Fintech Golem's 'Airbnb' For Computing Crowdsale Scores $8.6M In 29 Minutes

[RagnarokDel]

Quote

Golem Network, the first decentralized global market for computing power, raised more than $8.6 million (m) in just 29 minutes on Friday for its Golem Network Token (GNT) and in so doing became the third largest platform ICO (Initial Coin Offering) ever. Proceeds are being earmarked to advance the fintech’s ambitious objectives.

 

Acting and dubbed as an ‘Airbnb for computers’, Polish-based Golem Network is a peer-to-peer (P2P) network with no central server that allows both application owners and individual users (‘requestors’) to rent the resources of other users’ (‘providers’) machines, and be paid in cryptocurrency. Users are equally privileged under this P2p network.

 

Today, such computer resources are supplied by centralized cloud providers which, are constrained by closed networks, proprietary payment systems and hard-coded provisioning operations. The function of Golem as what might be viewed as “the backbone” of a decentralized market for computing power, could be considered both Infrastructure-as-a-Service (IaaS), as well as Platform-as-a-Service (PaaS).

As the third largest ICO for a platform behind Ethereum, a public blockchain-based distributed computing platform ($18m in 42 days) and Waves, a blockchain-powered tokens platform ($16m in 30 days), Golem claims it “substantially lowers” the price of computations to make applications more accessible to everyone. These apps span CGI rendering, which is said to be the first illustrative case of real Golem usage, as well as scientific calculation and machine learning.

 

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The Golem Network Token forms a crucial element of the startup’s network, and is designed to ensure flexibility and control over the future evolution of the project with a plan in place. The alpha version of Golem (codename ‘Brass Golem’) was launched in August 2016 was to be focused on CGI rendering in Blender (blender.org) and is mainly proof-of-concept.

Can you imagine, rendering a complete animation movie in minutes? That would be crazy. They also plan on expanding from CGI in the future from my understanding for other compute fields.

 

 

source: http://www.forbes.com/sites/rogeraitken/2016/11/12/fintech-golems-airbnb-for-computing-crowdsale-scores-8-6m-in-minutes/#726f8e80422a

[ivan134]

I think the font needs to be bigger

[RagnarokDel]

13 minutes ago, ivan134 said:

I think the font needs to be bigger

fixed. I refuse to read your sentence as sarcasm.

 

 

 

[Sauron]

4 minutes ago, RagnarokDel said:

Can you imagine, rendering a complete animation movie in minutes?

I don't think this can deliver that, even a very large amount of consumer grade machines isn't much more powerful than what the guys over at pixar use, and they have all of it to themselves churning out renders 24/7.

 

I wonder if there is actual money to be made by providing your machine's resources, I would imagine power draw would negate a lot of the net income.

[Mr.Meerkat]

1 minute ago, Sauron said:

I wonder if there is actual money to be made by providing your machine's resources, I would imagine power draw would negate a lot of the net income.

Well if it's like ETH then maybe cause you used to be able to buy a used 7950 and make the money back in one month...after electricity bills as well  

[RagnarokDel]

7 minutes ago, Sauron said:

I don't think this can deliver that, even a very large amount of consumer grade machines isn't much more powerful than what the guys over at pixar use, and they have all of it to themselves churning out renders 24/7.

 

I wonder if there is actual money to be made by providing your machine's resources, I would imagine power draw would negate a lot of the net income.

You underestimate the horsepower of miners. Even altcoins baffle most of your render farms. Ethereum for example has a hashrate of 4.7 Terahash/s. Knowing an RX 480 is able to pull about 33 megahash/s, that puts the network at about 140 000 rx 480s. (obviously they're not all 480s)

[AlexGoesHigh]

41 minutes ago, Sauron said:

I don't think this can deliver that, even a very large amount of consumer grade machines isn't much more powerful than what the guys over at pixar use, and they have all of it to themselves churning out renders 24/7.

 

I wonder if there is actual money to be made by providing your machine's resources, I would imagine power draw would negate a lot of the net income.

It could be profitable if it's managed like coin mining where you have to find the cheapest source of power possible, maybe for the john doe that lives in a place with cheap power like the area linus and co. lives

 

Who know if this catches on it could be the next bitcoin where people would buy dedicated hardware for leasing.

