Golem was a monster made of clay, animated with dark sorcery – we all know that from Jewish tales of Prague. It’s a quite scary ruthless spawn that serves the will of its’ creator.
The GNT (Golem Network Tokens) ICO started on November 16th 2016 and raised $8.6 million USD in just half an hour. Ever since GNT price increased 20 times following a pretty usual token growth pattern: https://coinmarketcap.com/assets/golem-network-tokens/
On September 20th 2017, 1 year after the launch, Golem posted an update that said “R&D phase is over” but they actually meant that “R&D phase” for Golem Brass, which is the first iteration of the project (first draft for us liberal arts folks): https://github.com/imapp-pl/golem/
The news immediately made GNT rise in price, which sure came handy for someone who is quick to trade pumped tokes:
Last time we called a token a “pump and dump” operation we felt the heat of their fanbase telling us “the token is not pump and dump because the tech behind it will change the world”.
A lot of butts will be hurt now as well but we’ll still say this: GNT is just a pump and dump project too. Almost all Ethereum tokens are are right now. None of them are changing the world (yet!), since they just operate within online and crypto-communities and serve the needs of their own infrastructures.
Let’s analyze what Golem developers, that is, the promoters of Golem say about it. According to their explanation Golem is a blockchain-based supercomputer that relies upon the computational power of participating computers, owners of which rent out their power to get paid.
Basically Golem would be spreading various tasks over thousands of computers. What tasks would they be? Here’s what the creators say:
- Scientific research, from DNA research to finding new biofuels to searching for alien life to predicting & mitigating the effects of climate change to analyzing experimental results from the Large Hadron Collider. And that’s just off the top of my head.
- Graphics rendering, so that everything from uber realistic virtual reality video games & movies to architectural & designer renderings can be done uber fast and cheap.
- Artificial intelligence & machine learning, so that everything from training a game AI to play video games really well to teaching self driving cars to creating a smarter-than-humans artificial intelligence being can be done faster.
- Data analysis, from predicting future results on the stock market to analyzing written text for emotional analysis to crunching the data on traffic accidents.
- Cryptocurrency mining, to create efficient & decentralized mining pools to serve as the backbone of cryptocurrencies. … and just about anything else that requires heavy computational power.
Let’s be realistic and leave out self-driving cars, scientific research, and climate change. These are just buzzwords to impress, but none of these fields are not related to Golem yet and won’t be in the near future.
Data analysis, artificial intelligence and cryptocurrency mining are what’s left because these areas are very simple to implement.
So, a giant botnet that does cryptocurrency mining, data analysis and artificial intelligence computation.
This is a decade old technology.
Golem is basically fancy spyware: something that bloats your computer collecting data for marketers. Think a trashy browser addon that sends traffic through your computer, changes your homepage and collects data on your internet usage.
This is what Golem is in a nutshell, that is, until they start making self-driving cars that use open-source blockhain-based botnets.
Why the hate?
There is no hate, we only want everyone to be sober in their judgement. There is no “technology that will change the world” about all these shitcoins. Even if there is a legitimately passionate team of geeky developers behind, the coins only help them raise funds and stay afloat by using the pump and dump money.
$GNT is a pump and dump token with useless tech project behind it that serves nothing but more marketing and more cryptocurrency operations.
Sure, someday Golem might help turn the world into an online AI dystopia, but those times are very far ahead. Right now take Golem for what it is: an interesting trading opportunity. Stay vigilant!
Made it to the end of the article? Time to sign up to the mailing list: