Here’s the latest in decentralized computing power on demand from Golem.
Golem (GNT) is specifically designed to facilitate the creation of a decentralized global supercomputer, letting anyone securely buy, sell and trade excess computing power with GNT tokens.
Blockchain technology has allowed for a new generation of cloud computing, and Golem aims to facilitate it.
Which wallets support Golem?
How does Golem work and what can it be used for?
Golem aims to become a global decentralized supercomputer network, with people all around the world using GNT tokens to tap into it.
Users choose what kind of task they have with the Golem task definition framework in order to get matched with the most suitable provider. Providers can decide how many CPU cores and how much RAM and disk space they want to rent to the Golem network.
This system allows for seamless connections between users and providers. An automated node reputation system will prioritize and benefit the higher-quality providers.
In a world of increasingly demanding applications and projects that call for a lot of computing power, this offers limitless potential.
- Computer graphics. Golem stands to offer a much quicker and more cost-effective way of rendering CGI – and of otherwise boosting computer graphical power – than anything else.
- Machine learning. As we move into the age of AI and machine learning, a lot of processing power will be needed to facilitate it efficiently.
- Cryptography and mining. Golem will be able to facilitate encryption, decryption and cryptocurrency mining.
- Supercomputer analysis. Businesses, researchers and others can benefit from being able to access a huge amount of additional computing power on demand.
- Decentralized on-demand web hosting. Businesses will be able to scale up quickly to meet demand for processing power and bandwidth.
- Decentralized microservices.This feature should not be underestimated. Golem can run countless decentralized and cost-effective microservices while bringing its other advantages to bear, and this stands to disrupt a lot of established service providers.
How to sell or trade Golem
- Go to the exchange platform that you hold Golem on. If you have Golem in a digital wallet, then you can choose an exchange platform from the compatible ones listed above.
- Via the platform, follow the instructions to sell or trade your Golem.
The advantages of Golem
While cloud computing isn’t brand new, blockchain technology has provided a new way to deploy it. The advantages of Golem are that it’s:
- Decentralized. There’s no single point of failure, with users around the world all supporting the Golem network.
- Secure. All computations on the Golem network take place inside an isolated virtual machine, offering near-complete security for all providers and users.
- Cost-effective. Very few computers use all their power all the time. By providing a monetization strategy for excess computing power, Golem is likely to have a lot of providers all over the world, offering a highly competitive marketplace for users.
- Flexible. Developers can create, deploy and monetize their own apps through Golem. This will greatly expand its potential applications over time.
Should I buy Golem GNT?
Keeping that caution in mind, Golem might be a relatively safe investment by cryptocurrency standards. The main obstacle to date could be that Golem is still in a fairly early stage of development.
It’s worth noting that if all goes according to plan, GNT is likely to enjoy a relatively high price floor. If the value of GNT drops too low, buying it to spend on cryptocurrency mining power will basically be free money.
Plus, there’s a fixed supply of 1 billion GNT in existence. Providers and users can reach their own prices and trade fractions of a coin as needed, so the value of a token itself doesn’t really have any price ceiling.
Instead, the price ceiling is determined by the Golem network’s providers (the ones renting out their computing power). They’ll need to set competitive prices in order to get users coming to Golem rather than established cloud computing brands.
For some perspective, the Golem market cap topped $400 million on December 18, 2017, while the total cloud computing market is well into the billions. This suggests plenty of room to grow as the Golem network rolls out new features and further disrupts incumbents.
Golem has a huge amount of potential, but it’s not there yet. Golem will be adding new functions and options over time, but it might be years before it can fulfill its potential and become widely used by established industries that have traditionally turned to cloud computing instead.
A lot can happen in the meantime, and it’s possible that Golem itself will be disrupted before then. For example, a recent initiaI coin offering (ICO) raised more than $100 million for the development of a blockchain smartphone and PC designed for built-in Golem-like functionality. These types of advances might undermine Golem in the future.
There’s also the question of steps that might be taken by established cloud computing providers. Like most cryptocurrencies, Golem is open source. There’s little to stop an established cloud computing provider from using the code for itself in order to bring the benefits of Golem (such as the task definition framework) to its existing services. Or other providers might simply start selling their own services directly through Golem and accumulating tokens themselves.
Blockchain technology has a huge amount of potential for decentralized computing, and right now Golem might be in the best position to disrupt the industry. However, it’s still in its early days and a lot can happen in a few years.