While your computer does not use all of its capacity, Golem (GNT) has come up with a peer-to-peer arrangement to share computing power across the network. The outcome is a solution that is scalable and flexible.
Golem Took 3 Years to Reach an ICO
In the early days of April 2018, Golem made its maiden sale of GNT token. It took them 3 years to achieve this.
The platform is reinforced on ETH and uses smart contracts to heavily reduce the expenditure of distributed computing. The sale took only less than 20 minutes to raise 820,000 ETH ($340 million).
Demand and Supply Side of Golem (GNT)
The market mechanics are very easy. The market comprises demand (requesters) as well as supply (providers). The supply part is indispensable since no central servers are accessible to be able to do computations. Providers enter the network with an objective to earn a few dollars in ETH, at almost no expenditure to them.
Whereas on the demand side, the users purchase GNT tokens so as to pay the providers to carry out chores for them. Requesters normally join the network due to its lesser cost. They are capable to bid (set how much maximum they can shell out) and GNT allocates the jobs suitably.
Amazon Web Services and Microsoft Azure, both big cloud services, are the clear contenders to Golem. These services are exorbitant because they have been able to develop an oligopoly allowing them to collect lofty margins. This is bonkers since computing power is not really a limited resource. This market incompetence is exactly what Golem intends to change.
Long Game for Golem
GNT is at present trading at $0.153 and is down from a high of $1.00. The same slump has been affecting several companies in the blockchain arena.
Even now, Golem gets additional flak for taking a long time in releasing their product. Though, this is in fact a key buying prospect. This is due to the ineptness, and a complicated structure (Ethereum) that is not absolutely planned for combination yet.
Nevertheless, in the long-term Golem still has vast potential. When more features release, and they are capable of assisting data centers, they will display unlimited opportunities as to how far they can go. Amazon and Microsoft have shown the market size. Now, it is with Golem to prove their capability and earn a seat at the big boy’s table.
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