Review on Golem by Jerry Siegel
Golem (GNT)
Golem is a global, open and decentralized supercomputer. Computing power consists of the combined power of users' machines, starting from personal laptops and ending with the biggest data processing facilities around the world. Anyone can use Golem to compute (almost) any program in existence, from rendering 3D graphics to computing super-complex tasks like sophisticated AI data calculations.
Those who buy computing power from the Golem Network are called Requestors. Anyone with a computer can rent their computing power on the Golem network and generate automated income. These people are called Providers.
Token:
GNT or Golem Network Token is a utility-token based on Ethereum ERC-20 standard. GNT is needed to pay for computations on the network. As a Requestor, you set a bid for an amount of GNT you are willing to pay to have your task completed. As a Provider, you earn GNT by computing tasks for Requestors.
Features:
The service also provides software developers and software owners (including microservices and dApps) with a decentralized environment to distribute and monetize their software. Software hosted on the Golem network gradually reducing the costs of the downtime, cannot be DDoS attacked, and the whole thing is much cheaper than running your own servers.
Why I like this project:
1. Security. All calculations are performed on virtual machines and are completely isolated from the hosting system.
2. Micropayments. Golem Network uses its own micropayment system, while the fees for transactions are not significant.
3. Great blockchain idea. Using this service, you can use your idle CPU and make a profit from it, as well as buy the power of computers of other users, which is several times cheaper than buying powerful computers.
Conclusion:
In my opinion, this project is among the greatest examples of the technological progress. To learn how to share the unused power of computers along with the advent of blockchain, it finally became a reality. Imagine a torrent in which peers help you not download files, but you're completing your computing tasks. Amazing.
Moreover, as you know, the entire platform works in a decentralized manner, there is no single point of failure. And users can get real earnings from their devices. This is one of those projects that inspires a sense of confidence in its success.
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Pros
- Great idea of blockchain implementation
- Low platform fees comparing to the centralized competitors
Cons
- Currently the user base is too small, Golem need to attract new users that are willing to secure the network and provide more computing power in order to cope with potential rise in demand in the future
