Golem is an interesting proposition in the blockchain space. The blockchain technology is believed to possess the potential to transform the world as we know it. It has introduced the concept of decentralization in a time where the inefficiencies of centralized giants have resulted in even global financial crises. Cryptocurrencies have garnered increasing support from tech giants and Wall Street players because of the numerous use cases it has. But while the proposition of the blockchain technology is interesting, there are also some limitations.
The decentralization of blockchains is ensured when individuals around the globe contribute their computational resources to perform tasks on the blockchain. The decentralization of the technology can be compromised if nodes – the name given to physical computers – become concentrated to one individual or a group of individuals. The market can also suffer from decreased computational resources as it is not easy to set up the systems with some cryptocurrencies requiring expensive hardware. Golem’s aim is to resolve all the issues related to computational resources.
What is Golem?
The Golem platform is backed by the Golem Factory – the company behind the platform. Golem Factory was founded by Aleksandra Skrzypczak, Andrzej Regulski, Juilan Zawistowski and Piotr Janiuk in 2016. During the founding year, the development team raised $8.6 million through the sale of the GNT token.
Golem is essentially a marketplace for computational power. It employs the blockchain technology to connect users with free computational resources to those who require it. Users earn the GNT token for contributing their computational resources. The network creates a peer-to-peer platform for the utilization of idle computational power. Requestors set up a bid for the amount of GNT they are willing to pay for the required task. The bid is then matched up by the network to Providers willing to perform the task.
The development team of Golem has been highly network with a lot of activities in the works. The team is planning on incorporating VPN, ARM binaries for requesters and custom usage counters. Moreover, it has also recently announced the launch of a new upgrade, codenamed Zenashe, which is designed to improve user experience.
At the time of writing, the Golem token stands at a price level of $0.57. The future of the cryptocurrency appears to be bright mainly due to the developments soon to happen. Wallet Investor predicts the cryptocurrency will be operating at a price level of $0.85 in a year’s time while the five-year price projection places Golem at $2.14. Digital Coin Price suggests GLM token will end the year with a price of $0.82 and cross $1.96 by 2026.