The ambitious utility token that wants to connect you to a global supercomputer
Coin Market Cap Rank: 43
Current Market Cap: $706,151,059
The word ‘Golem’ usually brings up images of ancient clay monsters and Pokémon creatures, but there is a Polish-based team of techies looking to change that. Golem is also an ambitious project that launched their coin (GNT) back in 2016, selling out within a swift twenty minutes. Simply put, the project wanted to use Ethereum smart contracts to allow people to effectively rent out their spare computing power.
If Airbnb is for finding spare rooms, and ride-sharing apps help you find drivers near you, then Golem could connect you to unused processing power. This peer to peer model essentially makes their service a global open sourced decentralised supercomputer. The coin itself (GNT) is the currency used to purchase or sell this ‘spare’ computing power. Could this idea have worked without having their own cryptocurrency? Probably yes, but it doesn’t hurt to control the currency used to complete transactions on your platform.
The application has found a way to bring accessibility to a mass of flexible, cheap and reliable computing power. It means you won’t need to own expensive computer processors to be able to execute tasks that require high amounts of computing power. The type of work that immediately benefits from this service is CGI rendering, machine learning, and scientific computing. These are three most prominent examples but the applications are limitless. It’s too early to tell if their project will be a long-term success, but they have certainly gained plenty of interest from it.
After three years of development, Golem’s peer to peer market has finally gone live on the Ethereum Mainnet. People will be keeping a close eye on the project as it will serve as a useful case study for many Ethereum based (D)apps to come. Depending on the results, it could either be a cautionary tale or a remarkable blockchain success story.
Learn more about what the Golem team is up to here.
Disclaimer: This article should not be taken as financial advice. Never invest what you can’t afford to lose as the cryptocurrency market is volatile. Always research as much as possible before buying any coin.