Know Your Crypto #2 - GOLEM

in #cryptocurrency7 years ago

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 :

  • Computer Graphics

Golem can distribute the task of rendering CGI, and is able to do what would take days, for any other machine.

  • Business

Golem can help you in advanced computations required for stock market predictions to big data analysis.

  • MACHINE LEARNING

Golem's computational power can be used to TRAIN an AI to play video games or maybe recognise image and speech patterns.

  • CRYPTOGRAPHY

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.

  • Golem Prices-1 Month
  • Golem Prices-1 Year

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.

Image source: 1 2 3 4

Author : @shrey

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Is there already a Golem mining pool? That sounds awesome and I would like to be a part of that!

Pros compared to gridcoin?

I'm wondering the same. As far as I can tell this project is still in alpha phase and no mining can be done. At least no mining that renders any real coins that have value. The site also explicitly states that the project is not fully secure. So you are responsible for putting your own system at risk. This project stands nowhere compared to Gridcoin.

Great question. Gridcoin already has a bunch of active projects, but it doesn't have the PR that Golem has.

I think we're seeing that with a bunch of ICOs now.

Active projects with small market cap and Alpha (at best) projects with HUGH ICOs.

I hope Gridcoin can build on its early mover advantage.

This is a good review of Gridcoin pros compared to Golem:
https://steemit.com/gridcoin/@cm-steem/why-gridcoin-beats-golem-hands-down-nateonthenet

Thanks for that comment. I needed a review of that comparison. Now I won't sell the farm for Golem.

Thanks for the info been wondering about this one.

This advertisement provided me very useful knowledge on cyptocurrency. The software you over can be important to all of us in steemit. The next question of the steemit community here is how we can use the golem to assist us in witdrawing our rewards in steemit. Thanks for providing us your amazinf informations.

Great article @adsactly, please could you do NEO next? formerly known as Antshares.
"The Chinese Ethereum"?
Thank you!

I should start in golem. It seems that it have a great future ahead and is a freaking awesome technology that have huge potential.

Golem is a great and sound project. You just need patience, 4 years for development.

That's what why am gonna buy it and hold it @ugaard becaus i trust it and I believe it has a huge potential in the cryptocurrency world.

I like Golem a lot. Hopefully it will become big in the next years. onG.Social is partnering with them as well. It would be great if you did an episode talking about onG.Social

Even I'm interested on an episode on ONGsocial

thank you very much @adsactly, this is the useful post for many people...
thanks for sharing..
keep steem on @adsctly

Very detailed info.
It will be a good crypto in the future for sure.