[GNT] Golem Speculation

[Foerster]

so It Is like a Seti@home project? what i don't get is what's the real business behind.. but that is common to 99% of ICOs.. sure is a nice project but in the end everyone cares only to make profit.

Seti at home is a bunch computers skimming through recorded radio spectrum from space in hope to reveal some non-random things in the sup that might be caused by aliens.
Since it's mostly futile to search for such things all participants do it for free and fun. One might even say that the Seti computations are useless and will (likely) add no value to nothing since success is extremely improbable.

A Golem plugin, on the other hand, could be used in many computer programs and computations that will have a definite benefit in the real world. E.g. You might have a weak Ultrabook and want to render some images or do a complex calculation of wind turbulence. With your Ultrabook, this might take 20 hours, but if the software you use has a Golem plugin you can let the Golem network take care of it and two minutes later you receive the results. To compensate the network you pay the equivalent of 20 cents for the calculations, If it's really urgent and you want the result asap you might pay 1 dollar and if it's low priority stuff then you might select a very low amount like 4 cents.

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[shade_wrath]

Only good coins truly increase based on efforts and usability in real world. Golem is one of them which will increase but not that fast. Expect $1 by mid august to end August. Then a dip period again and roughly 7$ by end of year.

In crypto, price increase doesnt really mean project is good. Price fluctuations are based on investment in that project. You need to monitor your investment every week so as to make sure your investments are still performing. If any competitor will attract more investors who are looking only to double there money in short time then it can impact your investment too.

[primius]

I would rather buy XEL (elastic coin) instead of Golem. I copied the following passage from the elatic website which describes the differences between this 2 coins very well:

Golem also tries to bring together those who have spare computational power and those who require it. According to this these entities are termed requester nodes, these nodes that announce computing tasks, and compute nodes, nodes that perform computations. As of now, the computation tasks are limited to rendering tasks using blender. Neverthelss, However, Golem seems to be just a “peer-to-peer market” for computational resources and not a cryptographically secure protocol to ensure the correct distribution of, and payment for computational power.

The biggest problem in our eyes, and at the same time the reason why from our perspective Golem does NOT constitute a decentralized computer, is that the submitted results are not automatically verified for correctness. That means, that the result someone sends may very well be garbage and so it has to be checked manually by the requester nodes before he acknowledges the release of the funds. At the same time, malicious requester nodes may claim that their work was not carried out correctly and charge back the funds even though the compute node has carried out the task correctly.

While a ranking/reputation mechanism, as implemented here, helps to identify malicious users (similar to the reputation system of online auctions where you can “over time” seperate honest sellers from malicious ones) this concept differs totally from what we want to achieve in Elastic.

We do not want to build a peer-to-peer market where users may betray each other, mitigating malicious behavior only by using trust-based reputation systems! We rather want to build a system which is robust agains such kinds of attacks due to a “higher force”, i.e., the protocol, making sure that work is carried out correctly, and workers are guaranteed to be paid out for their efforts.