Golem promises to provide a platform to make some extra cash while surfing social media sites. The peer-to-peer market plans to use user’s excess CPU power for other people. After 3 years and more than ten software implementations later, it is going live on the ETH blockchain.
The project sold out its GNT tokens in just twenty minutes and raised 820,000 ETH, which is around $340 million. Golem sold its utility tokens to various investors, and it is predicted to receive more fanfare since it is one of the first generation Ethereum applications.
However, it has been criticized for failing to turn around the product quickly. The CEO and founder, Julian Zawistowski acknowledged this and said the difficulty of the project was underestimated as is common with Blockchain and software development.
Even though the product is far from the main goal of developing a global supercomputer, the Launch is a crucial step in proving its underlying plan.
In the current structure, the service enables PCs to rent unused CPU power. This power is used to create computer-generated imagery using an open source software called Blender. This software is used for visual effects, animated films, video games and interactive 3D applications. It works by substituting computational power for the GNT using an interface that is connected to the Blender directly.
Golem Brass Beta is the current release, and it is an effort to test the function of the technology in the real market using real money.
The Golem software today functions through a software client that connects the 2 parties in the Golem network – the providers and the requestors. The first set of people sell computational resources while the latter rent CPU power.
Providers are given some subtasks or small tasks, which creates a complete computational picture. If the project succeeds, it may change the way things work in the cryptocurrency industry.