As part of my series “Real World Applications of Cryptocurrencies”, and follow-up from my previous post on Payment Systems & the Request Network, which you can find here, I will be discussing how the Cloud Computing industry will be disrupted by the emergence of cryptocurrencies.
Cloud computing has become increasingly popular for carrying out heavy-computational tasks but there is one major issue — it’s extremely centralized. This leads to a number of drawbacks, including:
Enter Golem (GNT).
Golem is an accessible-to-everyone, distributed, supercomputer that reduces costs [sometimes by over 10x] of scientific research, big data analysis, graphics rendering, machine learning, AI… just about anything that requires heavy computational power. All while bringing CPU cycles into the sharing economy so anyone with a computer can connect it to the Golem Network when they’re not using it and make an automated side income.
Golem connects computers in a peer-to-peer network, enabling both application owners and individual users (“requestors”) to rent resources of other users’ (“providers”) machines. These resources can be used to complete tasks requiring any amount of computation time and capacity. I will describe a simple example below:
Alice is a requestor on the Golem network. Bob, Charlie and many others are providers; renting out their idle PC resources for a passive income. Alice has created a CGI animation and wants to render it using Golem.
The animation can be divided into frames. Each of these frames will then be rendered individually using resources provided by Bob, Charlie and others on the network. Therefore, Alice is essentially paying Bob, Charlie to carry out the complex rendering out for her.
Golem aims to solve most of these issues and even improve upon them in the following ways:
D̵u̵e̵ ̵t̵o̵ ̵h̵o̵w̵ ̵t̵e̵c̵h̵n̵i̵c̵a̵l̵l̵y̵ ̵c̵o̵m̵p̵l̵i̵c̵a̵t̵e̵d̵ ̵b̵u̵i̵l̵d̵i̵n̵g̵ ̵s̵o̵m̵e̵t̵h̵i̵n̵g̵ ̵l̵i̵k̵e̵ ̵t̵h̵i̵s̵ ̵i̵s̵,̵ ̵t̵h̵e̵ ̵G̵o̵l̵e̵m̵ ̵t̵e̵a̵m̵ ̵h̵a̵s̵ ̵b̵e̵e̵n̵ ̵h̵i̵t̵ ̵b̵y̵ ̵a̵ ̵n̵u̵m̵b̵e̵r̵ ̵o̵f̵ ̵s̵e̵t̵-̵b̵a̵c̵k̵s̵.̵ ̵T̵h̵e̵i̵r̵ ̵f̵i̵r̵s̵t̵ ̵r̵e̵l̵e̵a̵s̵e̵ ̵(̵n̵a̵m̵e̵d̵ ̵B̵r̵a̵s̵s̵ ̵G̵o̵l̵e̵m̵ ̵ — ̵ ̵s̵p̵e̵c̵i̵a̵l̵i̵z̵i̵n̵g̵ ̵i̵n̵ ̵C̵G̵I̵ ̵r̵e̵n̵d̵e̵r̵i̵n̵g̵)̵ ̵w̵a̵s̵ ̵i̵n̵i̵t̵i̵a̵l̵l̵y̵ ̵p̵l̵a̵n̵n̵e̵d̵ ̵t̵o̵ ̵b̵e̵ ̵r̵e̵l̵e̵a̵s̵e̵d̵ ̵i̵n̵ ̵Q̵2̵ ̵2̵0̵1̵7̵.̵ ̵T̵h̵i̵s̵ ̵h̵a̵s̵ ̵s̵i̵n̵c̵e̵ ̵b̵e̵e̵n̵ ̵p̵u̵s̵h̵e̵d̵ ̵t̵o̵ ̵Q̵1̵ ̵2̵0̵1̵8̵,̵ ̵h̵o̵w̵e̵v̵e̵r̵,̵ ̵a̵n̵ ̵a̵l̵p̵h̵a̵ ̵v̵e̵r̵s̵i̵o̵n̵ ̵i̵s̵ ̵a̵l̵r̵e̵a̵d̵y̵ ̵r̵u̵n̵n̵i̵n̵g̵ ̵o̵n̵ ̵t̵h̵e̵ ̵t̵e̵s̵t̵-̵n̵e̵t̵.̵ ̵W̵e̵ ̵a̵r̵e̵ ̵s̵t̵i̵l̵l̵ ̵i̵n̵ ̵e̵a̵r̵l̵y̵ ̵s̵t̵a̵g̵e̵s̵ ̵b̵u̵t̵ ̵t̵h̵e̵ ̵p̵o̵t̵e̵n̵t̵i̵a̵l̵ ̵f̵o̵r̵ ̵t̵h̵e̵ ̵p̵r̵o̵j̵e̵c̵t̵ ̵i̵s̵ ̵g̵r̵e̵a̵t̵.̵
Golem’s first release (codenamed Brass) has finally reached the Ethereum main net! You can find more information, here.
Below you can find an excellent short video created by the Golem team, giving a brief introduction on what GNT is and how it will work.
Unlike other projects, the use for GNT tokens is very simple. From Golem’s whitepaper: Payments from requestors to providers for resource usage, and remuneration for software developers is going to be exclusively conducted in GNT.
I would also like to point out that GNT is not the only project out there trying to tackle these problems, including, DeepBrain Child (DBC), Elastic (XEL), GridCoin (GRC), iExec RLC (RLC) and SONM (SNM). If you would like to see a post comparing and contrasting these projects, feel free to drop me a comment below or a tweet.
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