Coin Review - Golem (GNT)
What is it?
The Golem Project's mission is to develop the world's first global, decentralised supercomputer. It aims to do so by combining the computing power of every machine on its network. Users of the Golem Network are able to loan out spare / unused computing power to those that need it to conduct complex computations or high resource tasks. This is not too dissimilar to the model used by Air B'n'B where the underutilised property can be rented to those in need.
What problem is it solving?
Computing processes are continually requiring more and more computing power to conduct even simple tasks. Modern day technology has meant that computing tasks are becoming more and more complex and require more and more computing power, this is why if you try to do simple tasks on a 5-year-old laptop it will sound like a plane that is about to take off!
According to RightScale's 2018 Cloud Report, cloud computing services were up for all major providers from 2017 to 2018. Amazon AWS increased adoption from 57% to 64%, Microsoft Azure from 34% to 45% and Google Cloud from 15% to 18%.
This is largely thanks to new technologies that run in the background and/or as standard features of new files. E.g. machine learning, artificial intelligence and 4k (soon to be 8k) graphics rendering.
Whilst this may all seem trivial and allow us to all download our movies or large files faster, here are some real-world use cases that could benefit from the increased computing power that Golem's supercomputer can provide:
Change months of lab testing into minutes on a laptop - many chemical processes (such as chemical synthesis) has historically been done by large groups of scientists in a lab using targeted trial and error methods to determine the optimal outcome. New developments mean that complex algorithms can solve some of these problems in hours or days. Golem's supercomputer has the potential to make this process even quicker.
Increased efficiency of machine learning engines or artificial intelligence bots - many of these new analytical and predictive tools being developed are required to process zeta-bytes of information in short timeframes (A LOT of data). The faster these processes can run the quicker information can be leveraged to make critical and timely decisions for businesses. Golem can help provide near endless amounts of computing power to help drive these engines. E.g. skimming twitter in real time to determine price sentiment or determine any geographical trends. The faster this can be done, the quicker business decisions or solutions can be deployed.
Why do we like it?
Golem encourages users to contribute computing power to its supercomputer by incentivising them with a revenue stream, one that has never previously been available to consumers.
Active github and strong historical performance of achieving milestones and development targets.
A large array of use cases and high demand for computing power as demonstrated by Microsoft Azure and Amazon AWS.
Experienced management team with an existing track record of successful collaborative software development.
Why do we not like it?
Adoption of blockchain applications is still extremely low.
To achieve its potential, Golem is dependent on layer one solutions becoming more scalable (i.e. Ethereum needs to be able to process more transactions per second).
Increasing competitiveness of distributed computing power applications (iExec, SONM, Gridcoin).
Currently, computational subtasks are not confidential and this feature is not yet on the roadmap. This will deter many from utilising Golem to perform confidential tasks such as research, new movie graphic production, analysing private date etc.
Disclaimer: Magnet Capital does not accept any liability for any financial decisions made on the basis of the information provided. The above opinion does not constitute financial advice and should not be taken as such. Magnet Capital urges you to obtain professional advice before considering any investment decisions