My Holdings for 2018 (part 2): The Golem Project.

in cryptocurrency •  7 years ago 

Last week I wrote about one of the projects I'll be supporting throughout this year: FUN. You can find the post here https://steemit.com/cryptocurrency/@fmaxgarcia/my-holdings-for-2018-part-1-why-i-m-putting-my-money-in-funfair-fun

This time I will be talking about another project that has a huge potential and is simply a brilliant use of blockchain technology: Golem (GNT).

The idea behind Golem is to create a network of computers where each individual machine can buy or sell computing resources to the network. You download their software and when you run it you can choose to either submit tasks to the network (run a program on the network) or allow the network to use your resources. Submitting a task costs you GNT, the coin used by the platform, and allowing others to use your resources earns you GNT.
If you allow others to use your computing power, you can decide how much they can use of your computer. For example, you might not want to allow the network to use your machine during the day while you are working, but you could allow it to use 80% of resources at night while you are sleeping. This would be a way of earning GNT without changing anything about your day.
Now, a bit about what made me decide to invest in this project.

Market cap: At the time I got involved, Golemn had a marketcap of 700M. For me, this is a signal that indicates there is a strong support for the project but it's still not in the 1Billion club, so it has a lot of room to keep growing.

Activity: The Golem community is very active, especially the reddit group https://www.reddit.com/r/GolemProject/ The team holds frequent AMA and they are very responsive to people's questions. Their github is also very active https://github.com/golemfactory/golem you can see that they are working hard on this project. I always like to look at the downside before investing in a new project and knowing that their team is working this much gives me a sense of confidence.

Solves a Real Problem: This is a no-brainer for me. Imagine being a small studio or research institution with small budget. Instead of having to buy 8 $20k machines to run experiments or expensive computation, they can just pay with GNT and submit their jobs, leveraging the computation power of the network.
The possible applications are endless, the question is will the platform be stable and perform as expected once things start scaling up?

Team: I have not been able to find a distinctive trajectory for the team. They have been around the cryptocurrency world for a long time, but I don't think I can assess the quality of their contributions yet. This is one point where I just really don't know enough to make an informed opinion. The one thing that stood out a bit was the close relationship to OmiseGo and seems like the teams are always discussing ideas with each other.

Do you have any opinions on this criteria? Have I missed something obvious or is there something you don't agree with?
I'd like to hear what you have to say.

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