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Reasons behind the Success of Golem Network (GNT)

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Golem
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Since the end of 2nd quarter of the crypto market, investors and traders have been closely monitoring cryptocurrencies besides the top 10. Such coins have tremendous potential to rise above and prove to be extremely profitable in time. Golem Network Token is one such token which has grabbed every individual’s attention towards itself. The token is trading below 1$ at present but the team behind Golem is focussing more on the functionality of their project and constantly hitting headlines because of their achievements. This is why the value of the token is consistently making its way to cross the $1 mark and getting listed on renowned crypto exchanges. In this article, we shall find out more about the idea behind Golem Network and its success.

The idea of Golem Network:

Golem network is known to be a worldwide supercomputer which is decentralized and has the power of all machines that are connected to its network. This basically means, that in Golem ecosystem, a user can loan their unusable or spare computer resources to someone else who might have its requirement to execute complex tasks in exchange for money. The core idea behind creating golem network makes ideal for those who are more likely to execute intensive calculations for complex projects such as Artificial Intelligence, Natural Language processing and even machine learning to explore DNA. But the team is known to be working on CGI rendering. Golem can boost the processing power of a computer’s CPU and GPU.

The golem network token is an Ethereum based ERC20 token which is paid by the user for renting computational power. Providers can freely set their price in GNT as the rental price. Since Golem works as a marketplace, therefore, these prices will reach equilibrium over time. GNT is also required to submit deposits to providers and for participation in the application registry.

Key Attributes of Golem Network:

Also known as the Airbnb of computers, golem has come a long way since the day it was created. The Golem network ecosystem has two key attributes or features which are;

  • Application Registry

It’s an Ethereum smart contract which was created for developers so that they can publish their own Golem applications. It makes the process of finding users and requestors to get the tools their searching for easy.

  • Transaction Framework

This framework consists a set of requirements which a developer has to follow while implementing a transaction model for their Golem application. Golem is extremely powerful and completely decentralized. It’s a global network which connects everything from personal laptops to data centers.

The best part of a project such as a golem network being decentralized is that it can never be monopolized. This technology is a huge step towards the future and eventually when it’ll be combined with advances of new age technologies such as IPFS/Filecoin, Whisper, Swarm, DEVp2p and Ethereum it’ll substitute the existing data centers that are currently powering the internet. All direct competitors of golem network are centralized and given the nature and functionality of golem, its rivals cannot measure up to Golem’s price or power.

Launch on Ethereum Mainnet:

Back in the mid of April, Golem team announced that the golem’s beta ‘Brass’ is live and running on the Ethereum Mainnet after completing a year and a half of its successful $8 million USD initial coin offering. This served as a major milestone achievement for Golem network according to their roadmap. To those who do not know what ‘Brass’ is, it’s a proof-of-concept that presents early investors with a basic platform so that they can test the network. The long-term of golem network is providing cost-efficient and the open-source option to the present cloud computing platforms. After ‘Brass’ went live on Ethereum mainnet, the team declared a bug bounty program which will enable developers to use the new platform and help Golem’s team to find any pre-existent bug and refine their experience. When the initial trial process is completed, golem team has planned to launch a general purpose online computational cloud. Their next release is ‘Clay’ which will provide globally decentralized supercomputers by establishing up integration with computational synchronization.

Result of Listing on Binance and Bithmub:

On 27th April Binance, one of the largest cryptocurrency exchange announced the listing of Golem network token (GNT) on social media. As soon as the news came out, GNT market rallied towards their supposed moonshot. The asset went up to 45% that week and reached a price point of $0.64 the next day of listing announcement. After acquiring absolute volume records the GNT prices in term of BTC is improving and may continue. Today, on 3rd May Bithumb which is famed to be one of the most influential crypto exchanges declared listing of GNT. As a result, Golem is sure to reach a new peak in the coming days. The golem team also declared that until this stage, it has liquidated approximately half of the 820,000 ETH that was raised during ICO.

Final thoughts:

At the time of writing, Golem is ranked as the 43rd biggest cryptocurrency on CoinMarketCap. The price of GNT is experiencing a surge of 40.57% which has taken the price point to $0.80 USD. The total market capitalization of golem network rests at approximately $664 million USD while according to the official data, around $213 million USD worth of GNT has been exchanged within 24 hours. Hence, it’s clear to see that Golem is pacing quickly towards its goal and the market sentiments are also in its support. So, it’s safe to say that golem’s upcoming release and exchange listings will pave its way towards $1 soon.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

HODLing Stellar Is A Good Plan For 2019

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HODLing, or holding on to a certain asset or assets has always been an extremely useful investment strategy, even before cryptocurrencies were even imagined. Now, with the market being more uncertain than ever, many are wondering what is the right thing to do with the coins in their possession.

Of course, things change depending on the coin in question, but today, we are going to talk about why it is a good idea to hold on to your Stellar (XLM) in 2019.

Why You Should Hodl Stellar (XLM)

The crypto market is rich with hundreds, and even thousands of different projects at this point, and separating valuable ones from those that are destined to slowly fade away can be tricky. However, even the biggest skeptics believe that Stellar is a coin that is here to stay.

XLM was first launched in 2014, and for a long time now, it has been among the top 10 cryptos by market cap. It is an open-source, decentralized protocol that allows users to send fiat currencies by using cryptocurrency as a method of transport. In a lot of ways, it is very similar to XRP. However, the biggest difference is that Stellar aims to offer its services to regular people, while XRP is more interested in working with banks and financial institutions.

Nevertheless, sending money, especially when it comes to cross-border…

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Altcoins

Reasons To Invest In Electroneum In 2019

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2018 has been quite a rollercoaster for the crypto space. Coins went up and down more times than anyone could have guessed, not to mention two massive market crashes. However, in a few short weeks, the year will be over, and a new, positive period for the crypto world is expected to arrive.

While there are many predictions for 2019, today we are only interested in one thing — Electroneum (ETN). A lot of people quickly took notice of this coin, and many believe that it is among the coins of the future. Indeed, it has received a lot of attention, and many are interested in why that is, and why investing in it is a good idea. So, let’s take a look at a few reasons why you should invest in ETN in 2019.

1) It is fast

Speed and precision of any service have always been very important to people. This importance is even greater when making a profit depends on it. Electroneum developers were aware of this when they created it, and the coin is up to 5 times faster than Bitcoin. This means that ETN transactions can be confirmed much faster, which in turn reduces fees and waiting time.

Furthermore, there are also plans to create Electroneum Virtual Currency Exchange, which will allow the project to act as an exchange. However, the even…

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Bitcoin

SEC Postpones Bitcoin ETF Decision Once Again

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The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

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