CRYPTANALYSIS - HOUSE VIEW ON KEY ALTCOINS

For general questions, please read our F.A.Q.
Disclaimer: Cryptomover is not a licensed financial advisor. The information presented in this piece is an opinion, and is not purported to be fact. Cryptocurrency is a volatile virtual commodity and can move quickly in any direction. Cryptomover is not responsible for any loss incurred by following this advice.

 

88. Golem (GNT) (Published: 5th Jan, 2018)

Overview
Golem is a global, open sourced, decentralized supercomputer that anyone can access. It is made up of the combined power of user’s machines. Anyone can use Golem to compute almost any programme, in a completely decentralized and inexpensive way. Golem allows users — providers — to transfer parts of their computers (CPU, GPU or potentially any other parameter) to the global system, where the other users — requestors — would be able to purchase and use it. The Golem Network is a decentralized sharing economy of computing power, where anyone can make money ‘renting’ out their computing power or developing & selling software.

Background
There are 14 team members, all are Polish, in Golem. Julian Zawistowski is the CEO and founder of Golem. He is also the CEO of imapp, a Polish researching company. Julian is an economist and has worked in the National Bank of Poland and the Polish Ministry of Economy and Labour.

The Golem Project began development in 2014 and was officially incorporated under Swiss law in 2016 in Zurich, Switzerland. There are 4 stages of Golem, Brass Golem, Clay Golem, Stone Golem and Iron Golem. They have developed Brass Golem, the basic version of Golem, in the first half of 2017. Recently, they are developing Clay Golem, which is a big leap from the Brass milestone. Clay milestone introduces the Task API and the Application Registry, which together are going to make Golem a multi-purpose, generalised distributed computation solution.

Features
The Golem Network Token (GNT) account is designed to ensure flexibility and control over the future evolution of the project. Payments from requesters to providers for resource usage, and remuneration for software developers is going to be exclusively conducted in GNT. Furthermore, GNT will be necessary for other interactions with Golem, such as submitting deposits by providers and software developers or participation in the process of software validation and certification.

One important feature is that Golem’s marketplace will enable requesters to become providers because most of them will need additional resources only occasionally. They can rent out their hardware and earn extra fees. Moreover, financial aspects are not going to be the sole incentive to use Golem. One of the key features will be the availability of diverse software running on the Golem network, accessible from the Application Registry. (Application Registry is an Ethereum smart contract, to which anyone can publish their own applications that are ready to run on Golem network.)

The Application Registry and Transaction Framework are among the most important features of the entire ecosystem. It is essential to engage other software developers to develop their own ideas for Golem applications. They will provide developers with flexible and efficient tools to deploy, distribute, and monetise software running on Golem. This may be a good solution for micro-services and some of the forthcoming decentralized applications (DApps), also an interesting way to distribute existing proprietary and open source software.

The Golem can be used in various markets. For computer graphics, Golem can distribute the task of rendering CGI, doing in minutes what would take days, for cheaper than anything else. For business, from stock market predictions to big data analysis, Golem can speed up business computation while lowering costs. Moreover, for machines learning, Golem can speed up the process of teaching an AI or recognising images or human voice patterns. In cryptography, Golem can run the world’s first and largest fully decentralized cryptocurrency mining pools. It can also help with cryptography work like integer factorisation. Besides, the world of science can benefit immensely from inexpensive and easy access to a powerful supercomputer. For microservices, Golem can run many types of decentralized microservices and dapps, which anyone will be able to develop and share.

Future Development
They are going to develop the Stone Golem, which will add more security and stability, but also enhance the functionalities implemented in Clay. An advanced version of the Task API will be introduced.

After developing the Stone Golem, Iron Golem, the final version of Golem, will be developed within three years. Iron is a deeply tested Golem that gives more freedom to developers, allowing them to create applications that use an Internet connection or applications that run outside the sandbox. Iron Golem should be robust, highly resistant to attacks, stable and scalable. Iron will also introduce various tools for developers that will make application creation far easier.

Suggestion
“Global open-sourced supercomputer that everyone can access” is the slogan of Golem. It sounds ambitious. They have a long way to go in the future as there will be a lot of possibilities for the use of Golem. There may be many possible applications of Golem, which has high sustainability of growth. As any interested party is free to create and deploy software to the Golem network, the community of Golem will be getting bigger and bigger. It might be a profitable investment but we need to keep following their updates for sure.

© 2017-2018 Cryptomover.com