Has there ever been a serious effort to enable the Ethereum platform to host decentralized cloud infrastructure?

My understanding is that Ethereum is already pretty much like a "global computer", sort of anyway. But we tend to think of a conventional computer as a cloud server hosted by Microsoft or whatever that grants us a limited set of computing resources to achieve a desired output as long as we pay a certain price. To actually enable a similar process to occur on the blockchain, beyond simply smart contracts and more into generic computational processes, kind of like a large decentralized CPU/GPU and storage system if you will, multiple challenges need to be solved. But has there been any significant progress/projects on this issue, whether addressing any mathematical side of it (dividing work in a decentralized fashion, homomorphic encryption, etc) or practical computational approaches?