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Golem (GNT) is a system for decentralized management of computing power in the cloud. The developers also refer to it simply as the "Airbnb" for computer power. Users of the network can give free computing power to users who need it and are paid for it with the currency GNT.

Golem was introduced in 2015 as a decentralized service for the provision of computing power on the Internet. In this sense, Golem's developers see it as a network supercomputer whose performance can be accessed by users worldwide at any time - without being dependent on third parties or companies. With regard to the topic of crypto currency, Golem is, so to speak, putting the cart before the horse: The decisive commercial value in the Golem network is computing power; the currency called GNT is merely the remuneration and exchange medium.

The basic idea of trading resources in a network like on a free market is by no means new. Systems have been in existence for years that regulate the heating systems in a building, for example, by requesting performance from the individual components and negotiating with their peers in a market economy. Golem extends this concept to the entire Internet with the traded resource computing power.

How does Golem work?

The first participants in the Golem network are the requestors, i.e. users who need computing power for an application. The requestors receive the requested computing power from the providers. These are all participants in the network, from private individuals with a PC to computer centres with supercomputers whose computers are not used to full capacity and can thus provide computing power. Golem provides the computing power to the requestors and pays the providers in their own currency GNT.

Use cases and application examples for Golem

- Scientific Research
- Render complex computer graphics
- Data Analysis / Big Data
- Machine learning
- Artificial Intelligence

Technically, Golem is based on the Ethereum blockchain, in which the agreements on computing time and payment are included as Smart Contracts. GNTs function as so-called tokens, i.e. tokens that assume the character of a symbolic currency. They function as a means of payment, but in a sense represent only a meta-currency that is based on the Ethereum block chain.

They are not mined and exist only as means of payment on the basis of smart contracts. From this point of view, in the Golem network only the switching traffic for the switched computing capacity takes place, no payment traffic with its own currency.

Golem therefore does not appear as a crypto currency in the actual sense, but merely uses a foreign blockchain as a base for its own payment transactions. Nevertheless, GNT is traded as a crypto currency and has enjoyed spectacular gains for a long time. As a platform, Golem is still in a rather early development phase and will have to prove its full potential. If the system successfully survives its early phase and the distribution of computing capacity asserts itself as a free market, Golem has a promising future ahead of it.