The best way to describe the Golem network is that it’s a worldwide, decentralised supercomputer. This supercomputer combines the computing power of every system on it’s worldwide network. On it’s ecosystem, you are able to loan out spare resources from your computer to help others compute difficult and complex computations and tasks. Golem is a great way of utilising your under-used resources on your computer to make a bit of extra money.
On the opposite side of the coin, you can use the Golem network to rent additional computing power from other computers on the system to help speed up computational task, which are causing problems. If you’re regularly doing difficult and resource intensive tasks on your computer, things such as developing artificial intelligence, Natural Language Processing or CGI rendering, this is the perfect way to add additional resources without reducing storage.
How To Buy GNT
So you’re interested in buying GNT? Currently, there is no way to buy GNT directly with fiat, so the best way to buy GNT is to first purchase Ethereum, transfer it to your chosen trading platform and change it to GNT. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on Binance. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for GNT/ETH and confirm.
3. On the GNT/ETH trading section you can now choose how much GNT you want to buy with your Ether. Once you have chosen your amount, press Buy GNT and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of Golem.
How does Golem Work?
The best way to describe how Golem works is to talk about the processes a user needs to take when performing a computing task using the Golem Network.
Firstly the requestor (user requesting additional resources) selects a task template provided by Golem, the task templates are pre-coded templates which users can quickly select if they want specific work done on their project. If they want some additional power for some customised work, they would need to develop that in the upcoming task definition framework, which will be available with v3 of Golem. The first two releases (Brass and Clay)provided templates to keep processing power down and mitigate any potential issues. The task definition framework will be coming with v3, Stone.
Golem currently has two template tasks names Blender and Luxrender, which were introduced in Brass, the first version of Golem. Currently Golem are developing more templates that users can pre-select an use for computational tasks. Requestors will be able to hire these templates from the Golem Shop, which will be the central hub for all hiring options.
When a requestor finds their appropriate template, the task will be added to the task manager. The Golem network will receive information about this task and will look to divert additional computational power to the template.
A provider (someone who is providing the computational power) will receive a global broadcast of all offerings and will select the best one depending on how much power they have available. But doing so, the Golem network will check the reputiation of each node broadcasting the tasks and will reject the providers with poor reputation. One the provider finds a suitable offer, it will send a price to the requestor. The requester will determine the reputation manually and if they have sufficient power, they will choose their chosen provider. Below is a diagram, which goes through how it’s all managed
If all is correct and kosher, the requestor will receive the provider’s resources through the IPFS and will begin their intensive computational tasks. Once that task has finished, it will send the results to the requestor back through the IPFS network.
Here the task manager will provide the information to the correct node, which will then verify the results of the task. The requestor will then decide to send it to multiple node on the network for what’s known as redundant verification.
Finally, the payment system is notified through the Ethereum Smart Contract system and funds will be move from requestor to provider. If the provider sends accurate information about their resources and the requestor pays on time, both parties will benefit from an increase in their reputation.
The Golem Network Token (GNT)
As an ERC20 token, based off Ethereum, the Golem Network Token is used for computing power you will pay to rent from the Golem network. As a provider you are free to set you own GNT rental price to whatever you seem appropriate. To participate in the network as a provider, you will need to supply a deposit into the system as verification.
The Golem team minted 1,000,000,000 GNT during their ICO. Here 82% was distributed to the crowd funding participants.
The Golem Team
The Golem team is ran by Julian Zawistowski, who’s also an advisor to Hoard, a blockchain platform provider for the video game industry. The first version of Golem, Brass was released in August 2016, which included two requestor templates Blender and Luxrender, which are used for rendering CGI. The next releases are as follows.
Clay – Clay features the Application Registry and Task API. This release will allow developers to integrate into the platform
Stone – Stone will include the Certification Mechanism and Transaction Framework, this will allow Golem to be used in SaaS models
Iron – Iron will feature increased stability and security features. This version will allow to create applications, which will run outside of the Golem sandbox.
Ultimately the Golem team’s long-term vision of the project is the build a decentralised platform of microservices, which will be haled as the “new internet of tomorrow”
Ultimate the team want’s Golem to be a worldwide super computer with a market place to provide services making people’s computational lives much easier. Since 2016 the coin was in the top 10 best crypto currencies, but it recently slipped out of the rankings, but don’t count this this project yet.
The Golem team are working hard to get their releases ready and with every new release comes a more exciting and potentially revolutionary network. This could indeed be the new definition of cloud computing.