ADSactly brings to you a new knowledge series Know Your Crypto to spread knowledge about various crypto curencies/assets on the market.Today we discuss about the famous supercomputing project GOLEM also termed as Airbnb of computing by many.
About
Golem is an Ethereum-based decentralized distributed computation network,which allows users to buy or sell computing power. It is a P2P (peer to peer) network with no central servers. In layman's terms you can lend your computer power to someone who needs it for computation purposes and get rewarded for the same and vice-versa.
Team
The team behind project Golem is headed by Julian Zawistowski CEO & founder,along with co-founder and CTO Piotr Janiuk and other co-founders Andrzej Regulski (COO) and Aleksandra Skrzypczak. Paweł Bylica is the lead Ethereum engineer in the team
Initial Coin Offering
The ICO of Golem took place in month of November 2016. At the time of it's ICO in 2016 it raised more than 8.6 million dollars in just 29 minutes for its Golem Network Token (GNT).It also became the third largest platform ICO (Initial Coin Offering) at that time.
Use
The Golem whitepaper provides an answer to the question as to how will different groups of people use the network.
Other fields of usage of Golem includes :
Golem can distribute the task of rendering CGI, and is able to do what would take days, for any other machine.
Golem can help you in advanced computations required for stock market predictions to big data analysis.
Golem's computational power can be used to TRAIN an AI to play video games or maybe recognise image and speech patterns.
Golem is capable of running the world's first and largest fully decentralized cryptocurrency mining pool.It can also help in cryptography work like integer factorization.
How does Golem Work?
Golem network is composed of nodes which runs the Golem Dapp.The network would match a users request for computational power with it's providers and also provide a micropayment scheme which will be implemented using Ethereum.This will be used to reward the providers of computational power.
Golem will distribute the task that user defines over it's network nodes that ensures the amount of RAM,sisk space and CPU Cores they can provide the network.Alll the computations are are done on a virtua machine to do no harm to node's computer.
Market Perfomance
At the time of writing the article GOLEM has a market cap of $252,341,220 and a circulating supply of 833,032,000 GNT (Golem Network Tokens).The total supply of GNT is 1,000,000,000 GNT.The current price of 1 GNT stands at $0.302919 or 0.00008919 BTC.
The current market stats for Golem can be found here
Golem is probably the world’s first decentralized supercomputer which is accessible to anyone and everyone in the world. It's cutting edge technologies like IPFS/Filecoin,Ethereum,Whisper,DEVp2p and Swarm will replace the huge data centers that currently power the net.
