Golem Cryptocurrency Review
What is Golem?
Golem is an Ethereum-based CPU power rental network. The project or the Golem network came into existence in 2016. Blockchain enthusiasts and the concerned crypto-community have considered golem as the “Airbnb” company i.e. a short-term service provider for computers. It pays those who, being connected to the network, lend a part of their processing strength which remains unused.
That processing power is utilized for various commercial and non-commercial purposes or just to enhance the speed of the task that the computer of the user is facing trouble to accomplish.
Golem is the best fit for the users who regularly perform critical calculations for different delicate activities such as machine learning for the purpose of DNA exploration, Artificial intelligence (AI), Natural Language Processing, and so on.
The novel ‘Golem XIV’ by Stanislaw Lem is considered as the source of the name of the project. Throughout the way, the project had to face many controversies with public opinion. At last, on 10 April 2018, the beta mainn net was launched.
How Golem Works?
A requestor (the user who is in need of additional processing strength to perform computational tasks) needs to go through a defined process. He or she can choose any of the task templates provided by the Golem network if the required ones match the provided ones.
In the first two releases named Brass and Clay. Users have no option to write codes to create necessary templates. Requesters will enjoy this extremely necessary feature in the third release called Clay. With the help of Task Definition Framework, it will be possible to create new task templates and to add them to the network.
At present, available task templates provided by the first version of Golem are Luxrender and Blender. Within a short period, Golem team plans to turn the collection of templates into Golem Shop where new templates can also be designed and stored.
When the requestor finds out the suitable template, the task gets attached to the task manager and necessary information reach the network. The provider party chooses the best one from available task offers and the price along with information about its computing strength are sent to the requestor. If the requirements of both the parties meet at a single point, the provider collects resources via IPFS (InterPlanetary File System) and starts to execute the task on the task computer.
Finally, the completed task is sent back to the requestor via IPFS network. The payment protocol is maintained by Ethereum smart contracts.
GNT (Golem Network Token)
This token acts as the fuel of the network. Charges and payments are completed using these tokens.
Total 1,000,000,000 tokens were minted during the ICO and 82 percent of the total volume was dispensed among the crowd-sale participants.
Throughout the trading history of GNT, the price has experienced a lot of ups and downs starting at $0.01. It experienced the maximum value (about $1.16) during last December-January and again crashed down to $0.30.
GNT is available in the exchanges such as Huobi, Bittrex, Liqui, Poloniex etc.
As it is an ERC20 token, it can be stored on MyEtherWallet, MetaMask, Mist etc. For extra security, hardware wallet like Trezor is recommended.