Golem is an Ethereum based project that aims to build a decentralized network which allows users to share and aggregate computing resources to create a global supercomputer.
The Golem team is creating a network to share resources and hopes to supply software developers with an alternative to traditional centralized cloud service providers like Amazon, Google, Microsoft, and IBM. The network functions as a peer-to-peer marketplace for excess computing power.
Users can rent out their hardware in exchange for compensation in Golem tokens (GNT). Those that require resources to complete intensive tasks, like CGI rendering, can pay for this excess capacity through a decentralized marketplace. Golem aggregates multiple resources when completing compute tasks enabling almost anyone, from a single PC to a full data center, to contribute to the network.
Golem Factory was founded in Switzerland in 2016 by Julian Zawistowski and Andrzej Regulski. Golem released the Brass Golem implementation in April 2018, allowing Providers to earn GNT by contributing computer power and requestors to spend GNT on available compute power. The first target use case is for CGI rendering, allowing requestors to distribute processing of any Blender or LuxRenderer scene over the Golem Network.
General Market Movements and Sentiment Shift
The downfall of altcoins that were mainstream media darlings at the start of the year, GNT among them, can be attributed, in part, to novice investors getting scared off once the bear market kicked in with a vengeance. Every resurgence of bitcoin in recent period, was met with the, for the most part, inability of altcoins to rally with it.
Reason for that can be rookie investors learning from their mistakes, while smart money that was previously watching from the sidelines has begun to enter into bitcoin.
These entities weren’t about to buy BTC when it was trading at an all-time high, but they’ll take a look now, having missed the boat the first time around. None of them, it seems, are interested in altcoins however, despite the fact that many are trading at a 5x discount. Institutional investors may be cautious, but they’re not foolish.
Some altcoins will continue to have some speculative value for the foreseeable future. But just like the now infamous tulips, the hysteria will eventually subside. We are already witnessing the first phases of that slide and even though most of the bag holders react emotionally to articles that criticize their coins, I am just observing the developments on the market. You better start emotionally detaching yourself from your “great sounding” coin because if goes nowhere, ideas are worthless without execution and real users that see value in the project.
2018 was a very interesting year overall for the broader DLT community, “ICO projects” came and burst in a similar fashion to the firework that painted the evening sky tonight.
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While the mass death of barely-alive-in-the-first-place projects causes some uncertainty and skepticism among the newcomers, it is something veterans and pioneers of this space have been longing for.
In order for DLT to become established, we need quality over quantity, we need convergence on standards and consolidation of communities to bring to life what we’ve been working on for years. With less noise, 2019 will act as a Darwinian selection mechanism, much like that of which the IT companies post-dotCom Bubble experienced.
This is a good thing and absolutely necessary for the real maturation of the space.
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Captain Altcoin’s GNT Coin Price Prediction 2021
GNT, as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, GNT can hope for one as well. Bitcoin usually has a cool-off phase after its mega bull runs and that is when the altcoins take over and have a field day with the bulls, often doubling or tripling their price within days.
With the pandemic breakout, the world was sent into hybernation for couple of months and it reflected negatively on the cryptocurrencies, sending bitcoin downhill as we witnessed even 40% daily losses. However, situation quickly stabilized and bitcoin as the flagbearer took the crypto market back up. We are in a major bull run since the summer and, if we are listening to the analytics from social media and journalistic desks, we are far away from its local zenith.
Read also: Best Golem wallets
What this means for Golem price in 2021?
As long as bitcoin is in the main role and pulling upwards, there is little room for GNT to shine. It will, however, increase its USD denominated value thanks to the overall rise in crypto prices. Nevertheless, GNT to BTC ratio will probably slump, possibly to all-time lows. This means that it is best to keep your funds in bitcoin until it reaches its provisional peak, opening the doors for the altcoins to enter the scene. Golem will not be among the top candidates to record big gains, as the money usually flows from bitcoin profits to bluechip altcoins and big cap coins before trickling down to the tier two projects, where GNT belongs nowadays.
The majority of projects will fail — some startups are created just to gather funds and disappear, some would not handle the competition, but most are just ideas that look good on paper, but in reality, are useless for the market.
Vitalik Buterin, co-founder of Ethereum said:
“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”
Golem Network Coin (GNT) Future Outlook
As a result, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will GNT be among those 5%?
History has shown that truly innovative technology always takes longer to develop, costs more to fund, and is frequently doubted before officially coming to market. Despite Golem having been around for quite some time (~2.5 years, or 250 years in crypto-years), the innovative efforts and challenges Golem is taking head on are easily some of the biggest in the crypto world. Patience is a virtue…
However, before we can expect Golem to see large adoption, it’s fair to say the broader crypto world will need to see some adoption of its own. It’ll take time, an effective marketing campaign, greater awareness, further development, and meaningful partnerships to exist before one can expect a ramp in adoption.
This makes Golem one of the most intriguing projects to have in your portfolio – the upside is huge but the risk is even bigger. Investment in Golem makes sense only on a very long time scale and proper expectation management – it could easily end ingloriously.
All of this summed up means one thing: GNT might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.
Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect GNT will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.
Golem predictions – Market prediction
With the market being completely unpredictable, forecasting the cryptocurrency price is really more of a gamble and luck rather than a data driven guesstimate.
Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the GNT price, which will give us another point of view to consider:
Cryptoground.com is cryptocurrecy prediction algorithm that is moderately bullish on most of coins, similarly on GNT token as well. The forecast GNT to climb up to $0.25 per token by EOY, which means a 3-4x increase in comparison to the current price.
Walletinvestor is a popular website that does technical analysis-based price predictions of various cryptocurrencies and traditionally has a skeptical outlook for most coins, but not GNT. According to them, GNT is expected to stay about the same price as right now – around $0.08 per token in one year.
Trading beasts is much more bullish on Golem Network token and forecasts that GNT can climb to around $0.27 within a year which means it will essentially grow 4x in value in the next year.
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com