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A snapshot of Golem over a month
One month ago, Golem was sitting as the 50th most valuable cryptocurrency by market cap on November 4th, and traded at $0.168511 USD. At the time, the cryptocurrency bore a total market cap of $161,642,586 USD.
Now the 51st most valuable cryptocurrency, Golem trades for $0.10023 USD today, and bears a total market cap of $96,205,169 USD. For investors holding bags since last month, that development marks a 40% decline. Similarly, the market cap has diminished by approximately 40% .
Although any movement into the red is not welcome, 40% is a moderately low amount compared to some tokens which are facing 80 – 90% decreases. Comparing Golem to Bitcoin one can see that Golem has held more stability, albeit in a downward trend, and has seen fewer spikes in either direction.
What is Golem?
The project is a based on a concept which uses a two-fold method of computer storage using a decentralized supercomputer which has been created to take all of the individual machines on its network and combines the computing power. From it, users on the Golem network can rent out spare space they might have on their computer to those who need the resources to complete activities which require large amounts of computing power.
This model is doubly beneficial – it is good for those who have spare storage to generate easy income and it helps those who need the power for tasks such as performing intensive calculations for activities like machine learning.
Currently, the Golem team has said that they are concentrating their energy on rendering Computer Graphics Imagery correctly since this is a key area which often struggles with high cost and long waits.
As a two-fold concept, it means that the requester needs a friend. Thus enters the “provider”, a user who will be offering the power. After a task is created, a provider will receive the task offers, which are broadcast publically on the network, and will be able to opt for their preferred task.
On the network, a user’s reputation is critical. If a user has a poor one, they will be rejected and will not be able to offer their computing power and will not be chosen as a provider. If a user is verified and the task is a possibility in relation to the power that they can offer, all can go ahead.