Blogs
Golem (GNT): Democratizing the Computing Ecosystem
Golem is reinventing the computing resources market by offering a decentralized global platform where anyone can participate and earn passive income. It does this by connecting computers in a P2P network to allow owners to rent out resources to users requiring extra computational resources. This essentially means that a person who possesses high-end computing equipment can monetize his resources by allowing others to access unused CPU or GPU cycles.
The cloud computing market is dominated by big companies like IBM, Microsoft, Google and Amazon that have on hand the resources it takes to set up massive computing farms. Their dominant market role gives them the opportunity to sell out these resources at huge premiums which create a high entry barrier. This is the barrier that Golem aims to tear down by decentralizing the service provision to eliminate oligopolistic practices.
The Golem Ecosystem
Golem makes use of a unique self-sustaining model comprised of three main network components. These are requesters, providers and developers. Their presence and participation on the network will play a crucial role in scaling this compute market and in creating a complete ecosystem to support the concept.
Providers include any parties that have computing hardware. In the initial stages, the platform will specifically require people with high-end equipment like gaming computers. But with time, even someone with a simple laptop can participate. The best part is that these parties will have incentives to offer their resources on the platform since they will get paid for the service.
Requesters are the individuals or organizations that require high-level computing tasks completed. Such tasks could include big data algorithms, CGI rendering for media entities, AI computations or complex physics or mathematical problems. A major highlight for them is that they can also become providers periodically when they are not using their own resources.
Developers on the Golem network can create decentralized apps and deploy them on the platform. The platform offers flexibility to allow for the development of any type of app which can be monetization. The developers will get Golem tokens (GNT) as rewards when others make use of their apps.
Golem as the Future of the Internet
One major highlight of the blockchain technology is that in its decentralized structure it eliminates the role of the middleman in most industries and Golem seeks to ride this wave too. The project envisions a future in which users exchange content directly without the need for intermediaries. To this end, it has the long-term objective of bulk-renting machines for large operations on a self-organizing network.
It might seem ambitious but a number of recent developments place it within reach. It is planning to make use of technologies such as Swarm and other data-sharing innovations to make Golem the go-to platform for microservices, accepting both small and large applications.
Golem seeks to become a global blockchain supercomputer with a versatile approach and as such, it is bound to get a vast number of distinct applications in the market. It is hard to predict the potential use cases but the widespread appeal of the concept sets it at a distinct advantage in the competitive crypto market.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of coinmarketcap.com
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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