Decentralized Supercomputer Project Golem (GNT) Now Available on Faast!
If you have a budget laptop or simply an older high-end model, there have probably been moments where you tried to do something that demanded a lot of processing power, but you found that your computer just wasn’t up to the task. This is especially common with activities that are very graphics-intensive, such as video editing and 3D rendering. But what if there was a solution that allowed you to do those things and more with an otherwise underpowered computer?
That’s basically what an ambitious Warsaw-based team has set out to create with the Golem Project. If successful, Golem, could allow millions of ordinary people all over the world access to supercomputing capabilities which are normally impossible to achieve with devices available to the general public. While there are many projects which boast about grand visions for changing the world, this is one of the few that truly stands out from the noise by virtue of not only what it is trying to accomplish, but how it’s going to do it.
How Golem Works
Golem allows users to “rent out” the processing power of their computer’s CPU or GPU (graphics processing unit) to other users on the network so they can harness this additional power to perform complex tasks their hardware might not be able to do on its own. Using this network, if one user called a “Requester” wishes to harness the processing power of another user’s computer, they can rent it from a “Provider”. In return for doing so, they compensate the Provider with Golem Network Tokens (GNT), the project’s native token. In this way, you get the extra computing juice you need, and you can also earn passive income by renting out your processing power to Requesters. This unique system has led some to label Golem the “Airbnb for computers”.
Using the Ethereum network, the developers behind Golem want to create a global, distributed supercomputer composed of the users of the network. It does not matter if you have a giant data center or simply a laptop, if you’re part of the network, you’ll be able to tap into the processing power of other computers to amplify your own. You could theoretically use a normal computer for activities which demand massive computing power, such as sequencing DNA, generating realistic 3D renditions and machine learning.
This is all impressive- probably one of the most ambitious projects ever attempted in the crypto space- but will it work? The team has launched a beta called Brass Golem, which focuses on CGI rendering. So far, the results are promising.
The signs appear to indicate that from a technical standpoint, the Golem project has a bright future. But how has the GNT Token performed in terms of price?
Token Performance & The Best Way to Buy Golem (GNT)
GNT has been around for a while. It was actually among the first ICOs built on Ethereum, launching in November of 2016 and raising around $8 million in less than half an hour (it’s important to keep in mind that this was before the ICO fever took hold, so this was quite an impressive result for the time). It grew steadily afterward, reaching its first high of $0.68 USD in June of 2017 before experiencing a significant dip before the late 2017 bull market, during which it again rose to an all-time high of $1.16. GNT endured a correction following the bursting of the crypto bubble, but received a second significant bump in price after the successful release of the Brass Golem Beta.
Right now, the price has again dropped and sits around $0.16. This tell us several things: One, the long term history shows that people are interested in this project and do believe it. Two, there is a working product now, and advancements in the roadmap will most likely drive up the price.
The current downturn in GNT is probably due to the overall bear market; when people are nervous, they want to put their money in the projects they perceive as having lowest risk, and that is why ALL altcoins, not just GNT, have been declining while BTC’s market dominance has grown so dramatically.
This doesn’t mean that people are writing off altcoins though; it is a safe bet that when BTC’s price inevitably turns upward again, investors will begin to feel more comfortable about allocating funds toward alts again. In a market flooded with scams, projects that are proving they can actually deliver like GNT are most likely where that money is going to go first.
While this is not financial advice, it would not be surprising if the above scenario plays out as described, and if that is the case, now would be a great time to add some GNT to your portfolio.
We’ve made it super easy for you to scoop up some GNT with Faast. Using our instant exchange, you can add GNT straight to your Ethereum wallet which YOU control, not one provided by a centralized exchange.
I mean if supercomputing doesn’t need to be 100% centralized anymore, why should crypto trading?
PS- don’t forget to follow Faast on Twitter (@gofaast) for the latest news about coin listings, project updates and more!