As always, before I invest in a new asset I do my thorough research. Here are my findings, explained in the simplest terms possible, for those of you still confused about what Golem is, and its potential future.
Let me start by saying that investment wise, Golem token is one of the most undervalued tokens to date (if not the most) so expect it to take off at any moment, see the screenshot below.
That being said, let's start:
Q. What is Golem?
A. A global market for computing power.
Q. How does the market work?
A. You sell the computing power of your devices to buyers who need it, online. If it helps you visualise better, you rent out (virtually) your computer, smartphone, tablet, (any device) when you're not using them, or when you're asleep and in exchange you receive money.
Q. How do I rent my devices and who pays me?
A. You'll have to install an app on your device/s. By doing so, you become a "hardware provider". The app (Golem) does the rest as in; it connects the person (task requestor) who needs your laptop (computational power - hardware time) to you and also deals with the payments aspect of the transaction.
Q. How much do I get paid?
A. The app (Golem) allows you to specify the renting and payment parameters. As in, "I am renting just 20% of my computational power for x amount of money". The more you rent, the more you make.
Q. Who are the task requestors?
A. Anyone. From students to mega corporations interested in market predictions or medical research (DNA, protein folding, BRAIN project) to Artificial Intelligence, CERN, and so on. And that's not all. Have a look at the https://coinmarketcap.com/ top 100. At least a quarter of them, if not more, are going to use Golem's processing power!
Q. Why Golem and not somebody else?
A. Golem team has only one genuine competitor; all others are either scams or "one-man" bands so be very careful not to fall for some of the well crafter websites, personal agendas or wannabe traders. The competitor is iExec RLC, with a solid idea - according to their whitepaper - and a great team of academics behind the project. However, the team could be more of a problem in the long term - judging this as an academic myself - as one of RLC's key "players" is located in France and the other one in China, while in comparison Golem works as a business, with the same team, in the same offices, every day.
More than that, those of you in academia are well aware of how little spare time for personal projects one has...so you get this idea. Moreover, I have many Polish colleagues; they're some of the hardest working people I know, with impressive work ethics and that "won't give up until is done" mentality that most eastern European cultures seem to have. In all fairness, it won't surprise me to find out that they work weekends as well.
Regardless, assuming that Golem remains independent (not bought by Facebook, Google, etc) whoever wins the race (Golem or RLC) is most likely going to buy/incorporate the other group so again, as an investor in Golem this is only a win-win situation.
That's it. I am not going to get into the side of Golem dedicated to "Software Developers" (which by the way I find absolutely amazing) ghost users, or possible security risks. At least, not for the time being.
What's more? Watch the first three minutes of the video below as it is going to help you understand more of the idea behind Golem Project:
One more thing. Someone mentioned today on a forum about the future legal problems of the crypto world. The only legal troubles Golem could get into is with the NSA, GCHQ, and so on, given their insatiable appetite for computational power (quantum race) as seen below:
However, if that becomes the case, Golem might have to either give them access to their computational resources or get shut down. Now, Golem is on the blockchain and decentralised. So NSA, GCHQ, etc have no other option but to buy what Golem has to offer. What does that mean? Money. More money for you.
To conclude, don't be surprised to one morning - while you're still kicking yourself for not buying NEO when it was just $0.35 - that the sleeping giant has awakened. And that morning might be soon. Sooner than you can imagine.
https://golem.network/
https://www.reddit.com/r/GolemProject/
