Golem aims at giving its users the ability to buy and sell computation resources in exchange for crypto.

It was one of the first projects to be built on Ethereum and it connects users for all types of computational tasks they might need to buy or sell, be it rendering, crypto mining, AI, and/or any other related endeavor, much akin to what can be considered a cloud computing service.

By working towards helping other users carry out their projects, those with resources to spare earn GNT, Golem’s very own native cryptocurrency.

Golem Explained

Golem connects different parties across its network and transactions are possible when someone who intends on buying computational resources (also known as a requestor), asks for them via what is known in the network as a a “task template”.

Golem will then rent computer resources from whichever provider it finds best.

In terms of architecture, the task template requires instructions for whichever source code it needs to run, how the required tasks can be split and sent to different network nodes, and how can one attest and verify its final result once it is provided.

Subtasks go through what is called a verification stage as to attest that they have been correctly completed. Golem will then collect all pieces that were done via subtasks, connect them all together and send it back to the user who has requested them who, in turn, after receiving them, send the agreed GNT amount to the contract and thus paying the providers for their work.

Afterwards, buyers and sellers are graded and rated as Golem enforces a reputation system. Its reputation system will also be on the look for malicious nodes, and provide an evaluation metric for correctly done tasks, all of which while monitoring the timeliness of payments and possible errors in its service.

The History Behind Golem

Golem was created by the Golem Factory, a company which was founded in 2016 by Aleksandra Skrzypczak, Andrzej Regulski, Julian Zawistowski and Piotr Janiuk.

Golem sold 82% of its supply of GNT and raised an estimate $8.5 million US Dollars during that very same year.