We’re glad to announce the upcoming listing of a new coin — Golem (GNT). Starting September 15, you’ll be able to deposit GNT to CEX.IO and trade the GNT/USD pair. Withdrawals will start on September 17.
📌 About Golem and the GNT token
Golem is an open platform for application developers and a marketplace for computing power. It connects computers in a peer-to-peer (P2P) network that can be used for any type of computing tasks. In Golem, application owners and individual users (“requestors”) can rent the computing resources of machines provided by other users (“providers”).
The platform has a built-in Ethereum-based transaction system. It enables direct payments between requestors, providers, and software developers.
The Golem Network Token (GNT) is an ERC-20 token used to pay for services on the Golem network. Its total supply is limited to 1 billion. Users of the Golem network can get GNT for sharing their computing power. Those who use the Golem network for running applications pay in GNT for the services provided.
📌 What problem does Golem solve?
According to the project, Golem is a decentralized supercomputer that anyone can access. It supplies software developers with a flexible, reliable, and cheap source of computing power.
Golem allows app developers to execute code on someone else’s computer. The team behind the project states it will diminish the need for costly cloud-based services or waiting ages for a slow machine to complete a task.
In addition, when a developer’s machine is idle, it can itself accept tasks from other users. In this way, requestors can become providers and earn GNT tokens.
📌 What is the innovation in Golem?
Golem uses the Application Registry — an Ethereum smart contract completely driven by the Golem community — for publishing and verifying application code.
The Application Registry has three categories of users: authors, validators, and providers. Validators are able to mark applications as malicious and add them to blacklists. Providers can choose whom to trust by selecting validators whose lists are used by their nodes. Moreover, providers can create their own whitelists and blacklists.
Golem developers claim that this approach gives each user a lot of flexibility. Additionally, the system does not exclude any party. There’s always space for new validators to appear.
Anyone with a computer and internet connection can join the Golem network to create and deploy software. In order to scale the computing market, Golem requires three groups of users:
- Requestors who create tasks in the Golem platform and gain access to scalable solutions that combine hardware and software
- Providers who supply computing resources and get rewards in GNT for doing so
- Software developers who use Golem as a data distribution channel with access to hardware
One of the first real-world uses of Golem was to provide extra processing power for animation studios, which demand high processing capacity when rendering computer-generated imagery (CGI). Traditionally, animation studios have had to pay Amazon or IBM for this service or buy their own computer farms.
Additionally, large corporations can use Golem to perform business calculations faster and at a lower cost than by using traditional accounting systems. Scientists can also use Golem to speed up protein folding simulations and DNA analysis. According to the project’s team, the Golem supercomputer can even recognize various images and human voices. So it can also be used in machine learning. In cryptography, Golem can run large and completely decentralized mining pools.
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Note: Please be aware that Golem (GNT) is currently available for non-US residents only.
Disclaimer: The above content is for informational purposes only. You should not construe any such information or other materials as legal, tax, investment, financial, or other advice. Please study assets on your own before making any investment or trading decisions.