Ethereum’s App finally goes live

Ethereum’s App finally goes live after almost three years of trying and testing of the product. Golem is a peer to peer marketing for putting your computer’s excess CPU power for use to other people. This is a major move as it is going live on the ethereum blockchain.

Golem is one the earliest generation of ethereum applications and the move to go live is actually a step towards proving how powerful ethereum is. Its current format allows for computers to rent unused CPU power for creating computer-generated imagery (CGI) using Blender which is an open source software for animated films, video games, interactive 3D applications and visual effects.

“We want to see how it behaves in the wild, the release is there to prove to us and everyone that we can actually deliver something that can run on mainnet and that’s really usable. And well, it is.” Said Zawistowski CEO and founder of Golem

“This is typical for software development in general, and blockchain in particular, we underestimate the complexity of what we want to do, you always underestimate how difficult it is, and this was obviously the case with us.”

Its Big Ambitions

Golem works through a software company that connects two parties in Golem’s network (providers) and those that sell computational resources and those that want to rent the CPU power. The providers are given sub-tasks that when are pieced together are able to create a full computational picture.

“We send those sub-tasks over a peer-to-peer network where peers compute them, return the results for you and connect that into one piece and pay for the use of other peoples’ computers,” said Zawistowski.

Mr. Zawistowski also explained that all the interactions happen directly between the nodes in the network. It is interesting to note that Golem has not been built on blockchain but uses ethereum for its token, GNT and GNT transactions.

The main function of the mainnet release is to test the economic assumptions of the network and to also appeal to early adopters for feedback on usability and issues.

“You start with a very simple Golem that should work up to a point where we have the Golem which is perfect and self-contained and modular, and you give it a computation and it’s done in a matter of seconds,” said Janiuk who is the CTO and co-founder of Golem.

“We definitely need to move in the direction of machine learning. This is something that is suited to Golem pretty well,” said Janiuk

Inventions and innovations

The team behind Golem innovation found out that there was need of splitting computational tasks up into smaller tasks and then reintegrates them. The project faced complicated and previous unresearched technical barriers.

A good example is when verification or proving that computation is correct, it is easy to achieve for simple crypto transactions while at the same time it becomes difficult to develop around different types of computations. These were some of the challenges that faced this project but despite all these, it is a sigh of relief that ethereum’s app finally goes live.

Bitcoin price drops below $7,000 and takes major Cryptocurrencies with it.

Bitcoin dipped under $7,000 on Wednesday as the cost of a few noteworthy advanced monetary forms fell.

The world’s biggest digital currency by advertise esteem fell 8 percent to as low as $6,782.64, as per information from industry site CoinDesk, which tracks the cost over various trades.

Mati Greenspan, senior market investigator at eToro, said that the move was less corresponded to late feelings of trepidation of a worldwide exchange war and more connected with merchants assessing the advantages in their portfolio and attempting to allocate an incentive to them.

“I feel that there is a major association in how individuals are dealing with their portfolios and the cryptographic forms of money have been progressively corresponded with the securities exchanges particularly over the most recent couple of weeks,” he told Cryp2Geeks in a telephone meet.

“This (comes) as an ever increasing number of representatives include bitcoin, the liquidity spans are being assembled.”

Ethereum and swell, the second and third-biggest cryptographic forms of money by advertise capitalization individually, both saw sharp drops on Wednesday. Ethereum fell in excess of 9 percent to $375.31 while swell fell in excess of 10 percent to 50 pennies.

Exchange war fears

China disclosed new duties on 106 U.S. items on Wednesday, a move that has shaken financial specialists and further lighted feelings of trepidation of an exchange war.

Cryptographic forms of money like bitcoin, which are decentralized and not sponsored by governments, are to a great degree unpredictable resources.

Charles Hayter, CEO of CryptoCompare, said that speculators were likely escaping to more secure ventures as protectionism concerns grabbed hold.

“In the fabulous plan of things, cryptos lie on (the) amazingly hazardous end of the range and are for times of hot cash,” Hayter told Cryp2Geeks in an email.

“The trace of an exchange war puts a touch of dread in with the general mish-mash and as we as a whole now advertises connect in different periods relying upon the exogenous elements.”

Bitcoin endured its most noticeably awful ever begin to the year this year, dropping 48 percent over the main quarter. The cryptographic money hit an untouched high close $20,000 in December.

What Is Blockchain and Why Should You Care?

Since you’re reading this article, you definitely have interest in cryptocurrency and its underlying technology. You should have at least heard the word ‘blockchain’ thrown around in conversations surrounding the topic, but do you actually know what it means?

The easiest way to wrap your head around the concept of the blockchain is to view it as a ledger. That’s what it essentially is – a giant ledger that holds the records of all the operations in the system. This database is also completely public and accessible to anyone who is interested in the matter.

Turns out, all we need in order to transfer money around the globe is the information about the transaction to be entered into a specific register. Currently, that register is handled by the third parties (like banks and other financial institutions), which is not ideal for a number of reasons. Essentially, you entrust your identity and financial security to someone else.

Blockchain is the best way to avoid that.

In it, every transaction is recorded by every member of the community, making the resulting ledger completely transparent. Simple enough, right? But wait, that’s not the main draw of the technology. Every now and again, all the available records are compared, and they should be absolutely identical. No inconsistencies are tolerated. After that, the information is encrypted with the help of a hash function. This makes the data extremely hard to decode. Then, the data is sealed in a block. And after it is sleaed, the idea is to never alter it in any way.

This creates a permanent public record, available to all participants and completely decentralized at the same time. These blocks stack and, in turn, create something we call the blockchain.