Considering how unpredictable the bearish trend of prices of cryptocurrencies have been in the past month, Golem (GNT) is one of the few digital tokens with a working product that can be used by any individual with a computer.
On September 2 2018, Golem’s price reached a monthly high of $0.190856. Although it has experienced a decline since, due to trading in a falling wedge, its current price is around $0.1518. It seems as though the RSI for GNT/USD has finally broken out of this falling wedge after an extensive correction of about nine months, this might be the beginning of a new trend.
McAfee’s $5 Prediction
John McAfee, who is an advocate of cryptocurrency, predicted that Golem (GNT) would reach a price of $5 by July. However, the prediction didn’t materialize then but it was clear to everyone in the ecosystem what birthed this prediction. As at that time there was little was known about Golem, but now there is increased exposure which would interest enthusiast to see Golem rise.
The amazing thing about Golem (GNT) is its progress in the last nine months which is not evident in most of the other altcoins and Initial Coin Offering (ICO) owing to the fraudulent intention of some of them with little or no use cases. The Golem project started by establishing a use case but now has officially released a working product. The three things Golem is focused on are; rendering, machine learning and computing power. It enables individuals to run their resources in a peer-to-peer manner to complete these task in exchange while getting Golem Network Tokens (GNT) as incentives.
Golem: A Lucrative Investment
Despite the strong fundamentals of Golem, it is also a relatively lucrative investment. This is due to the risk/rewards received from an investment.
According to charts, as predicted by McAfee, it can be deduced that GNT might soar to as high as $5 in the near future. However, it is EXTREMELY important to point out that Golem has never reached near $5 before. It hasn’t even hit $2. So a prediction to take Golem to $5 is a very bold prediction, which McAfee still stands by.
Most of the computational tasks eventually will provide solace for companies seeking cost-effective computing power on a large scale. For instance, Pixar might consider hiring some computing power for animation rendering.
The implications of this are that by buying some GNT in order to create a project for rendering, other individuals around the world can, in turn, use their computers towards the specific tasks to earn the GNT.
In the end, it turns out to be a win-win situation. Pixar, on one side, would achieve its rendering at a cheaper rate, while task performers get their compensation in GNT. This means that anyone with access to a computer can earn themselves some Golem tokens by merely performing computational tasks. This concept can be compared with that of Bitcoin mining. However, the overarching difference is that the former is more practical and much more accessible.