Distributed computers are part of a long list of achievements that Blockchain technology has brought to the community, and Golem is proof of that. This ecosystem is intended to pursue the decentralization of computing power and although it has not yet reached maturity, this project could achieve a whole network of distributed computers operating worldwide.

What is Golem (GNT)?

It is a whole system that tries to promote computing power in distributed economy, thus creating a network through which users can exchange goods and services for a specified rate. The idea is that the payment is directly related to the exact amount purchased by the consumer.

Currently, mechanichal learning and medicine industries need heavy computing power to carry out tests and continue working on advances, however, this resource is extremely expensive and difficult to obtain, no matter how necessary it is for the field. In general, users and organizations that do have sufficient capital to acquire the computing power necessary for their projects, use it exclusively for personal use or in favor of their initiative, which results in their inevitable waste in several aspects. Regardless of the initial investment, at some point it will be necessary to replace previous purchases. The rents of powerful processors have established a productive market on the Internet, although the service is still very expensive.

Golem is designed to redistribute computing power globally, among a network of users on its platform. These taxpayers donate their spare parts CPU cycles to Golem in exchange for an economic reward, performing simple tasks on the net. All computers in the world can participate in the contribution of calculations for the Golem network, as long as their power is acceptable. This project is capable of computing a wide variety of tasks, from CGI rendering, through machine learning to scientific computing.

If the Golem system fulfilled its purpose, it would be revolutionary for the crypto community. In summary, each participant in the network has a task to complete and each computer is responsible for processing the results. By being fragmented into different parts, these assignments manage to gather significant amounts of computing power, given that they are carried out on different computers around the world.

Participants who offer their computing power charge through transactions that are facilitated by the Ethereum blockchain. Ethereum was chosen because it has small transaction fees, ensuring that you do not pay more for the transaction than for the computing power itself and because you do not suffer with currency fragmentation.

Golem Network Token (GNT)

It is an ERC-20 token. As just mentioned, created to be used as a form of payment on the platform to perform the services it allows. As a provider, you have complete freedom to establish how many GNT a particular job requires. But because Golem is a market, over time these prices will find a balance. You also require GNT to send deposits as a provider and participate in the application registry.

An ICO was conducted in November 2016 in which 82% of the total 1 billion tokens were sold at a price of $0.01. The remaining 12% is for Golem Factory GmbH and 6% for the equipment. There are currently $ 839,242,000.

 

The “team” is formed by people who work at imapp and were involved for the first time with Golem. People who went to work for Golem after ICO belong to Golem Factory GmbH. There are 26 members that make up the team. Julian Zawistowski, current CEO, is the one who runs it. A large part of the members are of Polish origin with great knowledge and experience in the sector.

How does Golem Network work?

A provider (who provides the computing power) receives all the tasks and selects the best one. In doing so, it also verifies the reputation of each node that disseminates the tasks and rejects those that have a bad reputation. When a supplier finds an offer that fits their capabilities, they send the applicant their price and information on their computing power. As a counterpart, the applicant verifies that the supplier has sufficient reputation to do the job.

If all is well, the provider receives the necessary resources through IPFS and begins to perform the task on your computer. Once the task is completed, it sends the result to the applicant through the IPFS network.

Then, the task manager passes the information to the appropriate node to verify the results. The applicant can choose to send it to multiple nodes for redundant verification.

Finally, the payment system is notified through an Ethereum smart contract. and the funds are sent from the applicant to the provider. If the provider sends satisfactory results and the applicant pays in term, both parties receive an increase in their reputation.

Special 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 applicants to find the tools they are looking for.
  • Transaction framework – A set of requirements that a developer must follow when implementing a transaction model for its self-made Golem application.
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