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Golem (GNT): The CPU Power Sharing App Is Now Live

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Golem

In the world of modern technology, computers have become one of the most powerful tools. In spite of its amazing uses, in most PCs, at least one core processor remains idle for quite some time. Golem (GNT) gives you the opportunity of utilizing such idle power.

What is Golem?

Golem is a CPU power renting network combining the computational resources that are not utilized in any specific computer. It is a peer to per app, which helps users to trade computer power for security tokens.  It can be considered as a most promising platform that gives you the opportunity to avail additional computer power on pay to pay basis.

This power will be taken from the idle resources on your computer and you will be paid for letting Golem use those resources that are not utilized or remain idle. It is in 2016, that the project held its first token sale of GNT and it raised 820,000 ETH which worth at least $340 million (as of 10th April 2018) and this is considered as one of the most earliest Ethereum applications.

Julian Zawistowski, CEO and founder of Golem mentioned – “This is typical for software development in general, and blockchain in particular, is that we underestimate the complexity of what we want to do. You always underestimate how difficult it is, and this was obviously the case with us.” He further commented that “This is typical for software development in general, and blockchain in particular, we underestimate the complexity of what we want to do …”

It is true that the project is still a bit far away from reaching its goal of creating a worldwide supercomputer, however, the Mainnet launch is considered as one of the most important steps in proving the underlying architecture and the Ethereum itself.

As the current format suggests this service enables the computers to rent unused CPU power. This process happens by creating computer-generated imagery (CGI) using Blender which is open source software that is widely utilized for creating animated films, visual effects, interactive 3D applications and video games. Its working process includes the swapping of computational power for GNT through an interface which directly connects to the Blender.

Golem Brass Beta is generally considered as an effort to test if it is able to function in real market conditions with real money as Julian Zawistowski further added: “We have to see how it behaves in the wild”.

How it Works:

Currently, Golem works through a software client that assists in connecting the two parties in Golem’s network- one is the “providers” who sell the resources of the computers and the other is the “requestors” who want to rent CPU power. The providers are allotted to have small tasks or “subtasks” that went together for creating a full computational picture. As Zawistowski said, “We send those subtasks over a peer-to-peer network where peers compute them, return the results for you and connect that into one piece and pay for the use of the other peoples’ computers.”

He further mentioned that all the interactions will be made directly between nodes on the network and it is not made on a blockchain itself. Golem is using Ethereum not only for its token Golem (GNT) but also for consensus on GNT transactions. However, as for now the primary function of the Mainnet launch is only to assess the economic assumptions of the network and appealing to the early adopters to provide feedback on usability or other issues. As Janiuk mentioned that Golem should work up to a point where it can be perfect and self-contained and “… modular and you give it a computation and it’s done in a matter of seconds,”

The future goal of this project is to create a dedicated plugin for Blender so there would be no extra step for using Golem’s service through using the application. The more ambitious issue lies in the fact that it allows the network to provide computational resources by seeking it from the artificial intelligence that is called machine learning as Jainuk mentioned it that they are trying to move the direction of machine learning as “it is suited to Golem pretty well.”

Golem, that is considered as one of the most popular ERC20 tokens in cryptocurrency market is predominantly acting like an Airbnb for the computing power that can be rented. However, as far as the project is concerned Janiuk commented that interfacing with Ethereum appears to be quite easy and “straightforward” but when you move into the production it comes out a bit difficult. However, he further assured that “it is as bulletproof as possible; there can be no holes because you’re risking someone else’s money.”

Conclusion

It is true that the project has faced some sort of complications like it has become extremely difficult to develop different types of computations. Another big issue is that it is facing some problem with building it on Ethereum. But there is still a ray of hope as the developers are trying to resolve the issues as Zawistowski mentioned “Very often you have to invent the wheel to solve your problems. Not reinventing the wheel, but actually inventing the wheel.”

We will be updating our subscribers as soon as we know more. For the latest on GNT, sign up for our free newsletter!

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 and read our full disclaimer.

Image courtesy of Marcelo Hernan Zimmt via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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 been…

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