What is the Golem Project?
In the last two years, multiple incredible blockchain projects have hit the market.
Many of these projects use blockchain in a far different way than the Bitcoin network. In fact, some of these projects are using blockchain to combat the major issues that plague our digital age.
Whereas Bitcoin uses blockchain to create a peer-to-peer currency, other blockchains could build vast networks for AI, help with solar sharing, and even decentralize the internet.
And that brings us to Golem.
The Golem Project is one blockchain project with a truly novel idea: decentralizing the internet.
The need for this kind of tool has become increasingly apparent as we look at more data breaches from large internet giants like Google and Facebook.
Today, the Token Authority team wanted to take a deeper look at the Golem Project and what it could mean for individuals all over the globe.
If the Golem Project is successful, it's one of the blockchain projects that could change the internet as we know it.
Let's take a look at how it works.
How Does the Golem Project Work?
As we mentioned above, in a world of over 1,000 blockchain projects, Golem is truly exceptional.
Well, in the blockchain space, the Golem (GNT) Project presents a landmark idea: the decentralization and monetization of excess computing power.
To better understand what this means, we're going to take a deeper look at the technical side of this project, starting with computing power.
Computing power is the rate at which a computer is able to perform operations.
Our computers really only understand one language: math. When we feed computers commands, we’re basically giving them math problems.
Supercomputers have the ability to more efficiently process calculations that are more complex.
And the Golem network has an idea for how to supply a lot of it.
The project bills itself as a “global, open source, decentralized supercomputer.”
The goal of the Golem Project is to make sure anyone can access this supercomputer because it’s made up of the combined power of users’ machines.
Basically, if you have excess space on your computer or phone, you can rent out unused space.
And this has multiple benefits for both individuals and companies.
How Golem Could Benefit Individuals and Generate Lower Prices
As a project, Golem benefits quite a few parties.
It empowers individuals and creates a more competitive landscape for everyone. This could drive down prices of expensive computing services, opening them up to the general public.
Let's start by looking at the benefits to the individual.
Using the Golem network, any person or company with a large data center would be able to rent out unused computer space and then be paid in Golem's native currency, GNT.
That's incredible. And this business model is far from new.
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To many people, this kind of sharing economy model should seem very familiar. We've been engaging with it for more than 10 years.
You can rent your home through Airbnb or ferry people to their destinations with your car using the Uber app. The sharing economy allows people to take things they already own and turn them into income generators.
All that considered, why shouldn't you be able to do the same with the unused space on your phone and computer?
This empowers individuals to make money from their devices and incentivizes them to act as part of Golem's decentralized economy.
And then there is the bigger picture.
By empowering individuals, Golem can disrupt the massive computing power industry. Golem's model will allow many individuals to access expensive computing power.
And these low costs could empower even more individuals to be creative and daring.
It could help with innovation. And that isn't all Golem can do.
Golem's Other Benefits
Beyond providing the foundation for a decentralized sharing economy of computer power, Golem is also capable of computing other tasks.
From CGI rendering to scientific computing, Golem provides a tool for any developer.
The Golem network uses an Ethereum-based transaction system to settle payments between individuals and companies renting space and also the software developers and companies buying it.
At the time we added Golem to the Coin Index, the company was working toward the first release of its network, dubbed Brass Golem. This first release is scheduled to take place in 2018.
We consider Golem to be promising but also high risk because it hasn’t brought a functional product onto the market yet. The company has some powerful backers and uses the Ethereum network. We’ll upgrade our risk rating as more details become available in 2018.
If you’d like to learn more about the Golem network, you can visit its website here.
If you're curious to learn more about other digital currencies, make sure to check out our Coin Index. It is a comprehensive digital currency index that our team designed to help investors like you navigate the digital currency landscape.
To go to our Coin Index, click here.