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

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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

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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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