Golem Network Gains New Use-Case While GNT Price Spikes 23%

The price of the Golem’s GNT token gained 23% during Wednesday’s price spike, which saw the token value climb as high as $0.092 – a new quarterly high.

This comes shortly after the Golem Network gained a myriad of potential new use-cases thanks to the addition of WASM (Web Assembly) integration for developers, which is now available for testing on Golem nodes.

Golem Price – GNT/USD

From the daily low of $0.075073 GNT spiked at a peak of $0.092895 at around 12:44 UTC – a 23% price boost. The spike was fuelled by a huge 876% increase to trade volume, as the daily changeover leapt from $1.7 million to $16.6 million.

Close to half of that sum came from GNT/KRW trades on Upbit and Bithumb, although the Bithumb volume was later **questioned by CoinMarketCap. Binance’s GNT/BTC pair accounted for close to 20% of the daily total.

After dropping back to the $0.083 range at time of writing, that still leaves GNT clear of its previous quarterly best. The $0.09 range was last seen in early December 2018, just as the crypto market plunged and wiped close to 50% from the value of GNT and others over a two-week period.

Run WASM on Golem Nodes

The addition of WASM (Web Assembly) formats to the Golem opens up the network to an entirely new field of use-cases and experimentation. Until now the Golem Network has been focused on distributed rendering, with over 250 active nodes contributing almost 2,000 CPU processors, and many terabytes of RAM and disk space.

Jakub Konka of Golem’s R&D team said:

“This is very appealing to Golem as it enables the nodes to run arbitrary code in a safe manner. All you need is to compile your C/C++/Rust app to Wasm and you are good to go. In terms of computation required, running Wasm on a node in Golem doesn’t require any more resources than running the app natively on your machine.”

Web assembly is integrated into Firefox, Internet Explorer, Google Chrome, Safari, and most major browsers. One commenter on Golem’s reddit channel posited the potential of running Golem directly through his browser, stating:

“Oh man, if I could earn GNT by leaving a browser tab open, that would be insane for adoption.”

Beyond Distributed Rendering

Konka gave us a more modest example for the time being:

“Suppose you have an insane amount of text to convert to speech which would take a considerable amount of time on your laptop. Now, you can simply split the text by chapters, say, add the split text as subtasks to a Wasm task in Golem, launch it, wait for the resulting .wav files come back, and you’ve got your text-to-speech translation done in no time!”

A Golem developer AMA is underway as I write, where you can catch up with the latest developments from behind the coded curtain.

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.