8 Computing Solutions at the Forefront of the New Economy

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BUSINESS

In the past few years, we have seen new and exciting technologies that promise a more decentralized and secure economy. In this article, I have included some of the main players in this developing market.

1. Golem

Golem is an open-source, decentralized computer network.

How Golem Works

The Golem Network is a market for computing power, where users can earn from ‘renting’ their machines or by developing and selling software.

Within the network, users renting computing power are called “providers” and users acquiring power are called “requestors.” The requestors use Golem for various purposes, including graphics processing, data analysis, microservices, and machine learning.

Benefits

 

  • The work division means that tasks can be completed simultaneously, increase hashrate ethereum thus enabling shorter timelines for projects.
  • The cost of doing business is less than cloud-based services.
  • Users can be instantly paid for their work with the Golem Network Token (GTM), a token on Ethereum blockchain.
  • Golem is building their whole stack from bottom to top, an approach that typically results in great UXs.

2. iExec

 

IExec is a decentralized marketplace for cloud services focused on blockchain-based distributed applications and affordable, high-performance computing.

iExecc Dapps

Unlike Golem, iExec (since the release of its v1) allows anyone to develop and run applications.

The iExecc Dapp store contains a variety of apps. Considering the experienced team behind iExec, their reason to choose the Dapp pathway is that there’s probably less competition here. After establishing themselves in the decentralized Dapp market, iExec plans on expanding into decentralized computing tasks.

RLC

RLC is short for ‘Runs on Lots of Computers,’ and it’s the native token of iExec. There are currently 87 million of the ERC-20 token in circulation.

3. Ethereum

Ethereum is an open-source, blockchain-based platform that enables users to build decentralized applications. The computations are performed in an isolated environment called Ethereum Virtual Machine that resides in all node connected on the network. The product of the computations is stored on the blockchain.

Features of the Ethereum Blockchain

Ether

Ether is the currency of the Ethereum blockchain. The cryptocurrencies ETH (Ethereum Hard Fork) and ETC (Ethereum Classic) are two values of Ether.

Smart Contract

The EVM is capable of executing a “smart contact,” an algorithm that stores and automatically executes terms of agreements. Both parties involved in a transaction agree to the terms written in the smart contract.

Bitcoin vs Ethereum Platform

The Bitcoin blockchain focuses on a set of pre-defined operations, such as tracking Bitcoin transactions, while Ethereum allows users to run code of any complexity, making it suitable for any decentralized application, including cryptocurrencies.

Consensus Mechanism

Computation on the Ethereum network cost more and take longer than a standard computer because of the parallelization of computing. To maintain consensus, all participants must agree over the order of all transactions that have taken place, whether they have taken part in the transaction or not.

Ethereum nodes store the most recent state of each smart contract, along with all of the Ether transactions. As EVM is an isolated system, the code runs without access to the network or the filesystem. So, there’s limited accessibility even among smart contracts.

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