The Golem Rocket
This is a post to talk about the possibilities Golem (GLM) can bring to the world and how we can jump in this rocket before it takes off.
I’ve been in the crypto space since the beginning of 2017 and everyone who is from that time and that was following Ethereum knows about Golem.
Ethereum itself was a huge game changer in the blockchain world with the smart contracts idea. It was even possible to create a coin on Ethereum. And the first coin with real value that was created on Ethereum at that time was Golem. The ICO that occured in November 11th 2016 was the fastest one and the biggest one in the crypto space up until that moment. They raised $8.6 million in 29 minutes and ended the ICO. Just for comparison, Ethereum took 42 days to raise $18million.
Everybody was fascinated with the concept ‘’airbnb for computers’’ which still is a great way to explain what it does since you essentially rent your unused computer power for other people that need it. But since it was something that was created in the really early stages of the crypto world, the token that was created at the time (GNT) wasn’t a ERC-20 token, which became the norm the following years.
But that wasn’t necessarily bad because they used those 4 years (2016-2020) to research and define the best product and business model. In the begining their idea was to create themselves the use cases on top of Golem, like the famous Blender case (where you could rent your CPU for people that worked on Blender and didn’t want to wait long hours to render their project, so they rented someone else’s CPU and did that render in a few minutes). But soon they realized it would be much better to create a great PLATFORM so people around the world could create their application themselves, which would allow the project to grow in a fast pace.
After having defined that they were going to be a platform, they started the next obvious move that was to update their token to an ERC-20 token, that could be traded on Defi and used on Layer 2 solutions. That’s what happened a few months ago, they changed their old token that wasn’t ERC-20 (GNT) for the new token that is ERC-20 (GLM). This migration is still ocurring and doesn’t have and end date (in case you have some old GNT, don’t worry).
So right now the token is already ERC-20 and the product has been launched in the mainnet so people can already use Golem. They lost a bit of time but are back on their track and going strong. They are even doing Hacktons with good prizes ($30k this month) for developers to create use cases on top on Golem, and people are starting to create amazing things. Here’s the list of the projects that are being developed on Golem right now: https://github.com/golemfactory/awesome-golem
The only reason I’m writing this is because I really believe in this project. I even created my Reddit account just to follow Golem’s Reddit page. I’m just a normal dude that has been in the crypto space for some time and that has followed A LOT of projects and none of them came close to what Golem can do to the world. We really live in a world where we will need more computer capacity. Think abou the AI’s. We already have a lot of them today, but when they start to evolve what will be their ‘’fuel’’? Will it be eletricity or computer capacity? What if RAM memory becomes the most valuable thing in the world since everything is becoming an AI, from smartphones to computers and robots?
This is a futuristic view. But we can look to the present. One of the things Golem is already doing right now is a project called u/CHEMGolem: ‘’Via CHEM@Golem, our providers will be able to help run the computations needed to simulate chemical reactions. These calculations aim to generate a model formed by synthetically feasible chemical space of small organic molecules. Exploring this space requires simulating billions of chemical reactions.
The model created by the simulations would be then subjected to further analysis to determine its evolution and behavior as well as to evaluate properties of particular molecules produced within the space. These are essential processes for developing medicines (drugs), as well as other useful compounds.
So, golem can even help humanity develop drugs and thing that we don’t even imagine. Before golem, universities had to rely on their physical computers to simulate the reactions and of course it was very limited by the computers capacity. Now they only need one machine there but can use the computer power of the whole world, getting results MUCH faster and cheaper.
Nowadays when you need to use more computer power than you have, you can rent computer power to do some tasks, but in most cases it is something very complicated to do and you rely on centralized companies like Google or Amazon. The great change about golem is the descentralization of computer power, and that’s why it is called the ‘world supercomputer’.
From a price perspective I really believe it is undervaluated by A LOT. As I’m writing this GLM is now worth $0.46, which is really low. One of the reasons it still a bit low is because not all Defi have yet accepted GLM on their platforms. From the biggest exchanges, all of them are already trading GLM, except Coinbase PRO, but it is confirmed that they will start trading GLM in the end of MARCH, so in the next few days. That will probably cause a small pump on the price. That said, once GLM starts trading in more exchanges I think the price will grow a lot.
And why the price will grow? That is just my perspective, but to me Golem is a rocket on the ground that is about to take off. I’ve seen many projects on the crypto space, most of them with weak teams that give up on the project, and some of them with good teams, which is Golem’s case since they are evolving their product since day 1. From the ‘’good teams’’ projects, most of them are associated with just being a coin better than Bitcoin (faster, cheaper etc) and nothing else, no value. There are other coins like Ethereum that really can create amazing thing. But the Ethereum rocket has taken off a long time ago. It is much harder for ETH to reach $10000 than to Golem reach $3 (although I think i can reach more than $20 this year), so speaking about investiments I see much more possibilities with Golem than with Ethereum. And there are a lot of other good projects like THETA or BAT, but to me none of them come close to the possibilities golem can create. In my vision, in the crypto world, the biggest projects that will be recognized one day as the game changers will be Bitcoin, Ethereum and right after Ethereum, Golem. I hope I can help some people that are having doubts about where to invest. Nobody talks a lot about golem because they were passing through this transformation. But now they are back with everything they have learned during all this time, being one of the first real projects on Ethereum and achieving amazing things. If you are interested, go to their site and their Reddit page and make your own conclusions. I’m not trying to prove anything here or predict future prices. I’m just passing the Golem word forward. Thanks very much