- Golem tokens migrated from their native network to Ethereum as its network architecture required a rework.
- Golem was one of Ethereum’s first ICO’s, but didn’t remain on the Ethereum network after launching.
- Repurposing spare resources is a business model that’s proven to be idealistic in the blockchain space.
- MIT Solve partnered with Golem to widen their acceptance in the blockchain space.
Cryptocurrencies are disassociating themselves from their P2P transfer systems. Golem is a decentralized P2P marketplace for repurposing unused computational space with a supply and demand dynamic.
Amazon Web Services offer a similar solution to consumer’s weak points, but as a centralized entity. Golem’s structure had become a staple for leveraging Ethereum’s crowdfunding platform before ERC-20 became a blockchain standard.
Is Golem Rising Again?
Several decentralized entities mimic Golem’s pay-per-use business model. Still, the market’s potential is highly competitive with projects continuously identifying a multitude of services that could help support the integration of Web 3.0 into our daily digital interactions.
Golem migrated from their native ecosystem to an ERC-20 compliant token. Golem Network’s CEO emphasized that the company tackles “big tech monopolies with fairer systems,” thus expanding their network architecture. The new network architecture resulted in the creation of a new token.
In November 2020, GNT token holders had the option to migrate to the new network and trade their token on a 1:1 pairing for the Ethereum native token, GLM. Building on Ethereum’s layer 2, it widened the scope for new network opportunities, mainly due to its scaling capabilities.
Golem further became part of MIT Solve, extending the network’s reach towards early tech adopters. As stated in their press release, they see delivering censorship-free access to computational resources as imperative to “embracing the Web 3.0” technologies. Maria Paula, head advisor at Golem, pointed out that the markets, and society in general, are on the precipice of “world-changing” events, which thus increase the demand for disruptive technologies.
On the Flipside
- Computational power users still see big-tech monopolies as trustworthy, even though blockchain offers more transparency.
- Golem funded their ICO on Ethereum, but chose not to select an ERC-20 standard.
- Since 2018, GLM has failed to pass its previous all-time high of over $1.
One Patch at a Time
The title of the “Airbnb for computers” is not an overstatement. Higher demand for additional resources increases the workload on Golem’s end service. Developers have actively committed to improving the stability and safety of their blockchain end product.
As such, new iterations and code amendments are pushed through the Beta phases 1 and 2 on their mainnet. As Golem gathers more institutional, as well as user, attention, smooth operation on the network is a must for both seekers and providers. What’s more, Golem is actively promoting community bounties to increase dApp testing on their API.
Golem’s claim to credibility as a decentralized marketplace is reflected in their transparency. They introduced API stats and documentation that enable the community to increase price prediction strategies.
Golem is also querying community impressions on whether to participate in AAVE or MakerDAO for collateral. Additionally, they incentivize Community Contribution by featuring Golem’s own blockchain. The Golem Fleet Battle Simulator demonstrates the project’s ability to integrate multiple use cases and use the resulting computational power to process PvP results. Finally, Golem increases community participation on Discord through a reward system through which participants can receive 1,500 GLM tokens bi-monthly.