What is Golem?

Golem (GNT) is an ERC20 token that allows its users to rent computing power.

Users who need large amounts of processing power for difficult tasks like CGI rendering, scientific calculations, or artificial intelligence software, are able to rent out processing power from the Golem Network at a cheaper cost than they could from a company who offers a similar service via the cloud, for example, Amazon Web Services. But unlike a cloud-based server, Golem is decentralized, so it is censorship-resistant and does not have a single point of failure that can be attacked to take the network down.

Golem is looking to be a crucial component for internet service providers and software developers by providing the option to rent computing power in a transparent market with competitive pricing. Computer processes — like those that involve rendering — and developing complex applications — like those that involve artificial intelligence — are both resource intensive and for that reason, time inefficient and expensive. Typically, one laptop or CPU alone cannot complete the task in a timely manner due to having an insufficient amount of computing power. 

However, Golem allows users to tap into the computing power of a user who has made all, or a fraction, of their processing power available for rent which effectively gives you the ability to access a supercomputer. By renting out computer resources, you could complete your computer processes or develop your complex application in a fraction of the time it would usually take and at a fraction of the cost thanks to Golem’s market which contains complete information.

How does Golem work?

On the Golem Network, three types of users play a significant role in the success of the platform.

  1. Providers (suppliers of computing power),
  2. Requesters (task creators), and
  3. Software developers

Providers are individuals who lend fractions of their computing power to the Golem network in return for payment in GNT. Requestors are those who rent out computing power from the providers so that their computer can complete functions and build complex software at a faster rate. And software developers can deploy and monetize their applications on the Golem network; Golems application registry is an Ethereum smart contract that gives developers a way to publish their apps and reach an audience — in essence, it is an app store for the Golem Network.

The primary currency used to pay providers and software developers is the Golem Network Token (GNT). And because Golem is peer-to-peer and Ethereum-based, payments between requestors, providers, and software developers are direct and nearly instantaneous.

But beyond the use of GNT for incubating the Golem ecosystem, the Golem blockchain is able to handle a number of transaction frameworks. Users can make nano-payments and batch transactions, use off chain payment channels, and create custom receipts to name a few of the frameworks possible.

Why use Golem?

We live in a digital world; each and every day this world becomes more dependent on technology. That being said, to see some of the technologies of the future come about, we are going to need stronger computers to create some of these futuristic programs and devices. The computers and laptops that we use right now are not going to cut it; to do things like render CGI and use Artificial Intelligence, a massive amount of computing power is already required–an amount of computing power that most people do not have. But luckily, Golem solves this problem by giving individuals the ability to rent more processing power, or, sell their computing power to individuals who need more, which effectively gives individuals the ability to use a super-computer by leveraging the Golem Network.

Interested in learning more about Golem? Check out the Golem Whitepaper