With GNT Price Slowly Climbing Back Up, Is Golem Worth Investing In?
A number of cryptocurrency observers claimed that the Golem Network Token (GNT) is one of the many digital coins worth following, if not investing in.
The price of this crypto—46th largest with a market capitalization of US$161.968 million—has slowly risen during the past days. As of October 18, the GNT is trading at US$0.168425] against the US dollar, representing a growth of 11.68 percent during the last seven days. Furthermore, the current valuation is 28.79 percent higher than last month’s.
— Ortamis (@Ortamis) October 18, 2018
However, many believe that the long-term sustainability of cryptos and utility tokens like GNT rely less on its price and more on the project nowadays. Among other luminaries, Ethereum co-founder Vitalik Buterin has stated that “further growth of crypto in any sense must come from [actual usage].”
In that department, what does Golem offer that could entice potential investors?
The Golem Network—in which GNT is used as the currency—acts as a decentralized peer-to-peer platform where computer owners called Providers can lease their computing power, similar to cloud computing. Buyers—called by Golem as Requestors—would pay in GMT to rent computing power needed in speeding up their power-heavy services.
The platform’s first-use case application and mainnet product, Brass Golem, is currently in beta stage. Brass Golem focuses on the visual effects market, specifically CGI rendering. Requestors can borrow computing power from units connected to the network to render projects from 3D creation program Blender and, in the future, rendering system LuxRender.
You might be asking yourself: where's Golem? heads down building and initiating the "agile transformation". Well, we're indeed being quite agile. Brass is about to get an upgrade… up for guessing what's coming? pic.twitter.com/tYhK5AkSWU
— golem (@golemproject) September 28, 2018
The Golem website revealed that the team’s next target is the field of machine learning. The team’s goal is to provide a platform for decentralized computing power where developers can host their machine learning applications.
With the two and many more projects promised, Golem’s initial coin offering (ICO) in November 2016 convinced investors to buy 820,000 Ether (ETH) worth of GMT in just one day.
However, no matter how convincing Golem’s technology is or how tempting GMT’s prices are, crypto analysts still warn potential investors to conduct their own research before putting money into the project.