What is Golen (GNT)?

What is Golen (GNT)

Golem is software that encourages users to operate a market where computing resources can be bought and sold in exchange for criptomoeda.

One of the first projects built on Ethereum, Golem is conceived as a kind of supercomputer that can connect buyers and sellers for all kinds of computing, including CGI rendering, artificial intelligence and data mining. criptomoeda, among other tasks.

The Golem software was built to facilitate this exchange, linking users who don't have the resources to carry out projects with those who have the resources to spare.

In exchange for their work, those who provide resources to the Golem network receive GNT, the native Golem cryptocurrency.

In this way, the creators of Golem see the network as a user-controlled alternative to traditional cloud computing services, which today connect users in search of computing work.

For a more detailed look at the Project Golem roadmap, you can bookmark this section of the project website.

Who Created the Golem?

What is Golen (GNT)

Golem Factory, the company behind the Golem platform, was co-founded by Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski and Piotr Janiuk in 2016.

That year, the Golem team sold 82% of the GNT inventory to the public, raising 820 ETH (about $8,6 million at the time).

Why Does the Golem (GNT) Have Value?

The GNT cryptocurrency gets its value from its usefulness to the Golem network, as it is the preferred form of payment in the software.

This means that applicants need to buy and spend GNT to rent the computing resources. Providers, in turn, must accept the GNT for the calculations they compute.

Golem leverages the Ethereum blockchain to process GNT transactions between requesters and providers due to its ability to provide a reliable payment platform.

Also, like many other cryptocurrencies, the provision of GNT tokens is limited. According to the rules of software, there will only be 1 billion GNT.

golem price

 

How Does the Golem Work?

Golem software calculates requests and connects the various parties accessing your network.

Transactions begin when someone in the computing resource market (known in Golem jargon as a “requester”) asks for resources using what is called a “task model”.

Consider CGI rendering, a sometimes slow and computer-intensive process, like an application on the Golem network.

Instead of paying for cloud-based services or waiting for their own machine to complete a task, CGI artists can turn to Golem to complete the process for them.

In this case, Golem will rent computing resources from various vendors to render the images before returning them to the requester.

golem architecture

A task template contains the complete computational logic that the Golem network will need to carry out the request. This includes instructions for:

  • The source code that should be executed
  • How the task can be divided into subtasks and sent to different nodes
  • The results can be checked into a final result.

Requesters can use an already created task template for the network or generate their own. After a requester submits a request, the Golem network will try to service it programmatically.

After the subtasks are completed, they go through a verification stage to ensure they were completed correctly. The Golem customer then assembles the subtasks into a single piece before sending them back to the requester.

Once received, applicants will send the right amount of GNT to the contract, which then automatically pays the suppliers.

Golem Reputation System

Once a task is completed, Golem uses a reputation system to rank the buyers and sellers who use its market.

The system is for:

  • detect malicious nodes
  • Provides an assessment metric to correctly route tasks.

For requesters, the reputation system monitors the timeliness of payments and whether the task contains errors when computed by providers.

  • Providers are ranked based on their ability to correctly compute a task and whether the task passes a bounce check.
  • Application registration and transaction structure

Golem is planning to add more offerings to its network to support developer application submissions and to increase the amount of tasks applicants can choose from.

An app registry, acting similarly to the app store on your phone, is an Ethereum-based smart contract that allows developers to submit apps for specific tasks and helps requesters find the right tools, such as task templates, to fulfill to your needs.

The transaction framework, likewise, is being built to support developers in choosing the type of transaction that will meet the needs of their applications.

Some components that can be included are payment schemes, off-network payment channels, and per-unit software usage.

Golem in Ethereum

The Golem protocol plays the role of dividing and determining how that work will be delivered. This process works similarly to the Sia cloud-based storage system, but instead of building their own blockchain, the Golem team thought it best to build on top of Ethereum.

The Golem team chose to run their software on Ethereum so that payments between interested parties would be settled on their blockchain.

In addition, Golem uses the Ethereum consensus engine model for deployment, task execution, and validation of these transactions.

The idea behind this is that the team hopes that the Ethereum network will eventually become more scalable and therefore more efficient, including the ability to process micropayments.

Those who wish to access Golem features can download either of its two offerings, Golem Unlimited and Clay Golem.

Clay Golem is software that runs on a single machine, while Golem Unlimited is used for a multi-node setup.

Golem Unlimited is therefore a software that can be run by businesses or a house with many computers that have unused resources.

Why Use Golem GNT?

Golem advocates may be attracted by its potential to serve as a new kind of peer-to-peer computing platform.

Golem can be attractive to any developer, cryptocurrency miner, CGI professional, or anyone who needs a lot of computing power to carry out a project.

Investors may want to add GNT to their portfolio if they believe in the potential of a decentralized market for those looking to buy and sell computing power.

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