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.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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