Name: Golem Network - A decentralized supercomputer network.
Price Info: - https://coinmarketcap.com/currencies/golem
ICO Date: Nov. 11th, 2016
Capital Raised: 820 000 Ethereum (8.6M USD at the time)
Total Tokens: 1 000 000 GNT (833 032 000 circulating)
ICO Token Price (USD): $0.00105
Culled from Golem’s website - “Golem is a global, open sourced, decentralized supercomputer that anyone can access. It's made up of the combined power of user's machines, from personal laptops to entire datacenters.”
The concept is simple: Golem allows users to lend their unused computing power to enable other users who wish to use it to perform various tasks. The current version of Golem, nicknamed ‘Brass’, focuses on computer graphics - one of 6 principal use cases foreseen by the team. In other words, Golem is essentially a peer-to-peer network, but one of its most promising functionalities is that will be able to get rid of users who attempt to submit incorrect data to save computing power and replace them by users who are participating correctly. Golem is an off-chain project using Ethereum as a transaction layer.
Golem entered the spotlight in April and gained even more attention in June, when Reddit founder Alexis O’Hanian took to Twitter to mention that he was intrigued about the project. Since then, things have been fairly quiet despite a new release of Brass Golem being published, new listing of the token on Huobi, an active community and multiple use cases.
The current Golem UX is kept extremely basic to remain light before the production-ready version is to be released. The team intends to give it much-needed upgrades, which should have a very positive response from the community as it’s currently a negative point used by adversaries of the project.
In addition to this, the release of the external audit certificate will oficialize the release of the Brass Golem and sound the end of the first phase. This is the first adoption milestone, as use case #1 - Computer Graphics will be rolled out for everyone.
A P2P (peer-to-peer) network are an old concept that predates and are considered ancestors of the Internet itself. This setup replaces the more widely utilized client/server interactions by direct communication between end users, speeding up transactions.
The Poland-based team is composed almost exclusively of individuals with numerous years of experience as developers, software engineers and development on the Ethereum platform. Marketing efforts have been few and far-between, with the team instead focusing on alpha testing, upcoming features and new hires. Known team members are: 1. Julian Zawitowski, CEO 2. Piotr Janiuk, CTO
From the whitepaper: “Payments from requestors to providers for resource usage and remuneration for software developers is going to be exclusively conducted in GNT.” In other words, GNT is to be used as the sole currency on the network and should be an accurate measure of computing power provided. GNTs cannot be mined and were instead distributed during the ICO.
Golem’s trials have seen success so far with computer graphics. The major breakthrough is expected to be when the project will roll out access to the network for scientific research, big data analysis and machine learning. The team estimates that the Golem network will be able to provide computing power to these large projects and reduce costs by up to 10x, mostly attributed to the reduced power consumption that comes with distributed cooling of machines instead of centralized supercomputers.
Over the beginning of 2018, Golem released upgrades to prepare for the Golem mainnet release.
Brass Golem Beta
On April 10, Golem released Brass Golem Beta 0.15.0. The main feature of the new release is that it now runs on the Ethereum mainnet.
That means you can now connect Golem to the Ethereum mainnet and earn and spend real GNT for computations.
Further, with the release of Brass Golem Beta 0.15.0, Golem also initiated a bug bounty program. A bug bounty program is common for new
software releases. Individuals are incentivized to report any bugs, exploits, or vulnerabilities.
Golem Network Bounty
Golem has a total bounty reward pool of 500,000 GNT. Individuals will earn GNT based on the severity and frequency of any vulnerability they may find.
Looking forward, one area that Golem is actively investigating is training machine learning models. It’s a field with an insatiable need for computing power.
Its goal is to be able to provide developers with a set of tools to enable them to host their machine learning stack on Golem.
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