Golem
$0.38631 -0.31%
GLM · 209w

What is Golem and Is it A Good Investment?

What is Golem?

Golem is an innovative piece of technology working toward the decentralization of computing power. Although Golem is still somewhat in its infancy, if successful, it would be an accessible-to-everyone, distributed, global supercomputer. It is currently under development by a dedicated team of programmers and engineers, all of whom have extensive knowledge in P2P software and blockchain engineering.

Golem’s primary goal is to introduce computing power to the sharing economy, an economic system whereby assets or services are shared by private individuals for a fee. The premise is that you only pay for as much as you use; if you need to drill a hole in the wall, you could either go out and buy a brand new electric drill or simply borrow one from your neighbor. Of course, borrowing one would be far more economically viable and thus the preferred course of action.

A similar principle holds for computing power. The issue faced in the present day is that heavy computing power, albeit essential in a multitude of different fields such as machine learning and medicine, is expensive and scarce. Organizations or individuals with a requirement for heavy computing power often purchase expensive hardware for private use, and although this is appropriate in many contexts, the initial investment for powerful hardware is high, and it is unlikely that the hardware will be used continuously and is thus wasted in some respects.

Alternatively, it is possible to rent out time on a powerful computer over the internet, but it will cost you dearly. Additionally, this computing power is centralized, and centralization of services has inherent complications and the potential for abuse; they introduce a central point of failure which could be subject to attack or catastrophic data loss, and history has proven that the collection and sales of user data is a profitable business model, however unethical.

Golem aims to redistribute computin...

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