This should have made the Top 5 Passive Income Ideas for 2018, but perhaps it’s too early. I’ve been fascinated by cryptocurrencies and their disruptive nature ever since I first heard about Bitcoin in 2011 or when I first invested in Ethereum in 2015. I prefer Ethereum over Bitcoin due to the superior technology and applicability to modern society. We (aka the entire world) have been moving to a cashless society. People are working in remote areas more than ever before. The future of passive income exists in cryptocurrencies out there, but I think I found the most reliable and easiest to understand.
Golem Network: The Future of Passive Income
I don’t fully trust the current use cases and valuations for all cryptocurrencies. However, I do believe the future is bright for disruptive technologies that have applicable use cases.
One that fits the bill is a coin that I have done extensive research in particular, Golem or Golem Network Token (“GNT”) as a coin. Golem is the name of the actual project while Golem Network Tokens (GNT) are what will be traded and exchanged for computing power.
What is Golem Network?
Golem Network is an Ethereum-based transaction system. Golem Network has the ability to be highly disruptive in nature with the goal of being a worldwide supercomputer.
I fully support their initiative with the fact being that they plan to become a global, open sourced and decentralized supercomputer that anyone can access. The coins are not mined and there are a fixed number of coins.
Read the Golem Network Token whitepaper here. The Golem Network Token whitepaper contains an extensive Golem Network roadmap for version updates from ‘Brass’ (initial release) to ‘Iron’ (final version).
Golem Network Roadmap
To give you a sense for the final output of the technology, the Golem Iron version will include the following proposed list of functionality. I think these are game changers for the world of cloud computing. These will make cloud computing much cheaper than alternatives such as Amazon Web Services. Let’s try to build the worldwide supercomputer!
- External data link: enables Golem to use resources and interface with software outside of the Golem network;
- Host-direct mode: a trusted mode for explicitly whitelisted applications or invulnerable environments, where Golem runs computation outside the Docker/VM;
- Certification support for Environments;
- Network Status Dashboard – public website displaying basic stats about Golem Network;
- Additional security mechanism – tasks that uses public data link or host-direct mode are particularly challenging for security. Additional means may be necessary to make running those tasks safer for providers (eg. central audit oracles, agreements contracts or code-execution observers may be implemented);
- (++) Golem Developer Toolkit: a set of diagnostic and test tools to make creation process of applications for Golem even easier;
- (++) Reputation-system: reputation protocol that allows the node to effectively supervise network behaviour;
- (++) Advanced transaction system: a system that automatically tries to match requestors with providers in a way that is most profitable to all participants;
- (+++) devp2p integration – changes in p2p and network protocols using new version of devp2p;
- (+++) MapReduce and topological sorting of tasks: add the next abstraction layer, allowing users to define more generic tasks that are interdependent;
The Golem team has completed multiple versions of the test net platform of Golem 0.10.0. At the release of this version, the network reached a high of 78 active nodes, 392 CPU cores, 917.3845 GB of RAM and 4.481853 TB of disk space.
Here is a nice guide to installing the test version if you’d like to give it a try:
The goal is for the initial release of Brass in early to mid-2018, so stay tuned for updates on the Golem Network Website.
Passive Income Opportunity with Golem Network Tokens (GNT)
How does this lead to the future of passive income? Well, Golem presents an unprecented opportunity to RENT your computing power for Golem Network Tokens (GNT). For those seeking to maximize this future passive income stream, perhaps you can purchase computers and computing power to be rented on the Golem network. This gives you the opportunity to be your own mini-datacenter business!
Check out a screenshot of the TEST GNT interface. I love how slick it looks.
This is the future as we know it. I will keep everyone apprised to earning rates and more. I am curious to hear your thoughts on this opportunity to generate passive income. The future is always evolving for passive income ideas. This could be a paramount opportunity to get in front of the future.
Remember Golem Network Tokens are not mined. There is a finite number of Golem Network Tokens for you to own. Once the program goes into full deployment, I believe due to supply and demand, we will naturally see a rise in the price of Golem. People will be holding onto the tokens after giving up their computing power. Hopefully, there will be enough catalysts to continue to increase the price.
If not, that’s okay! We are looking to use the Golem technology as a form of passive income. The price of Golem could stay the exact same over time and we could convert our Golem Network Tokens into U.S. dollars via Ethereum right as we earn them, so either way we should be able to generate additional income from the technology.
Resources to Follow Golem Network News
Golem news can be somewhat hard to find. Use the appropriate resources to hear the latest updates. Here are some resources to follow to receive all the latest Golem news:
- Golem Network Subreddit: Here people will not discuss the Golem Network price. This subreddit is strictly for discussing the technology, development and team updates.
- Golem Trader Subreddit: If you are concerned about the Golem Network price, go to the Golem Trader subreddit. Here people will discuss the Golem Network token price.
- Twitter Account for the Golem Project or the Facebook Page for Golem Project: Use social media to get the instant updates on Golem Network developments.
- Golem Website and the Golem Team Blog
- Shapeshift: Use Shapeshift to buy Golem Network Tokens from your Coinbase account or other accounts. You will need a form of storage for Golem Network Tokens since Coinbase does not offer trading for Golem (not yet at least). I hope Coinbase offers trading of Golem Network Tokens soon.
What do you think about Golem? Will you rent your computer or computing power in exchange for currency? I know I would. If my power is cheap enough, why not make an investment in computing power to be used as a form of passive income? Now that is an investment I would make.
Here are other passive income ideas with cryptocurrencies for you to consider.
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