Crypto Learning 4: Golem.
Jewish folklore describes a Golem as a being created entirely from inanimate matter and forming a being that has unlimited power and potential. Golem (GNT) is a token on the Ethereum blockchain. Golem describes themselves as: “A global open source supercomputer that anyone can access”. Golem is made up of requestors (requesting computing power) providers (providers of computing power) software developers (deploying and monetizing software).
Using a peer to peer network Golem hopes to allow users to lease out unused CPU or GPU space and provide the providers of the space to gain income from this process. Golem also hopes to redefine the internet.
Other use cases for Golem would involve drastically decreasing the time it takes to perform processing intensive tasks. Examples of this includes DNA sequencing, CGI, 3D Modelling and Business Analytics or even crypto mining.
Golem is still more of an idea and very idealistic one as their first “beta” release, Golem Brass, will be released in early 2018 and will focus on the CGI rendering process. Described as the AirBnB of computers Golem will provide the platform for the sharing of computing power and this is where the Golem token will be used.
Competitors Google, Amazon and Microsoft are all readily established in the space providing cloud services. Golem will need to ensure that they have the right marketing procedures in place to expand the platform and must ensure that they can provide users with alternative services. Aiming to decentralize the internet will require the dethroning of giants like the three mentioned above but with many crypto projects attempting this we could see a more decentralized internet in the future.
The concept which Golem is trying to implement is a really promising one but they still have some questions to answer. The practicality of a user leasing his computer to be mined with, without solid compensation to cover electrical costs is one that comes to mind. In my opinion this is a very promising concept but without proper implementation this is a slightly higher risk investment. However, if Golem manages to implement the concept this investment can provide early investors with massive returns, due to its multi-industry implementation possibilities.
This is however only my opinion. What do you think about Golem? Do you think it can dethrone giants like Apple, Google and Microsoft? Do you think it’s worth a punt?
Sources:
https://www.youtube.com/channel/UCavTvSwEoRABvnPtLg0e6LQ
https://www.youtube.com/channel/UCavTvSwEoRABvnPtLg0e6LQ
https://en.wikipedia.org/wiki/Golem
https://blog.golemproject.net/what-can-golem-do-for-you-503b2449767a
https://medium.com/@paulymakk/the-ambitious-golem-network-959cfe4202dd
https://ethereumworldnews.com/going-interest-increase-golemgnt/
https://www.bitsonline.com/digging-deeper-golem-network/