What does Golem Coin mean?
Golem Coin is based on the Supersomputer Golem itself. It is the first decentralized supercomputer to offer a market for bookable computing power. By using flexible tools, Golem supports developers in the distribution and the monetization of software.
In this way, Golem changes the way computer tasks are organized and executed. By providing decentralized micro-services and asynchronous processing, Golem is designed for the future era of the internet age.
This design ensures Golem can manifest itself as an integral part of software and internet development in the future. Golem’s availability is guaranteed for every user, especially due to sustained price reductions in the area of computing services, hosting and complex applications that include scientific calculation and machine learning.
In addition to this, Golem connects computers in a peer-to-peer network, ensuring that program owners can rent resources when required. These computing capacities can be used to handle tasks of any complexity.
Today, these services are provided by central cloud servers operating in centralized networks, while still using traditional payment systems.
Golem can also be thought of as the backbone of a decentralized market as Infrastructure-as-a-Service (IaaS) and as Platform-as-a-Service (PaaS). Each user group also has the ability to produce software for Golem by publishing this to the software registry.
In addition, developers can optimise payment systems to ensure that Golem is a truly unique offering.
Golem as an Ecosystem
Golem’s business model makes it clear that the market for bookable computing services can be restructured based on the latest developments. At present, markets are dominated by heavyweights such as Microsoft, Google and Amazon, due to extensive resources and almost guaranteed high returns.
In turn, these providers are subject to inefficiencies with regard to pricing of their services. Golem was created to break the mould and provides an ecosystem that offers software solutions to the community while operating in a completely transparent market.
This market is divided into three distinct customer groups: customers, providers and software developers. The customers, otherwise known as requestors, use the tools provided to execute computationally intensive tasks.
They have access to cost-effective solutions which are also scalable, with existing hardware and software. Providers deliver the computing power within the P2P network and are rewarded in return by the network.
Developers can distribute software via Golem and are paid for it. Golem serves as a sales channel, while also providing the necessary computing power.
The Vision: Golem as the Foundation Stone for Web 3.0
According to developers, the future of the internet should be a completely decentralized network that allows users to exchange content securely and directly without involving third parties.
As a result, Golem will not only aid the execution of arithmetic tasks but also serve as a platform that performs the tasks of a self-organizing network.
The developers know what this goal requires and actively participate in the development of new and innovative technologies.
In principle, better data exchange technologies are needed, but taking into account current developments in IPFS and swarm, suitable solutions seem within reach. It can be assumed that the Ethereum network will be improved in terms of its availability and scalability, along with refinements to its micro-payment system.
By completing these developments, Golem can ultimately be used as a platform for micro-transactions, allowing users to access small and large applications on a completely decentralized network.
Although this vision is extremely ambitious, the developers will view the full potential of the network as exhausted only when all these solutions are realized.
The Golem Coin – Golem Network Token
The Golem Coin, also known as the Golem Network Token (GNT), is a core element of Golem that is designed to provide flexibility and encourage future development. The Golem Coin was developed as part of a crowdfunding exercise and offers multiple functions within the network.
These functions include the execution of transactions for use of computing power. Software developers are also paid for development and provision services in Golem Coin.
Once the application registry has been implemented, the Golem Network Token should also be used for other interactions across the network.
These extended applications include support for software developers and vendors to verify software. In addition, basic conditions for using the token are defined in a Transaction Framework, which will be published in the near future.
Essentially, one billion tokens will become available. Of this amount, 820 million will be spent on investors as part of the Initial Coin Offering (ICO). 60 million tokens will be distributed among the Golem Team, with the remaining 120 million tokens directed at the Golem Factory GmbH.
In addition, sending an Ethereum token generates an exchange for 1,000 GNT. There will be no mining activity after the ICO, so the token quantity is limited at the early stages.
What is the Current Market Capitalization of the Golem Coin?
The Golem Coin is traded on the market under the symbol GNT and was first placed on 30th November 2017 as part of an initial coin offering phase. The issue price per token was 0.012924 US dollars, resulting in a market capitalization of 8.8 million US dollars.
At the present time, the figure stands at 896.4 million US dollars. The price per token is also quoted at 1.07 US dollars. In daily trading, approximately 80 million US dollars is traded.
Trading between Bitcoin and Golem Coin is particularly important, with 60% of accounted for transactions using these two currencies. However, exchange with the US dollar also plays a crucial part, accounting for a further 30% of transactions.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.