Golem, Coinbase, and the Inflated South Korean Market
GOLEM
-For those of you that might not know, Golem is “...a [ethereum-based] global, open sourced, decentralized supercomputer that anyone can access. It's made up of the combined power of user's machines, from personal laptops to entire datacenters.” That comes straight from the Golem.network website. Basically, what that means is anyone can rent out their computer to anyone else around the world for whatever project they might need. Some of the benefits of this are rendering graphics on a large scale like graphic designers creating CGI projects or something as simple as creating a video for youtube. This technology could really be utilized in developing countries that currently don’t have the means to build powerful machines. I also could see smaller businesses that don’t have the funds available to purchase expensive rendering machines use this technology. There are many other scientific possibilities for this computational network and I’ve only scratched the surface. What’s great about all of this is both the cost and speed factors. Not only does this cost less than purchasing brand new equipment, it’s a network combined supercomputer. Things that would normally take an hour or more to render will only take minutes. On top of all that, it’s a blockchain that’s decentralized and secure. What more could you ask for, graphic designers?
COINBASE
-Over the past few days, Coinbase (the largest bitcoin exchange in the world) has been struggling to meet the demand of consumerism. There has been a flood of new money pouring into the crypto scene, over the past few months. Limited performance has caused many people to experience outages on the website. Many people are starting to associate the fall in price today, with the outages occurring. Coinbase released a statement on their twitter account saying, “Coinbase has experienced unprecedented traffic and trading volume this week. As a result, Coinbase.com has suffered a few outages and downgraded performance for some users this week. Our engineering and support teams are working around the clock to restore our site to normal performance.” I’m sure that coinbase will get their website back online as quickly as possible. In the meantime, maybe they should look into investing in some golem computing power. It might help with the increasing demands of the consumers.
SOUTH KOREA
-Currently in South Korea there is a huge demand for cryptocurrencies (Specifically Bitcoin and Ethereum). This could be due to the news that technology giant Samsung has just signed on to the Ethereum Enterprise Alliance. Either way, the demand is causing the price in both Bitcoin and Ethereum to skyrocket. At the time of recording this, the price of Bitcoin and Ethereum is $4,433 and $329, respectively. Coinbase in the United States currently has Bitcoin and Ethereum priced at $2,527 and $189, respectively. I see one of two things happening here. Either the rest of the market will have to catch up to the Korean market price or South Koreans will have to fall back down to reality.
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