for their participation on the network.

dApps

Golem provides a similar platform for building decentralized applications like Ethereum does. This way, developers can build a decentralized application that supplements Golem’s services or one that offers different services. The developers will, however, only accept payments in Golem coins. In the future, Golem hopes to introduce other software programs that will help experts and companies from different fields share computer processing resources through a blockchain network for pay.

Specialized Services

Golem recently released a specialized service dubbed ‘Brass Golem.’ It’s designed to specifically help companies that deal with CGI rendering to get enough computing speed. Companies that deal with CGI can rent out processing power to other companies and get paid. The complete version will be released later. But Golem hopes they can attract enough companies that deal with CGI rendering into their network.

The company is also building a platform for machine engineering companies. This way, companies that need lots of computing power to handle machine engineering projects will always be assured that Golem can fulfill their needs. Machine learning companies will also have the chance to rent out resources online when they not using them for pay. Additionally, the Golem network is being built to enable machine learning experts to host their computing stacks on the network.

 

Golem potential uses

Here are some of the potential uses of Golem,

  • Computer graphics: Due to its superfast speed, Golem can be used to distribute the task of rendering CGI within a few minutes at a cheaper rate.
  • Business and analysis: brass Golem is used to speed up business computation in stock market predictions and big data analysis at a lower cost.
  • Machine learning: Golem can be used in expediting the process when teaching AI to beat grandmasters, recognize the human voice or recognize different images.
  • Science: the field of science can take advantage of those low cost and easy access to a powerful supercomputer. The technology plays a vital role in the analysis of DNA and simulating protein folding.
  • Cryptography: it can run the globe’s first and biggest fully decentralized cryptocurrency mining pools. Additionally, GNT crypto makes the cryptography to work like integer factorization.
  • Microservices: the golem app registry can run different kinds of decentralized micro-services and apps that everyone can create and share an income if they want.
  • Micropayments: golem network uses a superfast technology that comes with a secure money transfer systems used to make a micropayment. Golem provides a streamlined pathway where currencies all over the globe and users can make some micropayments for different transactions.
  • Computing power: Golem network allows users to give out their cycles to other user’s machines. Any user with a single PC or huge data center is allowed to share the resources to the network. For the reason that there are numerous software developers who are in the center of Golem’s ecosystem, both the app registry and transaction framework will enable you to deploy and disperse resources to Golem network.

BREAKING NEWS: Better Late Than Later: Surprise from Golem

April 14h, 2018Golem blockchain computing platform has launched its Brass Beta into Mainnet. The announcement was made on the official Twitter account of Golem. The company noted that the team is still working on improving the product.

All in all, this is a big event after the ICO, which was completed 18 months ago, and has raised around $ 345 million. Some people were worried that the money raised during the ICO was not going to be used as it was initially decided. As a result of the great announcement, the GNT tokens had 20 % increase in their price.

Golem Price Growth

Golem cryptocurrency focus on distributed computing market. The distributed computing is currently an incredible market, with conjectures that foretell a gross revenue of $246.8 billion by 2020. However, the price change is always colossal, especially when the market value of the top cryptocurrency as from July 2017 was around $97 billion.

Within the time it was scheduled to be released, and now, the price of Golem token- GNT, has experienced some changes, hitting as low as $0.18, and just recently the value reached $0.35. Golem project experienced the prices increase almost the same time during the overall bump in the price of Ether which was a range of $450.

The primary goal of Golem is to create a focused market for computing. Golem Brass being the initial stage, it is designed to reinforce CGI rendering only. Golem strives to change the oligopoly state of distributed computing where clients are forced to pay more. Golem has introduced an approach of decentralized and appropriate registering power.

Golem cryptocurrency is an auspicious approach that can be used as a vital gadget for:

  • Prescription
  • Machine learning
  • Cryptography
  • Designs
  • Business

Golem mining

Unlike other coins, Golem coin cannot be mined because of its pre-developed restrictive properties. However, the developer can obtain the GNT tokens through a pre-mining process that allows users to share coins amongst themselves. Mining Golem depends on what you are using the computer for.

  • In case you are just an average user, you will only be a provider, whereby Golem assigns your computer the task to perform when it is idle, and you get some income from it.
  • The payment will come from requestors who pay providers for using their machines.

If you need some extra computing time than you have on your machine, because you are CGI specialist, scientist, tycoon, crypto coin miner or financial marker, then you will be allowed to use Golem as the requestor.

  • As a requestor, you will submit your task to the network, and you will pay the pay the provider for using their machine’s time. Additionally, you will need to get a proprietary software in the store in case the tasks need a software.
  • However, if you own your open source or proprietary software such as rendering engine, analytical package trading robots or specialized scientific package, you might need to use Golem as a distribution channel.

Can you mine golem?

