Golem is a decentralized supercomputer that allows users to “rent” other users’ computing power – An “Airbnb” for computing resources
The Good: Potential for many uses that require higher computational power; Creates a new market for renting out idle computing power; working Alpha version of the service
The Bad: Still in early stages of development (Many use cases will need to be tested & proven); Unclear on confidentiality of files computed on the network
- Disruptive to the fast-growing cloud computing industry worth $246B in 2017
- Will eventually allow everyday people to access increased computing power
- Decentralizes the market for cloud computing (dominated by Amazon, Google, etc.)
In its early stages, Golem will use its cryptocurrency tokens (GNT) as a form of payment between providers and requestors of computer resources. However, as the developers integrate additional functionality into the project, GNT will begin to see further uses. The Golem Network can currently be used for rendering media, but its potential for many more uses is huge (See Use Case Example). The Golem Token allows developers to create their own applications on the network and have full control over how it will be used, how much will be charged, and what changes are made to it. The Golem blockchain will allow applications to exist in perpetuity without system downtime or application censorship present in centralized cloud computing systems.
Use Case Example:
Better, Faster, Stronger – This motto is the way of today’s technology world. Think about taking a photo in 2007 versus taking one today. Notice the difference in the storage size of those photos? Creating everything from better photos to faster applications takes increased computing power, and the world wants more of it. There is simply no way Siri could give you its sassy responses without an increase in computing power since the release of the 1st IPhone. Yet, the computing resources are currently only available to larger corporations with capital to develop such applications. Enter Golem, a blockchain-enabled network that gives access to spare computing resources. Basically, all the time you spend not on your computer is time someone else could be using its processing power. A fully-functional Golem Network will allow you to rent out this idle power to someone else, making you money as you sleep. Though the project is not quite there yet, we are excited to test this capability when it is fully running.
Golem is an ambitious yet inevitable step towards building very powerful software and running complex computing tasks. Though the project will need to prove its viability with many use-cases in the long-term, the project seems to bring us one step closer to the singularity – when computers will outpace human cognition (more on that here). For now, Golem remains a useful solution to tasks such as rendering images in a short amount of time. The potential for a network like Golem may be huge though, and we are excited to see just what applications arise from a democratized computing source.