Golem: Blockchain Token – What is it?

3 min read

Episode 13 of Blockchain Token covers Golem‘s supercomputer project. This was originally posted in October 2017, but with new developments in the project, we made a big update in April of 2018, to give you the rundown of some news, new info, and changes!

Golem has an interesting project focusing on building a decentralized and distributed network that can function to share resources like computing power to create a supercomputer. This creates a type of sharing economy relying mainly on distributing computing resources as a utility, which can eventually cut out third party services or the need for huge computing devices, thereby cutting down lots of fees.

To read more about Golem, check out the info below, and stop by our Golem resource page for more!

Golem is an ERC-20 token built upon the Ethereum blockchain. The Golem network is a decentralized, global network of computers, using the network users computing power to make a supercomputer functional. Golem is essentially a decentralized sharing economy with the computing power as its shared utility.

They are trying to be the sharing economy for processing power. This allows people to easily earn money from “renting” their computer power. If you’ve got some extra juice you aren’t using, you can rent it out and make some tokens. By using a shared, decentralized network, third parties are eliminated, lowering costs and reliance on centralized companies or networks for computing services to run certain programs.

When using the Golem network, you can run desired programs using the shared computing power of the network, expanding the capabilities of those looking to render files beyond what their hardware can handle. This could be very useful in enabling everyone to have access to needed processing power. As it is run on a blockchain, proper fees can be paid from or to users through smart contracts.

Golem’s website points out a few different industries that can take advantage of this supercomputer network to assist in the massive data and calculations they need to have completed, like computer graphics, data analytics, machine learning, cryptography, and scientific research. Their decentralized network aims to follow suit and empower “true cloud computing.”

On April 10, 2018, Brass Golem was deployed on the Ethereum network. It is the first step in achieving the milestones laid out in their roadmap. Brass Golem, being the first milestone, marks the launch of some basic features. This first iteration of the network allows users to rent out their unused CPU power to graphic artists looking to render CGI projects.

There are a few more steps laid out in the roadmap. Brass Golem will help developers integrate with the network, Stone Golem will add more stability and security to the network, and Iron Golem which will be the final iteration of the Golem mainnet.

The project’s token is Golem Network Token, or GNT. It is an ERC-20 token, and the Golem team states that they built this token with extremely basic functionality initially, able to conduct basic transfers and track balances.

You can learn more about Golem starting with the resources listed here!

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