[tlink]

54 minutes ago, RagnarokDel said:

 

Can you imagine, rendering a complete animation movie in minutes? That would be crazy. They also plan on expanding from CGI in the future from my understanding for other compute fields.

 

 

source: http://www.forbes.com/sites/rogeraitken/2016/11/12/fintech-golems-airbnb-for-computing-crowdsale-scores-8-6m-in-minutes/#726f8e80422a

i bet this tool will be amazing for hackers, anonymous p2p cryptocurrency funded cloud computing? cracking hashes was never so affordable and safe.

[Beskamir]

3 hours ago, tlink said:

i bet this tool will be amazing for hackers, anonymous p2p cryptocurrency funded cloud computing? cracking hashes was never so affordable and safe.

Sure just like how the Haber process lead to the development of explosives which set the stage for the bloodbath of a war that was WW1 but has also lead to the development of fertilizer which allowed us to feed a significantly greater population while also being able to have more specialists.

 

Point is every technology has both a negative and a positive impact on humanity. This tech will be no different. Personally I think Golem is amazing. I mean for instance cloud rendering is gonna be amazing for people with subpar gpus or that need to get something rendered on a tight scheduled. I wish I had something like that a few years ago...

[Sauron]

9 hours ago, RagnarokDel said:

You underestimate the horsepower of miners. Even altcoins baffle most of your render farms. Ethereum for example has a hashrate of 4.7 Terahash/s. Knowing an RX 480 is able to pull about 33 megahash/s, that puts the network at about 140 000 rx 480s. (obviously they're not all 480s)

Hashrates are entirely dependant on the type of calculation you are running. Furthermore, dedicated miners are good at that and only that.

[Misanthrope]

I am always weary of kickstarter projects that get to huge goals that fast. It feels like they already had the funds secured through venture capitalists who, probably for tax purposes, requested that it'd go through crowd funding and then just create a bunch of fake accounts to "contribute".

[tlink]

8 hours ago, ElfFriend said:

Sure just like how the Haber process lead to the development of explosives which set the stage for the bloodbath of a war that was WW1 but has also lead to the development of fertilizer which allowed us to feed a significantly greater population while also being able to have more specialists.

 

Point is every technology has both a negative and a positive impact on humanity. This tech will be no different. Personally I think Golem is amazing. I mean for instance cloud rendering is gonna be amazing for people with subpar gpus or that need to get something rendered on a tight scheduled. I wish I had something like that a few years ago...

i don't think its a negative side. you need systems like these to prevent oppression, just like you need systems like TOR and tails. in my country its legal to pentest public interests but i would not want to put my name on it, that's when stuff like this gets important.

[RagnarokDel]

5 hours ago, Sauron said:

Hashrates are entirely dependant on the type of calculation you are running. Furthermore, dedicated miners are good at that and only that.

Yes of course but that gives you a good example of the capacity of the network either way. Name me one render farm with 140 000 or more GPUs.

[Sauron]

1 hour ago, RagnarokDel said:

Yes of course but that gives you a good example of the capacity of the network either way. Name me one render farm with 140 000 or more GPUs.

Good luck actually enlisting that many high performance gpus, I'd consider it unlikely at best. Super high end render farms have around 20k top performance gpus, not to mention plenty of memory - which is not a given on a network like this one. Also, no error correction and if one machine crashes you could end up with nothing done.

[RagnarokDel]

On 15/11/2016 at 9:52 AM, Sauron said:

Good luck actually enlisting that many high performance gpus, I'd consider it unlikely at best. Super high end render farms have around 20k top performance gpus, not to mention plenty of memory - which is not a given on a network like this one. Also, no error correction and if one machine crashes you could end up with nothing done.

no error correction? You know that's the whole concept of blockchain technology. As for a pc crashing causing no work to be done... I highly doubt only one copy of it is created and worked on by a single user.

[Sauron]

2 hours ago, RagnarokDel said:

no error correction? You know that's the whole concept of blockchain technology. As for a pc crashing causing no work to be done... I highly doubt only one copy of it is created and worked on by a single user.

If there are multiple copies you're significantly reducing the actual computational power.

[RagnarokDel]

54 minutes ago, Sauron said:

If there are multiple copies you're significantly reducing the actual computational power.

It doesnt matter, if it's profitable, people will participate. I know I will. I'm mining eth/equihash atm using my 7990, my two rx 480s and my r9 270x.