For those of you who wonder- “can I mine golem?”, please note that you cannot mine Golem. However, you can run Golem as a provider and as a result, earn GNT from the network of the requestors. To make things clearer, Golem allows its users and applications aka requesters to rent cycles from the machines of other users aka providers. The users can be people with laptops as well as huge data centers that share resources by Golem. The earnings come with Golem Network Tokens that are also known as GNT from the requestors.

Along with this all, the new version of GNT Brass has come up with an up to date version of contracts that are connected with golem. Thanks to this the owners have a chance to broadcast the cancellation of the tasks on the network. It also brings up some improvements in the security of the public key and much more. Mining Golem is done by running the compute node of the network. The nodes do computing tasks from the requesters that are on the network. These, later on, will need some time in order to digest the data. In situations when the node is not working on a request, you will get GNT for the work you have done. With the same logic, others can do the work for you if you pay with nodes. In other words, technically, you cannot mine GNT, however, as a provider, you can run Golem and earn Golem tokens from the requesters on the network in return.

Golem wallet

Golem wallet offers you a platform to store private and public keys and allows you to interact with Golem blockchain enabling you to send and receive payments from other users. A wallet expedites the transfer of Golem while it gives ownership of the remaining digital coins to the user. The wallet is available in numerous forms including mobile, desktop, web and hardware wallets.

How do they work?

When an individual transfers some coins, they are typically transferring ownership of the coins to your wallet address. Your private key that is stored in your wallet is supposed to match with the public address on which the currency is assigned to. This will allow you get access to the coins and unlock the funds.

List of parameters to check before using a GNT wallet:

  • Safety: making sure your wallet is secure. Try to check if it has an HTTPS to be sure it has a secure protocol.
  • Reliability: make sure the wallet provider is transparent and reliable on how they run. Additionally, the wallet code must be open source to help you know how the provider is securing your coins. Ensure that the source code is updated.
  • Rating: always make sure you get a wallet with the highest rating since it shows that is the most secure.
  • Ease of use: getting a wallet which has an easy user interface will help you make your transactions with ease.
  • Fees: In order to avoid extra costs and to make sure you use of golem is efficient and continent double check the prices of different wallets and choose the most optimal one for you.

Wallets that support Golem

Jaxx >>

This is both a mobile and desktop wallet that is designed to deliver a streamlined Golem experience.

Pros

  • High level of security and privacy
  • Offer a multi-currency exchange
  • Offers wallet links in various platforms
  • Has excellent user support
  • User-friendly, and free.

Cons

  • Not open source
  • Slow

Trezor >>

This is a hardware wallet Ideal for storing golem coins with ease and security.

Pros:

  • High level of security and privacy
  • High storage power
  • Easy to use the web interface
  • Open source software,
  • Newbie friendly
  • In-built screen.

Cons:

  • Costs $99

Ledger >>

This is also a hardware wallet which is offline and extremely secure. Check out our Ledger Nano S review for more.

Pros:

  • Allows third-party apps to run on the device, offers U2F support, supports multiple currencies, inexpensive.

Cons:

  • Uses traditional wallet software, can’t create hidden accounts, lacks password manager.

Exodus >>

Available on the desktop and it provides an easy guide to back up your wallet.

Pros:

  • High level of privacy and security
  • Newbie friendly
  • Easy-to-use interface
  • Has open source software
  • Free
  • Supports several currencies.

Cons:

  • It’s a hot wallet, thus vulnerable to hack and theft

 How to buy Golem?

Golem can’t be bought straight with fiat money; it can be exchanged from big tokens such as bitcoin and ethereum.

Here are some of the exchanges that support the transfer of other coins to GNT.

Binance >>

Binance is a multi-currency exchange that comes with high performance and high liquidity.

Coinspot >>

This is a multi-currency platform that runs on a stable monitoring environment with a high level of security. Bear in mind that the fee will vary per coin depending on the network used.

Cryptopia >>

This website focuses on great user experience for crypto coins. For them to make the digital coins available to all, Cryptopia offers a mining pool, marketplace and currency exchanging service and a support framework for all the coins listed.

Bittrex >>

This is one of the largest cryptocurrency exchanges that provides a huge number of trading tokens into bitcoin.

Buying Golem with Bitcoin

  • Buy Bitcoin using your favorite payment method such as bank transfers.
  • Create a Bittrex account to allow you trade the GNT.
  • Transfer Bitcoin to Bittrex.
  • Buy GNT in the Bitcoin market.
  • Appraise the Golem and store them in your wallet.

So…

Golem is one of the newest popular currency in the digital world, and it’s one of the cryptocurrencies that operates on a lumen technology. It allows users to transfer their payments to other users at superfast speed securely. Additionally, micropayments across the globe have become more effective thanks to it.

Many thanks for reading this article. We hope you got the answers to all the questions you had about Golem. You can visit our website for information on Golem and other digital coins. Don’t be left behind by the cryptocurrency wave.

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