What is The Golem Project ?

What is the Golem project? That is the task of today’s post here in the Digital Distributed Asset. It is an Ethereum run distributed shared computational resource. As such it is a supercomputer. It not only promises to perform this high performance computing in a distributed way, but also to leverage these computations to apply to myriad utilities. For instance it may become essential for transaction fees in major cryptocurrencies like Bitcoin to become within a cheap range. The transaction fees for Bitcoin are increasing with the soaring price and without a clear and definitive scaling solution. Ethereum’s Golem project and similar initiatives might reveal to be a solution for micropayments of fees, but also in terms of compute and energy costs.

For that to be a reality these projects will predictably run one or more smart contracts that will streamline the compute and power resources needed for the blockchains concerned with running a particular application. These smart contracts will eventually manage the blockchains in ways to accomplish the required feasible computations in a truly distributed manner, cutting down costs. This is pointing to efficient sharing of resources, similar to various conventional circular economies solutions and marketplaces in other areas. But here it is all about software, computations and automation of IT processes in a decentralised blockchain network. The key part is the fact that a network is set up with eager, motivated participants where everyone has an incentive to join.

As mentioned by the various speakers in the above video of a brief presentation of the Golem project, this project will certainly be impactful in many ways, not least to the way the Internet infrastructure will be in the future. I also share below a video with an extensive interview with Golem’s CEO and one of main developers in the channel Coin Interview.

This is one of current blockchain based projects we should be excited about and look closely for further developments. This website promises to be attentive and aware of it going forward from now.

featured image: The Golem Project

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