Every cryptocurrency startup developer has the main goal – to come up with an interesting idea, implement it and attract as many investors as possible at the same time. Recently, startups are growing at an enormous rate, and many of them disappear in the first three months after the ICO. So far, payment systems and decentralized networks are among the leaders in one way or another. But young ambitious projects, whose ideas in the future will be able to compete with the same VTC, ETH and their forks, are coming on their heels.
Golem Cryptocurrency (GNT) is one of those digital currencies, which can achieve a lot, if its developers realize their plans and follow through. At least according to CoinMarketCap (coinmarketcap.com), the coin is already in the top 50 in terms of capitalization, which indicates the interest from investors.
Golem is a relatively young cryptocurrency, the community first learned about it in late 2016. The project is a kind of one big decentralized (i.e., not having a single management) open source computer. It ties into a single network the user power provided by all participants in the project. The users can be private investors with desktop computers as well as large data centers. The free capacity of the participants can be used for absolutely different purposes: application development, complex calculations, web graphics and animation, etc.
Features of the Golem platform:
- Graphics functionality. The Golem platform includes a series of applications that will perform tasks for processing graphical objects. What would take an individual user several days,
- Golem will do in minutes. One version of such software (Brass Golem) is already being tested.
- Information processing. The functionality of the platform can solve problems in science-intensive industries and businesses. Automation of calculations and construction of various
- mathematical-statistical models will reduce costs. Implementation of Golem-based artificial intelligence developments will allow even faster creation of new algorithms in the field of robotics.
- An environment for the existence of microservices. Based on the platform, you can create your own applications to perform local tasks, and then sell them if you want.
There is no Golem cryptocurrency mining. The developers issued 1 billion tokens at a time without the possibility of additional issuance. 80% of this volume is in free circulation.
Where to buy Golem cryptocurrency. The coin is very popular – it was included in its listing more than three dozen cryptocurrency exchanges, but the largest turnover accounts for only two of them. The leader in terms of turnover is Binance – about 29-32% of all GNT trading is conducted here. Golem cryptocurrency can be bought here for BTS, ETN and BNB (the exchange’s own coin). In second place in terms of turnover is Bithumb (bithumb.com), which accounts for about 20-22%. The coin is traded here only for the South Korean won (KRW). The turnover at other exchanges is much less (up to 10%), but there are opportunities to buy Golem for USD or USDT. There are even such exotic pairs as GNT/INR or GNT/BRL.
Taking into account bad experiences of Mt.Gox, VTS-E and Coincheck, storing cryptocurrency in wallets of exchanges is a risk to stay without money due to hacks or dishonesty of the platforms (there is no regulation and it will be impossible to prove anything). It is better to go to the official Golem website and download a wallet for long-term storage there.
How the platform works
All the members of the Golem network can be divided into three groups: platform support including developers, customers and those who connect their computers to the network. Moreover, one person can be both a capacity provider and a customer. The Golem has a rating system, which is a kind of reputation scale with a “white” and “black” list. The system takes a commission for linking the supplier and the customer. In terms of money transfers and situations such as “double spending,” there are no problems due to the fact that Golem is developed based on Ethereum, where all payments are secure.
Advantages of the Golem platform:
- Versatility. The functionality of the platform can be applied to tasks of a different nature in any field.
- Decentralization. Developers have no influence on the network. It is managed by all participants, which eliminates platform failures, even in case of local node problems.
- Scalability without borders. The number of network participants (connected computers) is unlimited.
Prospects for Golem cryptocurrency
It is too early to talk about any significant prospects of the startup. Alas, like 95% of existing cryptocurrencies, it is now only in the state of the model, that is, the practical benefit to investors is not yet. But if the developers are still able to implement their roadmap plans, the prospects for the project could be interesting. And the plans are ambitious. Golem cryptocurrency development has four stages (their names are taken from Dungeons & Dragons):
- Copper. The first stage, which is the alpha version of the startup. It lasted about six months and already ended at the end of 2017. During the testing period, the developers showed investors the basic functionality of the platform, paying special attention to the direction of CGI rendering (LuxRender Blender programs), which could interest architects, designers and animation artists.
- Clay. The second stage with a duration of approximately 15 months will open up even more to the users the possibilities of the project. It is primarily about an efficient mechanism for the distribution of tasks and the Application Registry. Also, this phase will optimize the interface of the platform.
- Stone. The third phase will be even longer – according to developers’ promises, it will last for about two years. During this time, it is planned to make the platform as stable and secure as possible. It is planned to introduce a certification mechanism in the Registry of Applications (implementation of SaaS model), through which the network will be managed by the community itself.
- Iron. For the implementation of the fourth stage it is planned to spend 4 years. During this time, the Golem Library will be developed for automatic tasking and scaling will be optimized.
- In favor of GNT also speaks the graph of its quotes. Three serious peaks in July 2017, January and May 2018 indicate that investors are actively responding to the plans and news of Golem cryptocurrency developers. Which means everything is in the hands of the project’s founders. True, it will not fully work soon, which may hold back the flow of new investment. Also, a lot depends on the overall market trend: if there is another series of VTS and VSN emissions by Mt.Gox capital managers or a similar force majeure, the entire cryptocurrency market can collapse long before startups like Golem start working at full capacity. The rate of Golem cryptocurrency in this case will fall in percentage ratio more than the rate of more popular and stable VTS and ETN. It would be interesting to know the opinion of blog readers about this cryptocurrency.
Shon Hill is a major investor and player in the investment market. He is an investment angel for various companies and knows a lot about technical analysis.