Golem, The Ethereum-Powered Decentralized Supercomputing Cryptocurrency, Slides After Debut on Poloniex Exchange

The token of the Ethereum-based decentralized supercomputer network Golem (GNT), debuted on the largest altcoin exchange, Poloniex, on Saturday (Feb. 18, 2017).

The GNT/BTC exchange rate briefly hoovered around its all-time high of 0.00005621 as trading began on Poloniex, however, over the past two days, the price of the token has continued to slide closer to its pre-debut range of 0.00002 - 0.000023.

The Polish-based 13-person developer team behind the Golem Network held a very successful crowdfunding campaign on November 11th of last year, raising 820k Ether (approximately $8.6 million) to complete the ambitious project that is said to have the potential to revolutionize industries like distributed scientific computing, A.I., cryptography and CG.

The open-source Golem project essentially aims to create a fully decentralized, global economy where hardware owners that have spare computing capacity can profit by leasing their unused CPU cycles to individuals/corporations looking for large amounts of processing power.

“Eventually, combined with advances in other cutting edge technologies like IPFS/Filecoin, Whisper, DEVp2p, Swarm, and Ethereum, it will replace the huge data centers that currently power the internet,” says Golem on their blog.

Currently, the Golem project is in alpha stage and resource providers can earn GNT tokens for completing Blender renderings.

At press time, the Golem token is down 12.59 percent on the day and its market capitalization stands at $19.88 million. Rankings on Coinmarketcap show GNT is currently the 18th most valuable digital currency in the world.