Golem cryptocurrency review or a successful Ethereum token

Cryptocurrency market capitalization is constantly growing. For 2016, it gave excellent indicators: if at the beginning of the year the cost of the entire sphere of electronic money cost about $ 6 billion, today it is 28 billion.

This inspires optimism in those who wish to create their own cryptocurrency. There are already concrete examples of how large organizations come together in an effort to create their own online money, and states move from a policy of complete denial to recognizing the need for virtual coins.

It’s easiest not to develop the system from scratch, but to take as a basis a well-known development, equip it with original chips, and then pass it off as a unique product. An example is Golem (GNT), built on the basis of ethereum.

If you look at the list of cryptocurrencies, you can see that the golem is on the same list with a cue ball and ethereum. However, there is a fundamental difference between them, since GNT is a crypto token created on the basis of the eminent blockchain.

Why is this so?

These “semi-independent” tokens are necessary to perform certain tasks. For example, an IT company wants to release its own product, which requires internal currency for stable operation. In addition, with the help of this money, a startup wants to attract the help of investors. Then the developers produce tokens, advertise them in every possible way, trying to attract the attention of potential investors.

This brings investors a certain amount of comfort. For example, you need additional computing power, so you can not ask for help from such a giant as Amazon, but simply rent a computer from another project participant. As a payment, you will offer tokens.

GNT can be used as payment both within the network and sold on the exchange. At the same time, owners of a sufficient number of “golems” can receive some dividends, or the right to vote for a particular project.

Golem decided not to be limited to a small number of virtual coins but immediately issued about 1 billion tokens. Such an increase in emissions can be explained by the following considerations.

  • Simplified block mining.
  • Operational implementation of transactions.
  • Low risk of shadow operations, as well as fraud.

Specific results

Despite the numerous warnings and doubts of experts about the possible problems that will arise with the GNT operation, in the first 20 minutes of the project’s operation, the bar of 820,000 airs was reached.

At that time, the total project cost amounted to more than 10 million dollars. At the same time, tokens are transferred to consumers immediately, and then they go out of circulation as quickly, since no timeouts are provided for in the work.

What is Golem?

This is a decentralized P2P platform on which customers of various ranks – private companies, individuals, creators of their own applications – receive computing power for rent. The creators of Golem thus want to go on a par with such giants of the field as Microsoft, AWS, IBM, and others. They are characterized by supercentralization, which scares away potential young developers.

Such platforms have disadvantages – too much centralization, big restrictions on the use of the code, as well as mediation in the payment process. The situation with the golem is different: it is built on the “Ethereum” system, which greatly simplifies transactions and makes possible quick and efficient payments between software developers, Providers, and Users.

In any case, the developers of the system set themselves a very ambitious goal – to become the basis of a decentralized market for rental capacities. They want to provide IaaS and PaaS, an innovative infrastructure into which any software can integrate.

So, any company that needs computing power can produce an application, and then place it in a special Registry, connecting it with the Payment Transaction Platform.

Potential opportunities

Suppose everything goes according to plan. In this case, the Golem project can expect the first concrete results in 6 months, and possibly in a year. It is then that it will be possible to talk about full-fledged profit from investing money in cryptocurrency.

Although investors are interested in a project that offers them additional opportunities, they do not miss the chance to join it: for example, at the end of April 2017, GNT’s capitalization grew by almost 20%. This allowed virtual coins to enter the TOP-10 by capitalization. After some time, the crypt grew up to 70%. To date, the capitalization of these coins is about $ 140 million.

This news not only inspired the users and owners of the crypt but also excited the creators. The founder of the project, Julian Zawistowski, said that such results inspire the development and creation of other services.

Today, GNT is a promising investment. How profitable it will be – time will tell, as well as the concrete actions of the creator company.

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