At the current rate, the world is evolving, computing power has become a much needed resource. But where does blockchain come into this scenario? Well, this technology is able to monetize the power of computers across the world, by connecting them through a blockchain network, and distribute the amount of work in a balanced manner.
Network users are able to access the computing resources of another user or data center from all over the world by paying with tokens.
Thus, distributed computing provides an efficient solution to resource distribution without needing to create additional expenses buying new hardware to manage increases in demand.
In the last years, there have been several blockchain- based projects that focused on developing distributed computing networks. In our article for today, we will be taking a look at some of the most successful projects in this sector.
The platform runs on Ethereum’s blockchain, which enables users to rent out extra computing resources like storage, processing power, and bandwidth to other machines on its network. The system relies on an application and transaction registry, and in addition to allowing computing distribution, it also generates revenue by paying users in GNT tokens.
The platform’s contributing parties can be divided into 3 categories: providers, consumers, and software developers. Home owners and large data centers can both offer their resources for others to rent.
Golem’s main focus is on sectors that require intensive processes such as CGI rendering, mathematical computing, DNA analysis, and machine learning. They launched their mainnet in April, which generated an increase in GNT. The beta app can be downloaded in its beta version and can be used for earning revenue and renting computing space.
Golem was among the six projects that established the Ethereum Capital Fund, an investment fund dedicated to helping new startups which use Ethereum’s technology.
iExec is a platform for decentralized cloud computing, which is also built on the Ethereum blockchain. It is the first distributed ledger which employs Intel’s Secure Guard Extensions (SGX) in its underlying code. SGX ensures that iExec’s dApps are completely private, meaning that they can be accessed only by end users.
Users make available their spare computing resources to the platform, which is then used by developers to power their applications. The users can select which type of provider they want to be: application, data, or server.
A Software Development Kit (SDK) and smart contracts are some of the software tools which developers also have access to. The platform’s economic model enables users to earn profits by holding or trading their tokens.
The platform’s main use cases are scientific research, cryptography, economics, 3D rendering, and fog computing. AI frameworks such as TensorFlow, Theano, and Caffe will also be supported.
The company announced last year that it was entering a partnership with IBM. Other notable partnerships are those with Enterprise Ethereum Alliance, Genesis Mining, the Chinese Academy of Sciences, and CoinTelegraph.
GridCoin is a distributed computing project launched on October 16, 2013, in an open-source post GitHub made by its creator Rob Halförd.
The project uses the familiar MIT License for open-source projects and it runs on the BOINC platform. Developed by Berkeley, the BOINC platform was a grid computing system that decoded radio signals gathered by SETI telescopes.
This project has a more charitable approach than the other projects mentioned on our list. It rewards users for donating their computing resources to scientific research for world issues such as cancer, climate change, malaria, and others.
The platform rewards contributors in GRC tokens, employing a consensus algorithm called “Proof-of-Research” which distributes the tokens according to how much useful research they made.
Storj is a decentralized platform for data storage which uses excess computer memory and bandwidth and distributes them to those that need them.
The peer-to-peer network stores its files by using client-side data encryption and file sharding. The encrypted data is not stored in one single place, instead, it is fragmented and spread out across the Storj network, the user being the only one that can access his or her files.
The user is able to lease his/her extra hard drive space to the Storj network and receive income in Storj tokens. 25GB of space is free for new users in the first year, giving them a chance to test the network.
Storj announced the team’s completion of several updates and its full launch in January 2019.
Distributed computing is yet another technological branch which can benefit from blockchain’s many use cases. The potential value of a distributed computing system is obvious, and such an investment opportunity should not be omitted.