Golem

#45
Price: $0.464351
Change(24h):
+ 1.24%
Volume(24h): $15,097,400
Market Cap: $389,702,862
Golem is a decentralized platform for lending computing power build on the Ethereum blockchain. Golem allows the average Joe to rent their processing power and get paid in cryptocurrency. The reward for the completion of these tasks is in GNT - a non-minable ERC20 token. The GNT token was launched through an ICO in November 2016, bringing in more than USD 8.6 million in less than half an hour.

Category:

Legal & Identity

Legal & Identity

Minable: No

Coin Prefix: GNT

Type: Token

Websites:

Latest Hight: $0.91

Golem Markets

# Source: Pair: Price:
1
Huobi
GNT/USDT
$0.621311816
2
OKEx
GNT/USDT
$0.619711528
3
OKEx
GNT/BTC
$0.623279064
4
Huobi
GNT/BTC
$0.6235427928
5
Bittrex
GNT/BTC
$0.6216966912
6
Huobi
GNT/ETH
$0.62190586404
7
Poloniex
GNT/BTC
$0.6223120584
8
Bitfinex
GNT/BTC
$0.6245097984
9
Bittrex
GNT/ETH
$0.62136906
10
Poloniex
GNT/ETH
$0.62839898688

Golem - vision of a global computing power market


Area to disrupt: decentralized supercomputer

Competition: Elastic (XEL), SONM (SNM)

ICO token: yes (2016), Ethereum-based ERC20 utility token

The Golem network is trying to create a decentralized global market for computing power. It connects computers in a peer-to-peer network to enable application developers and users - the "Requestors" to rent the machines and computing resources of other users – the "Providers". Computer-intensive tasks can be outsourced to Golem to help developers execute their software. Golem offers tools to developers to monetize and organize their products. One of the ambitions of the project is to become a key player in the building of the internet of the future. It aims to become a widely accepted platform for decentralized microservices. To accomplish its mission, the project will aim at maintaining low prices for computations of complex tasks such as CGI rendering, scientific calculation, and machine learning. Its goal is to make computer calculations accessible to a wider range of the public.

The token on the network is called the Golem Network Token (GNT), which is the unit of account that was created during the crowdfunding. All GNT that will ever exist were distributed during the ICO. The token was also distributed to the developers of the project to use for future upgrades and developments. All payments for usage of the computing power will be done in GNT. Requestors will be paying the Providers for their resource usage.

The Application Registry and Transaction Framework are integral parts of Golem. Integration of applications with Golem will require registering them on the Ethereum blockchain via something called “the Registry”. It will be required in order to properly identify the developers of applications and know basic facts about them and their apps. It is a certification mechanism for everyone to know the authenticity of the applications and decide whether they can be trusted or not. This system allows for the providers who perform the computing to know which protocols they can trust. The Application Registry gives users and providers a level of security and trust.

Airbnb for computers

The main reason for users to be interested in Golem is the freedom that it gives to providers to set their own pricing rules. The GNT is used for all interactions with the Golem network. It is used for deposits by Providers or for participation in the process of software certification. The conditions for using GNT are set in the Transaction Framework. However, specific conditions will be defined within each software.

The two basic principles of the Transaction Framework state that the pricing mechanism has to be verifiable based on specific and measurable units. Also, the transaction must be fair to all the parties, making it possible for participants to foresee the outcomes of a transaction. In general, Providers must always be rewarded, and the reward must be fair, meaning it should match a Provider’s expectations, stated in their pricing rules. Developers have the freedom to execute payments for a single use of software or for a “unit” use, similar to running the software for a specific time (number of hours).

The incentive structure of Golem is made in such a way to make the network become a major market for computing power in the long term. Golem is based on the Ethereum blockchain, but it does not depend on the blockchain to facilitate its computation network. Golem is an off-chain project that only uses the Ethereum blockchain as a transaction layer.

In April 2018, 17 months after its ICO in November 2016, Golem launched the beta version of its Brass Golem software, which focuses solely on CGI rendering, into mainnet. This means that users can now connect Golem to the Ethereum mainnet and earn/spend real GNT for computations.