Reasons for Golem (GNT) Success

Reasons for Golem (GNT) Success

“Every problem is an opportunity in disguise.”

— Benjamin Franklin

The birth of microprocessors induced demand for additional computing processing power. Henceforth, cloud computing came into being and tech giants like Amazon, Google, Microsoft, Salesforce took benefit of this opportunity and started offering cloud computing services. But, not all can afford such premium services. Therefore, people started to look for a mid-way solution.

During this time came Golem, one of the projects based on Blockchain platform. You can call it the Airbnb of Blockchain technology.

Just like, Airbnb allows people to lease or rent short-term lodging including holiday cottages, apartments, homestays, Golem offers unused computational power to buy and sell. Simply connect your computer to Golem network and start making preset income.

With this, we would like to mention, Golem Network Token (GNT) has started to attract attention of individuals and businesses towards itself. At present the token is trading below $1 but with constant efforts of the team behind it, soon it will cross the $1 mark.

Also Read : 9 Interesting Facts About Bitcoin

In this article we will find out more about Golem and its achievements.

Golem is a powerful, distributed, open-source and accessible platform. It cannot be owned, altered, or dominated by anyone. But it can be used by individuals as they want.

The Idea Behind Golem Network:

Golem network is identified as a global supercomputer that is decentralized and stores computing power of all connected machines. This means that by using Golem a user can lend unusable or extra computer power to someone who needs it. With it, they in turn can execute their complex task of mining in exchange for money. It is basically designed for those who perform difficult calculations for complex projects like Artificial Intelligence, Machine Learning, and even Language processing. Golem can enhance the processing power of a computer’s CPU and GPU.

The Golem network token (GNT) is an Ethereum based ERC20 token which is paid when computational power is taken on rent. Providers can set the price of GNT as they want for renting.

Characteristics of Golem Network:

Since its launch, Golem has come quite a long way. It features two key components:

Application Registry

As it is an Ethereum based smart contract protocol following token, it has been made to help developers design their own Golem applications. It makes the process of finding users and requestors easy.

Transaction Framework

While implementing a transaction model for Golem application developer needs to follow transaction framework.

Things that make Golem Successful

  • Results in lower pricing compared to prevailing computing solutions.
  • Eradicates inefficient spending.
  • Can pay in premium to initiate and accelerate computation.
  • Quick batch processing as compared to others.
  • Saves user time when running a task/application.
  • Can easily take a task and break it into sub parts for easy distribution and faster computing.
  • Works on ‘time is money’ concept.
  • Excellent data security.
  • No chances of failure as computation takes place across various levels on a decentralized network.
  • A single user can neither take process nor hold data associated with the task.
  • Tasks are successfully executed as users receive economic incentives and reputation.
  • All transmitted data is encrypted to secure it while communicating across Golem.
  • No risk of technical malfunction as Golem networks are made up of hundreds of nodes.
  • Reduces the cost and increases speed.
  • Transparency in information flow. Everyone knows the price for a specific amount of computing power. Anyone trying to charge higher price is not selected.
  • No barriers for entry or exit. Anyone can join Golem network be it a buyer or seller of computing power.

Also Read : Things That Make Us Doubt Cryptocurrencies

Final thoughts:

At present Golem may not be a popular platform but the way it is growing, soon it is expected to be amongst the top 10 cryptocurrencies. So, it’s safe to say that soon Golem will be a successful platform that will provide less expensive cloud computing solution.

Preeti is a technical writer with Systweak. She covers new technology and troubleshooting. She loves gadgets and is an avid reader. In her free time, she likes to travel and explore new places solo.

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