Today, our world requires a great deal of resources for dealing with complex computing tasks. The cinema industry requires such computing power to render effects, while the IT sector needs a lot of computing power for modeling. Neural networks demand such power for studying and learning. Currently, there are numerous methods to undertake calculations: mainframes, servers, etc.
If a conservative way for computing is utilised, you will be aware that these methods are rather expensive and impractical for personal use. Golem — as a supercomputer network technology helps to decide a problem of expensive calculations.
So how does cryptocurrency solve the problem of expensive computing resources? And what does GNT mean for clients, traders and customers? Here we explain this!
Golem – Bitcoin Chart (GNT/BTC)
Some things you should know about Golem first and what exactly is this Ethereum-based Cryptocurrency? How does it utilise your computing resources? It looks like a torrent, that use peer-to-peer networks for calculatings.
Julian Zawistowski had a great idea of utilising free resources of personal computers since there are a vast number of PCs that lie idle with wasted resources in sleeping mode. When the second Crypto boom occured with the start of ETH ICO, Julian Zawistowski decided that his work on ERC20 tokens, that can solve problem of spending PC resources.
Therefore, the creator of this cryptocurrency built his own peer-to-peer system on Blockchain, and was able to turn his idea into reality. Now it’s a real force of a P2P-clustering supercomputer that solve any task.
If you have ever heard about botnets, or DDOS attacks on large servers, you will be aware of the power of computer networks. Thousands of devices collaborate to resolve just about any problem. Just imagine how difficult it could be to calculate the following:
Moreover, numerous issues can be solved in very little time and this aspect is only a small part of the future abilities of this technology.
The technology is based on free computer resources of your computer for solving any problems and meeting the needs of buyers.
At present, Golem is still a developing technology for solving problems.. A lot of variants of rendering, cause algorithm of GNT is more optimizing for these tasks.
GNT has ready-made algorithms for various applications: two schemes of rendering images. Blender and LuxRender. These help greatly for 4K processes for Unreal Engine 5 etc.
With the “Clay” update, clients have a number of applications for undertaking calculations.
In the coming years, the development team hopes to add a number of features such as:
Golem can be used for rendering and to help create new models for other architectural purposes. Currently, its use is limited for only video processing and some other specific tasks.
Golem is very simple for you, but not so easy to understand for developers. All functions are based on smart-contracts.
Customers preliminarily buy GNT on the market, and then it’ll be used to pay for computing resources. Before making payment, you’ll be able to see the level of reliability of each user and a popular/trusted node can be selected.
The technology’s function appears simple -Your device combines with another into p2p nodes. Your device will also need to stay online and available 24/7 for a potential customer. When customer purchases the abilities of a unit, his processing distributed for all PCs in the node. If you are available for a moment, then calculations are undertaken, you’ll be rewarded.
At first, with start your Golem Software, which will do special calculations for a customer. After work will done, you will get your reward. It is much simpler than but similar to mining, however, this is not mining.
All deals are saved in the Blockchain of the platform. If your node is not available at a particular point in time then treatment will be distributed to other units. Smart contracts guarantee full safety of all operations, calculations, and transactions.
GNT — ERC20 coin, based on the Ethereum platform. It has an ultimate emission for 1 billion coins, which will be distributed as follows:
You need to install open source software that is based under the GPLv3 License — Clay client which can bedownloaded on the official site of the project.
If you don’t know which wallet is the most secure and safe, you can learn about the eight best wallets here: 8 Best Golem Wallets For GNT Tokens In 2020
For development, a range of special software was used — Docker, SSL, Python, OpenCV etc.
It is important to note that the developers have warned that when the software is in beta, it is unlikely to be fully secure. If users or buyers come across any security problems, they should inform the development team.
More specifications of the network can be found on the official White Paper of the project.
What it means for investors and traders. Well, for a start, GNT is much more dependable from its parent currency -Ethereum.
When capitalization of ETH is reducing, Golem network tokens will correlate and go down as well. Nevertheless, the reduction percentage of ratio is not 100%. For technical analysis, a coefficient of correlation is 86%.
From varying correlations, traders may take many short positions for short timeframes. For timeframes exceeding one hour, the ratio is 100%.
ETH is less volatile for the GNT. Therefore, if parent currency goes up by 1%, the dependent coin goes up by 6-7%. If Ethereum goes down by 1-2 percent, then the token also goes down by 6-7%. It can be useful if traders work with flex losses and profits with trading on fundamental based currency, and use the information from the parent to undertake a number of transactions with GNT.
Moreover, if traders wish to undertake technical analysis, they should remember that this coin, as any other Cryptocurrency, is susceptible to specific avalanche quote changes. If you use level analysis, don’t forget about flexible stops and losses.
Ratio with BTC or any BTC-forks are simple, similar to other altcoins.
An impulse pattern for the coin can be seen and the pattern can be divided into three phases:
Combine your “technical” results with “fundamental” factors to predict quotes of Golem, but remember, that any currency is very risky for investment and trading. Do not invest more money than you can afford to lose in the financial market.
The Golem Network is not interested in simply transforming into a profitable investment target. In fact, this is a technology of the future. At present, the power of supercomputing is still at an inception stage and has a long way to fully develop.
Clustering calculation is more profitable than a cloud server, or buying expensive equipment for rendering or undertaking specific jobs.
The P2P system, with always-active nodes, can efficiently decide for complex and huge processing. It’s much cheaper and much faster than other ways for computing many things.
Until the new “Stone” and “Iron” releases, the main way to process videos in 8K, and process ray tracing in the cloud will be without special GPUs.
Finally, do not forget the main advantage such as security. If you have specific software or are using your own algorithms for your tasks, you should not be worried about the security of your data. In the unlikely event that the data is lost, or is stolen (which is unlikely), nobody will be able to profit from your data due to encryption.
Overall, the P2P system offers cheap, secure, and fast abilities, which can be applied for a wide range of purposes.
Golem is an exciting technology, which can change the industry in relation to undertaking calculations. It has good scope for growth as an Ethereum token, and as a technology too.
The main disadvantage is that there is relatively low interest from big companies, which prefer more conservation methods of treatment. However, with the growth of the project, there are an increasing number of developers, as well as companies becoming accustomed to using P2P cluster supercomputing power.
No one knows about the prognosis of this great idea for sure at the moment but nobody has denied its potential. This token is not a scam, and has grown since 2014 while having a promising roadmap.
So finally, what is Golem for you? This is the easiest way to earn money. Using it is much more profitable than mining, because there will always be buyer to use your computational power. You can select the amount of RAM or CPU threads that you’ll wish to provide. All you need to do is install the right piece of software on your device and earn money while it runs in the background.