Golem live on Ethereum blockchain
Golem users can now trade Central Processing Unit (CPU) power for GNT tokens on Ethereum’s blockchain.
After almost three years of contained testing and a “myriad of unforeseen circumstances” Golem — a peer-to-peer app that allows users to swap computer power for security tokens — is live on Ethereum’s mainnet.
Since 2016, Golem has endeavored to create a global marketplace for unused computational power. Idling computer power is sold off and connected to a single network, the Golem (GNT) network, where it is used to produce computer-generated imagery (CGI) including modeling, rigging, animation, simulation, rendering, compositing and motion tracking, video editing and game creation via open-source software Blender.
In order to progress, we need to get out of this comfort zone, and make sure the elements that we have worked hard, and continue to build, are responsive and working well on a decentralized setting… Our decision is based on the fact that even though this new stage will expose our project to diverse risks, it is not possible (or responsible) to say a product is finalized without real users.
Golem Project Team on progressing to mainnet
Golem users can now trade Central Processing Unit (CPU) power for GNT tokens on Ethereum’s blockchain.
Golem operates through a software client that connects providers with those requesting CPU power. Tasks are created and prices are determined by the two parties involved, promoting healthy competition and low costs.
Joining is as simple as downloading the app. Users always know what they will pay before submitting a task.
“We strongly recommend everyone to get accustomed to the testnet version first and only go into mainnet after you have understood how the application works and how to configure parameters for your tasks correctly,” The Golem Project Team said in a blog post this week.
The team said eager users will need “a little bit of ETH” to complete a transaction on the Ethereum blockchain.
Golem was one of the first Ethereum crowdfunded projects. Its GNT tokens sold out in around 20 minutes, raising 820,000 ETH, which is equivalent to approximately $340 million, according to current market prices.
In an effort to protect users from having their computer’s power illicitly depleted in order to perform cryptocurrency mining tasks, Google has begun prohibiting Chrome extensions that mine for virtual currencies.
Crypto mining serves as key component in unearthing new value and keeping the blockchain secure. However, the rapid advancement of illegal cryptocurrency coin mining was considered a leading trend in the internet security landscape last year, according to the latest cyber surveillance insights report released late last month.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
Latest cryptocurrency news
- 14-day crypto predictions: As FTX collapse effects linger, sentiment shifts to bearish on Bitcoin
- Crypto market crisis: FTX on the verge of bankruptcy
- 14-day crypto predictions: As cryptocurrencies drop, sentiment shifts to neutral on Bitcoin
- Binance to purchase FTX in bailout offer
- 14-day crypto predictions: As cryptocurrencies hold their ground, sentiment shifts to bullish on Bitcoin
Picture: Shutterstock
