Golem (GNT) aimed at becoming the first ‘world supercomputer’, The Golem Network uses the blockchain technology to make massive computing power accessible to the masses. The Ethereum blockchain based platform allows users to rent out their spare computing power, which when congregated delivers processing power where it’s needed and in return paid in Golem Coin.
What is Golem Network ? An Introduction to The Golem Crypto
Golem network is a worldwide decentralized supercomputer that combines the computing power of every computer on it’s network. Often know as the Airbnb of Computers, the Golem Network allows a user the following:-
- Loan out the idle/spare computing power by connecting your computer to the Golem network and in return earn Golem coins,
- Rent computing power from the Golem network to perform or even just speed up tasks that your computer has trouble handling
One of the most impressive dApps on the Ethereum blockchain, the Golem Network utilizes it’s own native token GNT as a medium of exchange in it’s network. It means, if someone loans out his computing power to Golem network, the user will be rewarded with Golem coin. Similarly, if a user wishes to rent computing power on the Golem network, the users needs to pay in Golem crypto.
The Provider’s reputation system. Then, the provider’s Golem connects with the requestor’s node and submits an offer with a price and information about the machine’s capabilities (performance, available cores, etc.).
The requestor’s transaction system then checks the provider’s reputation and decided weather or not to accept the offer. If the task manager decides that there’s a subtask fitting one of the submitted offers, then a list of resources that should be downloaded via task computer (on the provider’s machine) can finally start computing.
Once the computation is finished, the results and logs are sent back to the requestor via the IPFS network. The task manager passes the results to the task template for verification. Some subtasks may be sent to more than one node (the requestor may decide how often and to how many) and their results will be compared. In some cases, it won’t be necessary because verification will be simple, if the task itself is Proof of Work of some kind.
Another requestor may be able to compute a random, smaller part of the task and compare it with the result. For example, in the case of rendering it is possible to render some pixels locally and compare their colour with those from the received image. Sometimes a combination of all these method may work.
Finally, the payment system is notified through an Ethereum smart contract, and funds move from requestor to provider. If the provider sends accurate results and the requestor pays on time, both parties will see an increase in their reputation.
Apart from the above, Golem contains two other related features.
- Application Registry – An Ethereum smart contract for developers to publish their own Golem applications. This makes it easier for developers to find users and requestors to find the tools they’re looking for.
- Transaction Framework – A set of requirements that a developer must follow when implementing a transaction model for their self-made Golem application.