Golem Network Token is an App Coin that runs on the decentralized Ethereum platform and uses smart contracts for its system of payments (4). In essence, the Golem network is a decentralized supercomputer that provides the power of everything from individual laptops to data centers. The combined CPU capability of thousands of computers is then available to rent to folks like you and me. Rented computational power is paid for using the GNT token. Executable tasks include research, websites, business applications, crypto mining, and very complex tasks such as Artificial Intelligence, Natural Language processing and even machine learning for projects such as exploring DNA (1). And CGI rendering using Blender is being further developed (3). Because prices are set by the providers offering their spare CPU power, a peer-to-peer marketplace is active and provides varying amounts of computational resources in response to individual user’s needs.

PROS

  • Large demand
  • Robust marketplace
  • Accomplished team
  • Highly useful
  • Worldwide adoption
  • Economic resource availability

CONS

  • Long development time to present
  • Distant horizon for completion
  • Technical barriers to verification
  • Ethereum scaling challenges
  • Concept needs more proof

Deeper Dive

Have you ever thought about what you could develop if you had all the computational power you ever needed at your fingertips? “Nice dream” you might say? That’s not what the Golem team intended when they took three years to develop the Golem Network. Now you can rent as much CPU capacity as you need to bring that futuristic development into reality – today. Golem is solving the need for large amounts of computational power by users who either do not need or cannot financially support running large capacity CPUs full-time. It does this by providing a marketplace where providers lease their extra CPU power to users with large energy requirements in exchange for rewards in the form of the GNT token. Providers set their prices in GNT and users choose according to their needs. The idea is to level the playing field both cost and time availability wise. Everyone can acquire the necessary energy to run their various applications on demand, and as economically as possible. Because the market is global, Golem is known as the Worldwide Computer and the Airbnb of computers. It supports everyone who wishes to participate in the Golem ecosystem. These are the developers, resource suppliers (providers) and task creators (requestors) (5). Because it is decentralized, Golem is poised to eventually disrupt and replace the large centralized data centers powering the Internet, and at far lower costs. The key attributes of the Golem network are the Application Registry and the Transaction Framework. The Application Registry is basically an Ethereum smart contract that manages deposits for providers. It enables developers to publish their application requirements and locate the needed resources. The Transaction Framework is the set of guides and requirements that developers must follow when running their applications on the Golem Network. In April of 2018, Golem’s beta “Brass”, a proof-of-concept test platform, began running live on the Ethereum Mainnet, and was a major roadmap milestone (2). It focuses on CGI rendering, interfacing with Blender and LuxRender applications (1). The team then announced a bug bounty program to assist in refining the beta version. Next up is the creation of an online computational cloud environment (1). The Golem team currently consists of over 30 accomplished members headed by Julian Zawistowski Founder and CEO, PiotrJaniuk Co-Founder and CTO, Andrzej Regulski Co-Founder and COO, and Aleksandra Skrzypczak Co-Founder and Lead Software Engineer. This team has worked together in the past, is known for complementing each other’s strengths, and has provided a proven track record of delivering, The Golem project was and continues to be crowdfunded. In 2016 it sold out of its GNT token in 20 minutes, raising around $340 million, of which 6% of the tokens are held by the team itself, and 12% by Golem Factory GmbH (a Swiss limited management company) (5). Investment potential follows the huge market potential and is critically dependent on this team’s performance and ability to actualize its lofty and ambitious goals in a timely fashion. Key Terms in the Whitepaper include:

  • Concent service
  • GPU support
  • Proprietary software support
  • New use cases
  • Infrastructure-as-a-Service (IaaS)
  • Platform-as-a-Service (PaaS)
  • Web 3.0
  • Crowdfunding

Key Terms from their roadmap include:

  • Milestone codenames (Brass, Clay, Stone, Iron)
  • Golem Project Timeline
  • Go-to-Market Strategy (GMS)
  • Machine learning

GNT on social media: https://www.reddit.com/r/GolemProject/ https://twitter.com/golemproject?lang=en https://www.facebook.com/golemproject/ https://bitcointalk.org/ https://www.youtube.com/watch?v=_Q888b0VRx8 https://t.me/GolemProject Additional GNT Sources: https://www.forbes.com/sites/laurashin/2017/07/10/how-crypto-tokens-work-a-close-look-at-golem/#6094c2bc5da3 https://github.com/golemfactory/golem https://trello.com/b/YL1qZ2pZ/brass-golem-progress-board https://blog.golemproject.net/ Sources: (1) https://golem.network/ (2) https://globalcoinreport.com/reasons-behind-the-success-of-golem-network-gnt/ (3) https://www.coindesk.com/golem-arrives-one-ethereums-ambitious-apps-finally-live/ (4) https://cointelegraph.com/tags/golem (5) https://golem.network/crowdfunding/Golemwhitepaper.pdf (6) Roadmap in whitepaper: https://golem.network/crowdfunding/Golemwhitepaper.pdf If you would like to talk about GNT or any other cryptocurrencies, join us on our Discord! https://www.hypedoncrypto.com/discord Contributed by Riuchard Houser. You can find Richard on our Discord at @Richouser#4276