Golem (GNT) aimed at becoming the first ‘world supercomputer’, The Golem Network uses the blockchain technology to make massive computing power accessible to the masses. The Ethereum blockchain based platform allows users to rent out their spare computing power, which when congregated delivers processing power where it’s needed and in return paid in Golem Coin.
What is Golem Network ? An Introduction to The Golem Crypto
Golem network is a worldwide decentralized supercomputer that combines the computing power of every computer on it’s network. Often know as the Airbnb of Computers, the Golem Network allows a user the following:-
- Loan out the idle/spare computing power by connecting your computer to the Golem network and in return earn Golem coins,
- Rent computing power from the Golem network to perform or even just speed up tasks that your computer has trouble handling
One of the most impressive dApps on the Ethereum blockchain, the Golem Network utilizes it’s own native token GNT as a medium of exchange in it’s network. It means, if someone loans out his computing power to Golem network, the user will be rewarded with Golem coin. Similarly, if a user wishes to rent computing power on the Golem network, the users needs to pay in Golem crypto.
How Does Golem Network Works?
There are mainly three parties involved In the process of renting out computer machines in the Golem Network, which are:-
- Requestor (the party who needs to performa a computing task)
- Provider (the party providing the computing power)
- And The Golem Network Itself.
Let’s begin from the side of a Requestor. A requestor can request for renting out computer machines via the Golem Network. The request is made through a Task Template that Golem Network Provides. Each task template has it’s own functions. In case, the task template provided by Golem Network does not fulfills the requirements of the requestor, the requestor would have to write his/her own code for the task using the task definition framework. However, this option is not available in the first two releases – Brass and Clay. and will be available in third release – Stone.
Blender and Luxrender are the only two task templates available in the first Golem version, Brass. Eventually, the set of task templates will turn into the Golem Shop where you can add and use new templates on the network.
Once the requestor chooses the task template and defines a new task, it is added to the task manager, which keeps track of all tasks that have been requested from this node. Then information about the new tasks is broadcasted to the Golem network.
The Provider’s transaction system collects all broadcasted offers and chooses the best ones after checking the reputation of each node in the reputation system. Then, the provider’s Golem connects with the requestor’s node and submits an offer with a price and information about the machine’s capabilities (performance, available cores, etc.).
The requestor’s transaction system then checks the provider’s reputation and decided weather or not to accept the offer. If the task manager decides that there’s a subtask fitting one of the submitted offers, then a list of resources that should be downloaded via IPFS is sent to the provider.
After all resources are pulled into the provider’s machine, the task computer (on the provider’s machine) can finally start computing.
Once the computation is finished, the results and logs are sent back to the requestor via the IPFS network. The task manager passes the results to the task template for verification. Some subtasks may be sent to more than one node (the requestor may decide how often and to how many) and their results will be compared. In some cases, it won’t be necessary because verification will be simple, if the task itself is Proof of Work of some kind.
Another requestor may be able to compute a random, smaller part of the task and compare it with the result. For example, in the case of rendering it is possible to render some pixels locally and compare their colour with those from the received image. Sometimes a combination of all these method may work.
Finally, the payment system is notified through an Ethereum smart contract, and funds move from requestor to provider. If the provider sends accurate results and the requestor pays on time, both parties will see an increase in their reputation.
Apart from the above, Golem contains two other related features.
- Application Registry – An Ethereum smart contract for developers to publish their own Golem applications. This makes it easier for developers to find users and requestors to find the tools they’re looking for.
- Transaction Framework – A set of requirements that a developer must follow when implementing a transaction model for their self-made Golem application.
Golem Network Token (GNT) | What is Golem Coin?
At the time of publishing this article, the price of Golem Coin was $0.16 with a market capitalisation of $153,674,659 USD and circulating supply of 959,842,000 GNT tokens out of the total supply of 1,000,000,000 GNT coins.
When Golem’s ICO was launched in November 2016 with 820,000,000 tokens for grabs, it managed to mince 820,000 ETH within 20 minutes of issuing the Initial Coin Offering.
A 12 percent of the total GNT supply, i.e 120,000,000 GNT were held by the GOLEM Project and 6 percent of the total supply, i.e. 60,000,000 GNT were distributed to early contributors and team members.
From Where To Buy Golem Coin ? How To Buy Golem Crypto?
At the time of publishing this article, Golem Coin was listed on and could be purchased from the following “https://kryptomoney.com/top-cryptocurrency-exchanges/” target=”_blank” rel=”noopener”>list of cryptocurrency exchanges:-
- YoBit, and many more
How To Mine Golem Coin? | How To Mine GNT Coin? | Golem Mining
Golem coin cannot be mined. GNT coins can only be earned by leasing out the computing power to solve complicated algorithms. Though the process is quite similar to mining any cryptocurrency, except at the end instead of a processed blockchain, a wide range of computing services is achieved.
Where To Store Golem Coin ? | Which is The Best Golem Wallet?
As mentioned above, Golem is is an ERC20 token, so GNT tokens can be stored in wallets that supports storage of ERC-20 Tokens like:
- MyEtherWallet (MEW),
- Ledger Nano S,
- Trezor, etc
Here is a full list of wallets that are compatible and supports storage of ERC-20 tokens:- Best Wallets To Store Your ERC20 Tokens
Golem Network was founded by Julian Zawistowski, and he also acts as CEO of the Golem project. The other co-founders include:-
- Piotr Janiuk,
- Andrzej Regulski,
A complete list of team members can be found out here.
An ambitious project that privies masses to supercomputing power via using distributed cloud computing. So far the network only works for CPU CGI rendering, though the team is planning and working hard to explore more horizons. Mentioned below are some features od Golem in a nutshell
- Golem lets willing participants, to rent out their computing power that the requestors could buy to perform calculations using compatible software.
- A three-sided marketplace, Golem is actively seeking developer and requestors to ensure a sustainable market for providers.
- GNT is not mined, earned by adding one’s computer to the cluster.
- Tasks are divided into subtasks and completed based on available power.
- To ensure end-to-end security of data and files, Intel SGX isolates Golem processes from the rest of the computer.
Golem is attempting to break the paradigm that supercomputing power is only accessible to super-wealthy and corporate conglomerates. Whether or not the network manages to convince professionals at conferences like the National Association of Broadcasters Show (NAB) or the Game Developer Conference (GDC) of their innovative solution, is a thing to be seen as the Golem’s future marginally depends upon their acceptance.