Some programs and programming codes require computers with large processing capacity, which are financially inaccessible. To facilitate access, Golem Network shares this capacity with users who need it and even rewards them for it.
The difference between the system created by Golem Factory is using blockchain decentralization to connect those who have idle capacity with those who need a machine to carry out certain activities. The company’s motto is “decentralized computing for everyone”.
Computer capacity sharing
For those who deal with programs that require high processing speed and large amounts of data, such as graphic files, artificial intelligence and even cryptocurrency mining, the robust central processing unit (CPU) is the best option. However, it is more expensive.
The idea of Golem Network is to enable anyone who has a powerful computer that goes through idle periods to sell this capacity to those who need it. Because it works on blockchain, the exchange is paid in GLM token.
How it works?
In Golem's system, a task can be divided into subtasks, sent to different idle computers, or nodes. Using the computing power of different devices, these subtasks are completed much faster than if they had to be performed on a single computer.
After they are completed, Golem Network does a check. If everything is compliant, the user pays the owner(s) of the machine(s) that performed the work. Everything is carried out in a decentralized way and regulated by smart contracts, which record the service. Payment is made via GLM token.
Carrying out tasks in a decentralized way
The creators of Golem Network chose the Ethereum blockchain to settle payments, as well as smart contracts to deploy and divide the tasks performed by nodes, as well as validating them after they are completed.
Unlike other sharing systems, Golem runs on Web 3.0, in a completely decentralized way. It has no server or other intermediary entities: everything is done peer-to-peer, directly peer-to-peer, which increases the speed of the process.
Carrying out tasks in a decentralized way was inaugurated by Golem Network. This innovation was named Decentralized Physical Infrastructure (DePIN). It brought a very relevant practical result: scientific research.
Beginning of life on Earth
The software company Allchemy participated in a study that needed a very large computing capacity. The idea was to discover the origins of life on planet Earth.
Golem Network brought together around 20 thousand computers for this. The task consisted of simulating the first forms of life, starting from the interaction of 50 thousand molecules. The calculations generated the formation of 3.7 billion molecules and 5 billion chemical reactions. They proved the validation capacity of smart contracts and the scalability of the network.
GLM Token
The GLM token is a utility token, developed on the ERC-20 protocol. It is the latest version of GNT (Golem Token Network), which has been discontinued. It takes better advantage of Ethereum layer 2, which increases the scalability of trading. Total supply is 1 billion units in circulation.
Learn more about cryptocurrencies
Golem Network is an innovative blockchain computing capacity sharing solution. To keep up with other news from the crypto world, visit the NovaDAX blog!
