Golem Review, Links, Social Profiles & Metadata | Nomics
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USD

Golem

GNT Price:

$0.034873
1.70%
Market Cap
$34.18M
1.70%
Volume
$1.06M
64.95%
Transp. Vol.
$196,11719%
3.30%
Transparency GradeA gradeA grade(Transparent)
Circulating Supply980,050,000
Max SupplyNone

Token Summary

Market Cap
$34.18M
1.70%
Volume
$1.06M
64.95%
Transp. Vol.
$196,11719%3.30%
Transparency GradeA gradeA grade(Transparent)
Circulating Supply980,050,000
Max SupplyNone

The Golem Network Token (GNT) is an ERC-20 token that Golem ecosystem participants can use for exchanging value between each other. This is a utility token as it can only be used within the dedicated system. Developers use GNT tokens to pay for resources and application usage while requesters compensate providers with their help. The main idea behind the project is to combine the power of multiple users’ machines across the globe so as to create an open-source decentralized supercomputer. The Golem platform represents a distributed cloud that aims to provide application owners with access to the computing resources that can be used for resolving complex computational tasks such as video rendering. It can be particularly useful for those who’s machines don’t have enough capacity for performing such tasks and need additional power to speed up the process. The Golem platform is an open-source decentralized marketplace for computing power that can be controlled by its users. It offers an alternative to huge cloud providers with their closed networks, expensive patented solutions, and hard-coded provisioning operations. Those who want to become part of this network can loan their computers’ spare resources (CPU or GPU) to others who need extended computational power. Golem utilized the same principles of sharing economy that underlie such services as Uber and AirBnb. Small PC owners and large data centers, anyone can join and earn GNT tokens. It offers a simple way to make extra money by sharing your unused resources or to get access to cheap computing power. The key target audience of the Golem Network comprises of dApps’ developers, businesses working with large amounts of data, scientists working in the same area and technicians working on machine learning. Golem’s roadmap consists of the following key milestones: Brass Golem. This is a proof-of-concept stage with the key focus on rendering. Clay Golem. At this stage, implementing the Task API and Application Registry is the key addition aimed to provide developers with full integration with the platform. Also, the team plans to implement machine learning and support sandboxing on virtual machines. Stone Golem. This stage is aimed at stabilizing and securing the network. The proposed functionality includes Full Task API, support for SaaS and application registry. Iron Golem. This is the final stage giving developers the freedom to create applications outside of the sandbox. According to the project’s whitepaper, the technology will be fully tested by that time and will be able to gain interest outside of the cryptocurrency field. It’s worth noting that Golem is not the only project of such kind in the industry. Their nearest competitor is iExec with the focus on off-chain computations. BOINC and SOMN do something similar as well, but Golem’s team believes that there is still enough space for everyone. Golem conducted the Initial Coin Offering in November 2016 and raised 820,000 ETH (~8 million USD at that time) in 20 minutes. 12% of tokens were held by the project and 6% more were distributed across early investors and team members. The GNT token is available for trading on many exchange platforms, including Huobi Global, Binance and Korean Upbit. One cannot mine GNT, but tokens can be earned by lending spare computing power to the network. Golem tokens can be stored on all ERC-20 compatible wallets such as Metamask and MyEtherWallet. In addition, they are supported by the cold wallet Trezor with enhanced security options. Most members of the Golem’s team are based in Poland. Piotr Janiuk, the project’s co-founder and CTO, has a Master’s degree in Mathematics and Computer Science. He started off his career as a software engineer and changed a few positions before he ended up as a senior lead developer at Imapp where he met most of his future companions for the Golem project. His colleague and the project’s COO Andrzej Regulski has worked together with him since 2008 - first at Polish Institute of Structural Research (IBS), and then at Imapp.

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