Golem (GNT) Price Spikes 17% Amid Downturn; Golem Unlimited Demo Released

Golem (GNT) saw its value jump by 17% amid the downturn of bloody Thursday. The surge came swiftly within a six hour window, and restored the 15% losses incurred by GNT earlier in the same day.

The upturn comes just as a demo for Golem Unlimited is released to the public – a new tool which allows nodes to form private, trusted groups within which to operate.

The Golem project aims to provide a decentralized computing power marketplace, and the new feature is expected to make it easier for institutions and data-centers to operate within private arenas – complete with the ability to set their own network values independent of the mainchain.

GNT/USD in Flux

The GNT token sunk with the rest of the market early on Thursday morning, sinking 15% from $0.170831 down to $0.144511. However the plunge didn’t last for very long, and the token price immediately rebounded back up to $0.169249, making up 17% growth within the space of six hours.

Daily volumes were boosted by 405% as GNT trades rose from $1.8 million to $9.1 million – the largest volume of trades since late September. Over 35% of that figure has come from GNT/KRW trades on Upbit and Bithumb. That’s only a little less than the 39% made up by GNT/BTC trades, suggesting GNT’s coupling with Bitcoin is less severe than other altcoins.

Golem Unlimited Demo

According to the official Golem Medium blog, an analysis of the project’s user base revealed a hesitance to incorporate Golem into their existing infrastructure. The blog post states:

“Unlimited is aimed to supplement Golem’s functionality with the wide range of features that trusted environments offer. The product introduces the possibility of joining nodes into trusted groups and run any calculations within these groups, according to each group policy.”

The Golem Twitter feed is awash with screenshots and video presentations of the new demo, and according to the feed, Unlimited will also come with a Software Development Kit for users creating apps on Golem:

“Golem Unlimited will be an open platform featuring an SDK for developers to implement distributed applications of their choice… our new product is meant for medium to large idle computing power owners (e.g., datacenters, companies with desktop machines). This demo features the Mining PoC but it’s just a glimpse into the ambitious future of Unlimited.”

Golem had been fairly quiet during the summer months of 2018. The Q2 launch of the Golem Brass testnet was delayed for almost a year, but activity has sped up in recent months with a network update to Brass Golem Beta 0.17.1 landing in September.

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.

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