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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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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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