Golem Announces Risk-Taking Approach to Bring Value to GNT

Dubbed the ‘AirBnB’ of blockchain, Golem (GNT) has opted to take a riskier, experimental approach in asserting its value proposition. That’s according to Friday’s press release, which announced the creation of the Golem Foundation.

Led by former project co-creators Julian Zawistowski and Andrzej Regulski, the foundation has been tasked with finding innovative and experimental approaches to bringing value to the network.

Time to Experiment

Golem launched in 2016 with the intention of building a blockchain-based computer processing power marketplace. The idea was that users could rent out or purchase computing power over the blockchain, with GNT being used as payment.

Since then, a beta product has been launched which allows users to rent out CGI rendering power via Blender. More progress has been made in the meantime, yet perhaps it wasn’t enough.

Many had complained in the past that Golem was taking too long to show its fruits. While porting a computing power marketplace to the blockchain isn’t easy, it seems the heads at GNT are starting to agree.

According to Friday’s blog post by Julian Zawistowski, the newly founded Golem Foundation is being formed with the intention of shaking things up. The former CEO wrote:

“This step is … the Golem Foundation, which will strive for new – perhaps innovative and experimental, and at the same time riskier – approaches to the value proposition for Golem and for the Golem Network Token (GNT). This includes testing new hypotheses and looking for attractive solutions that potentially increase the value of the entire project in the future.”

Changeover at the Top

Joining the former CEO is Andrzej Regulski, the former COO of Golem Factory – the group which oversees GNT’s development. Taking the reins will be CTO Piotr Janiuk, and lead engineer, Aleksandra Skrzypczak. Julian Zawistowski wrote:

“It is time to start another exciting chapter in the history of Golem – with new support from our foundation and a brilliant and robust Golem Factory team that will still build this groundbreaking project.”

As it stands, the Golem network can be used to hire remote rendering services across the blockchain. However, most of the network, while still in beta phase, is being occupied by Golem’s testers themselves. In short, the product is (almost) up and running, but not enough people know about it

Golem acknowledge themselves that the current state of things is not enough to pay back the time and money invested in the project thus far:

“Our team understands that Blender CGI rendering will not create enough turnover to cover the work in the project, however we are proud to have launched the first decentralized computer power marketplace.”

Golem Price – GNT/USD

After plunging along with the rest of the market, GNT recovered 14.8% on Friday, as the market rebounded. That carried the GNT price from $0.083705 right up to $0.096110.

That’s just a day after losing 20.5% as GNT fell from a price of $0.105412 – a seven month high at the time.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. Chart via CoinMarketCap. 

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.