Decentralizing the Internet: Golem

in #cryptocurrency7 years ago (edited)

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Cryptocurrency began as a way to change how we think about money.

Over the past few years, this radical and innovative new thinking has infiltrated and morphed into a whole lot of other aspects of technology and life as we know it.
In this day and age, the internet is a major part of our lives and there are a number of coins and projects who have their sights set on changing how that works too.

Ethereum’s Virtual Machine, Shift, Maidsafe, and Golem are a few that are working towards decentralizing the internet and allowing you to monetize your unused computer space and power.

Today I’m focusing on Golem. But don’t worry, I’ll be covering the others in videos soon to come.

Golem is ranked number 14 on coinmarketcap.com with a price of .51 cents per coin.

  • Total supply of Golem or GNT is capped at 1 billion coins

  • The current circulating supply totaling 829 million.

  • 24 hour volume is around $9.4 million

  • The market cap is about $424 million.

Golem’s website

states it is

"A global, open sourced, decentralized super computer that anyone can access." ... "A sharing economy of computing power where anyone can make money by renting out their computing power or developing & selling software."

Use cases for Golem include:

  • Computer graphics

  • Machine learning, or AI

  • Cryptography and mining

  • And more

Because Golem uses the Ethereum network, they use an ethereum-based transaction system to clear payments between providers, requestors and software developers.

Despite being called a pump and dump, which I think every alt coin at one point has been labeled as such, Golem as a cryptocurrency is quite promising. The team behind it has been working constantly to bring their project to life.

Right now Golem is in its Alpha stage with a solid team testing the software.

Furthermore, the crowd sale for Golem raised a commendable $6.8 million which has since grown over $100 million.

Golem runs on the Ethereum network with a team consisting of 15 individuals, 9 of which are software engineers, an ethereum engineer, and a p2p engineer and advisor.

Golem is open source, meaning you’re free to check out their work on GitHub and see just how actively they are working on their project.

Golem has some competition in the form of big name companies, like Amazon, Microsoft and other cloud storage service providers. Golem certainly has an edge with decentralization, and the potential to utilize thousands of computers and data centers to achieve fast, powerful computations, but I think they’ll have to consider how to compete with the other services that these big name companies provide that make them attractive to customers.

Additional Reading/Sources:

Golem Website
Golem Teams Explains Motivations for Project
Golem Blog
Medium Article Giving Good Critique of Golem
Medium Article Covering Golem's Progress

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Thanks for the info on Golem. I think it has potential being a first comer in the space. However I think something much more capable will be built on EOS.

Yeh I'm keeping an eye on the price of this.

I like your shirt better than my sandlot shirt

You're killing me smalls.

What's your shirt say?

Same but no picture just a baseball and bat in the background

Bummer, his face is what makes it.

I still get a lot of attention from it....So I'd imagine like 10x when you're wearing yours

you're right on that one, @immetal6669 -- that's how life is for us guys ;)

That same factor-10 issue is always visible in whatever you post here as well. No pun intended on Heidy, BTW. Tells you a lot about the audience though -- and that's pathetic, if you wanna be a-b-s-o-l-u-t-e-l-y technical... Not meant to sound jealous about my posts only getting 1/10 the attention of girls' posts on here either, but could it be more obvious what's really selling here? Just saying...

Great for girls online for promotion...bad in real life for unwanted attention

Always good to keep up with Videos! keep at it, you make Information Bite size for us

When I recommend accounts for new users to follow in order to learn more about Steem and cryptocurrencies in general, yours, @sykochica @heiditravels and @steemittalk are always my top picks.

You all do what you do so well.

Appreciate it much! this is definitely a strong community if we all help each other out

Thanks, Heidi. Appreciate the overview and additional info.

The competition from the big name companies seems to point to one of two likely paths forward:

  1. Be acquired/integrated by one of the big names
  2. Find some way to create/maintain a cost advantage over the long run

The latter may prove to be too great of a challenge and the former is not assured.

Good review, thank you!

Thanks for the resteem! Post something! :)

Girl from youtube! :) You're awwwwwesome!! :) Yay I found you! :)

Glad you found me here!

How is it a decentralized internet when it is using the internet?

Nice write up I just have one correction the market cap is not in the billions but millions right now and its at about 15m volume for 24 hours.

Oh no! Hahaha thanks for the correction. Guess I got a little ahead of myself. I filmed this earlier today and it took a very long time to load. I'm sure the 24 hour volume will fluctuate a lot day to day.

Absolutely :D you still got my vote HAHA!!