I've been reading more and more about Golem the past few weeks as I've been writing my posts. During this time I've found many things that make me very sceptic about Golem and why I would never invest or trust this platform, even if it eventually succeds in making a product for computing.
Main Concern is that 5 users owns 50%+ of Golem
My biggest concern about Golem might be the fact that just 5 addresses owns 51%, and 3 of them hold a staggering 44%! The fact that this coin is so centralized might be something not that many think about.
Source: https://etherscan.io/token/tokenholderchart/Golem?range=5
Comparison on Gridcoin
Top 3 Users owns 30% of all coins
Top 5 Users owns 35% of all coins
To get up to 50% of all coins you have to count in a big amount of users
Golem is still about "Pay-for-Work"
Those who wish to use the Golem network, once they finally make their first product for CPU work only, still have to pay for their share of usage.
There is still no way of knowing the computational price
The Golem network will, supposedly, have a marked auction-based bidding system to set the price for computational work. Once they release the hyped "Brass Golem" there may be a sudden rush to their market of computational work (or not, none knows before) and the price may skyrocket. What you can be certain about tough is that the price will be unknown for computational work.
Comparison to Gridcoin Network
- Makes volunteering work rewarding as BOINC Projects pay Nothing
- Anyone can make a pool with a "paywall" for bidding on work, if they wish
- Potential to utilize 4 million+ with ½ million active daily BOINC users
Golem is only a token on the Etherium network
Golem only uses the Blockchain for Token sales and doesn't have a blockchain of their own as they uses the Etherium coins blockchain for this. As a token they can not make innovative changes to their system and build upon an existing chains usage scope.
Comparison to Gridcoin Network
- Distributes coins for en equal share of work done
- Any hardware can be used, from data centers and high end gaming computers to old equipment and android phones
- Has an on-chain voting system
- Can make new innovative changes for usage of the blockchain, it's not locked into another system
Golem is locking in their WU Distributors
Golems system requires their WU Distributors to use their system and there is no certainty that the work will be crunched by the workers or that the requested or decried capacity will be reached.
Comparison to Gridcoin Network
- Runs on the open-source platform BOINC
- Doesn't require Gridcoin Network to function, no third parties involved
- Can be applied to any data center for processing work
Golem only, barely, has a CPU crunching program
Golem still only, barely, has developed the Golem Brass system, a CPU crunching system, for distributed work. There will be at least another 2 years before they have a system for running GPU work on.
Comparison to Gridcoin Network
- Runs on a 20+ Years open-source system, independently developed
- Runs CPU/GPU work flawlessly
- Anyone can make a project today, with boinc-server-docker
- Only your imagination is the limit for what you can use BOINC for
Thank you for reading my posts about Gridcoin
I hope you enjoyed reading about Gridcoin and the most innovative, environmentally friendly and humanitarian coin on the market as much as I enjoy writing about it.
Don't hesitate to get in tough with the Gridcoin team if you are interested in making a project for distributed work or wish to start earning some Gridcoins today with your computer equipment.
Read more about Golem and Gridcoin Network comparisons:
GridCoin as a potential rival of Golem? - Reddit
Why Gridcoin Beats Golem Hands Down - NateOnTheNet by @cm-steem
Is a concept enough and better than an actual working platform by @sc-steemit
Articles about Gridcoin Network:
7th BOINC project brainstorming thread! Need 100k+ CPUs? Come talk about it! by @cm-steem
Gridcoin and Distributed Work on BOINC
Articles about BOINC/Gridcoin Network Projects
Gridcoin Science: History of SETI@Home by @sc-steemit
Help WCG Project Smash Childhood Cancer by @sc-steemit
What is Gridcoin?
Gridcoin is a cryptocurrency which securely rewards BOINC computation (volunteer distributed computing projects which attempt to cure diseases, map the milkyway, search for extraterrestrial life, etc) on top of proof of stake.
Anyone can create a BOINC project to create a distributed cloud service of their own desire, we can reward your users on your behalf as opposed to you paying for computation up front.
Don't forget to visit the #Gridcoin substeemit! Plenty of text based content being created there every day!
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Wow, 51% owned by a handful, thats shockingly bad.
I know, I did not believe that before I saw it. I thought it was way more distributed.
Some Ethereum whales probably bought it as soon as it launched and pumped it since then.
This has got to be in my top 5 fav. articles I've read in the last month. just retweeted. and resteemed. $GRC is a genius coin. hands down.
Thank you so much @thefutureisnow, kind words.
I think Gridcoin is the very best idea ever cracked, next to Steem pretty much. Those are my two only favorite coins ever made.
No doubt bro. To not put all this computational power to good use is just plain wasteful. someday I hope to have large solar powered facility that mines $GRC. got some land up north where is cold nearly all year. Its gonna happen. thanks.
That's cool thinking man! 😎
Thanks for the article. Especially the fact that 5 addresses own 51 % was unknown to me and makes golem trustless...
I did not know that either until just a few days ago when I cam across that token distribution page.
Golem is a distributed computing token held by a couple of investors who bought it at ICO. Partly truth and partly fiction, a crypto contradiction :)
Thanks for pointing that out @vortac, to bad it doesn't update once you change it. I hate that it doesn't warn you for making a tag typo :D
Yeah, the Golem Token is just an ICO with a hyped product with a promise to do something. It's not its own chain and none really knows how it will work.
Wow thank @sc-steemit for this post By the way gridcoin reaches the highest price ever
Good thing I bought me some #Gridcoin when it was at 1 cent :)
to be more precise it falls flat compared to BOINC
anybody can use any token to reward the crunchers
Gridcoin is currently the only one doing this tough. BOINC does not reward anything in itself as it's a volunteering platform for computational work, but yes, It's the BOINC platform that does the computational work so essentially you could say that it falls short to BOINC.
Interesting read, thanks for sharing and expanding the knowledge base to other steemians!
Well but 18% belong to the Golem team don't they?
interseting article thx for sharing :)
Late to the party I am, thank you for posting this I hadn't done my research on Gridcoin yet and I am strongly inclined to toss some Golem to make room for some now. Very good info.
@sc-steemit thanks for the comparision
for an intresting read about Golem https://steemit.com/cryptocurrency/@pps/golem-cryptocurrency-to-solve-computation-power-tasks
Sounds awful with the 5 holders, but for just an OVERNITE trade...
https://steemit.com/cryptocurrency/@harpooninvestor/poopcoin-overnite-golem
Dec 28, 2017 Golem is about 80 cents
BiblePay (BBP)
rewards 38% of coins to users contributing CPU cycles to Cancer/Disease Research through BOINC with Rosetta@home and World Community Grid projects
https://steemit.com/cryptocurrency/@togoshige/biblepay-bbp-cancer-research-mining-rosetta-home-and-boinc-in-development
Flagging due to off topic on main thread