What’s up, guys? This is Tai Zen and I’m broadcasting from an airport called Love Field in the city of Dallas. So there’s a lot of background noise and I hope you can bear with me. I do have a pretty badass microphone here.
I just got it’s a rode microphone that I put onto my Samsung S7 phone here and I hope that the sound comes out really good. Anyway in this video, I want to talk a little bit about the Golem project that is one of the applications that’s going on top of the Ethereum network and they recently had their ICO.
In this video, I just want to talk, not about so much about the ICO, but I wanna talk more about what the project is about and why I think it’s worth investing in and why I think it’s not worth investing in.
And then you can make up your mind from what I’ve learned about it. So the Golem project, let me start back by going back in time to a project that was that a lot of people in the computer world known as the SETI project.
The SETI project stands for Search for Extra-Terrestrial Intelligence. And it’s a program where the people that were wanting to search for alien life out in space. They didn’t have time to scan the entire all the wavelengths out in space.
So what they did was they created this pretty cool screensaver that you would install on your computer. Then every time your computer goes into a screen saving mode because it’s not being used to do any work, your computer would, instead of sitting there doing nothing, it would use the computing power in the resources that it has to go and scan all this data that all these researchers and scientists had collected from outer space, and to determine if there was any alien life, alien signals or alien communications out there.
And that’s what the SETI project was about. That was the first time that I heard about what’s called distributed computing, meaning that the project was set up to utilize the computers that were not being used by normal people or by businesses and places like that.
The second type of distributed computing that I heard about was for cancer and medical research, and what they would do is other one’s city came along. I’m not sure they were the first ones to utilize an unused computer to compute data, to search for alien life.
But others came along I’m not sure they were the first ones, but it was the first one that I had heard of that I knew about. But afterward one of those things where once you hear about it, then you start seeing it more in nature.
So the next project that I started to see was different screen savers that were designed to use the extra computing power that sitting around idle to process protein synthesis and do some research on proteins that can help treat cancer and other medical conditions.
So that was the second time that I heard about distributed computing. Now, we fast forward a couple of decades and I never bothered with that stuff anymore because I’m one of those people that: “Hey my computer is used all the time”. So it’s rare that I don’t use my computer.
I really don’t have resources to dedicate towards other people. It’s always busy editing video and rendering video or trading, one of those two things, so I really don’t have time to give up my computing power, but I know that there’s a lot of places I’ve worked at in the past and a lot of friends I have that they have a lot of computing power that sits around and does nothing.
So these guys that developed the Golem project, they wanted to do the same thing as the SETI project. The only difference, the biggest difference is that the SETI project, all the software was controlled. The screensaver was be controlled by one entity or one organization that would write the code and everything, and it was a trusted scientific research group.
That’s the reason why people use it and also they thought was cool. Like when I was working at this factory one time, there’s a print shop in the sign shop. I actually, whenever I had a chance I would turn on the screen saver just so that I can be a part of searching for alien life out there.
I thought that was pretty cool. But this Golem project is built upon that similar concept, where they are going to utilize people’s resources. There’s CPU power to compute data for other people. So there’re 4 different ways that I know of that people can make money off of this whole project. Okay, 4-5 different ways.
The first is that if you have an empty computer that’s not being used for anything and the CPU is not being used, you can use that and rent it out to others. So you would be called the CPU provider or the computer provider.
And then you can rent out your CPU for some money in the form of Golem tokens, which can be exchanged to Etherium, which can then be exchanged to Bitcoin, which can then be exchanged to any fiat currencies such as the US dollar or the Eurodollar.
Now that’s the first type of people that can benefit from using a Golem Network. The second type of people are the people who need large computing power and they don’t have enough money to buy the computers, so they can jump on the Golem Network and rent out some CPU power from all the other computers that are available.
And they will pay the network that CPU providers will pay those guys in order to use it. So that’s the second group of people that will profit or benefit from the goal of the network is that in the instead of profits in the form of money, they profit in terms of computing power.
Because there’re some people that want to, let’s say that I shoot a 4K video and I don’t have enough computing power to edit and render the video. Well, then I can edit it and then send the video off to the Golem Network and people can jump on it and volunteer their computers to render the video for me. That way I don’t have to do it.
So if you’re making movies, like for example, 300 or movies like Avatar which requires really heavy-duty Computing CPU processing power. For people like James Cameron, the director of Avatar, he has enough money and he’s at the studios to help pay for that computing power, but for regular people like you and I who do not have it and you have that creative ability to make movies like that.
Then you can rent out the Golem Network to render the videos for you after you finish editing it on Adobe Premiere or Adobe After Effects, then you can send to them to render it for you. That’s the second type of people that can benefit from the Golem project.
The third group of people that can benefit from the Golem network are the people who create software. So the way that the Golem team is going to create it is that they’re going create this entire ecosystem or this environment where developers can come over there and create their own apps, similar to the iPhone Appstore or the Google Playstore where they sell different apps for different tasks.
That’s what the Golem platform is designed to do: create that environment to where people can come there and create their little own software that they can sell to other people, and the people who buy it will have to pay the network to use that software on there.
Now the fourth type of people is what the Golem team calls the validators. The only ones that validating who gets to be whitelisted, which means that they give them to thumbs up on their software, the application that runs on the Golem Network so that you would know that it’s not bogus software is not a scam software, it’s not a virus or malware.
So these validators also get to benefit from the network because they basically do the quality control and they audit the software applications that go in there, and they’ll be certified it’s legit or not. So those are the 4 groups of people that will benefit from the Golem Network.
Now there’s a fifth group of people that a lot of people don’t talk about and that fifth group of people is the people like you and me, the traders and investors, the people who want to take the risk in this. So we benefit from this by investing in the ICO, or buying and selling it after it’s been released on the markets.
That’s what I would say. There’re a lot of the SETI projects, the Search for Extraterrestrial Intelligence that has been proven to be in my opinion to be very successful. There’re a lot of people that use it, a lot of people that are a volunteer for a good cause.
Then there’re people that volunteer their computers to do cancer research and stuff like that. So that’s also a good cause. We can see a lot of benefit from using a Golem Network. My team, myself and a few others, we did look into investing into the Golem project during the ICO.
We have some type of skin in the game. So you always gotta remember as disclaimer guys, you always gotta assume that if I myself or LeonFu.Com is talking about it, that we are probably invested into it. How much is not so important as it were in it or not?
Just be aware of that, whenever, whatever I share with you, there is a potential to be a bias there, simply because I have some skin in the game and I’m in the project. I’m not helping to develop it or nothing; I’m just invested in it.
Some of the downsides that I want to share with you so that you will know about the Golem project is that the Etherium network has been suffering a lot of downsides. The Etherium has been going downhill and I don’t expect that to turn around anytime soon.
I’ll do a separate video on why I believe that Etherium is going be going down to around the 7, below $7 USD and possibly even below $5 USD in a separate video, but the downside, the risk that you take for getting into Golem early is that you can risk the price of the Etherium going down even more which further brings the value of Golem down itself.
Now keep in mind that the Golem tokens are treated separately from the Etherium, but I would consider it’s having a direct impact on the price of Golem when the price of Etherium keeps sliding down like that.
So I just want to share this quick video with you, what is the Golem Network and what it’s for and who’s going to be using and who’s not going to be using it, and I’ll make some more videos about it in the future once I do some more research about it. So thanks for watching this video guys.
If you liked it, give me a thumbs up. You don’t like it, give me a thumbs down so I don’t waste time making any more Golem videos. So my flight is coming up here. I’m leaving Dallas and headed towards Atlanta.
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