The Gnosis system is a dedicated tool for the prediction market developed in the form of a decentralized application on the Ethereum ecosystem. The system features a multi-sig wallet and also a Dutch Exchange, however, the ecosystem has mainly been focused on ifs mainstream products which is the prediction market tool. According to the platform, it transcends being just a traditional market, as it has also facilitated the creation of a whole infrastructure layer that allows participants to build their own market prediction application.
The technology used by the Gnosis prediction market is a plethora of state-of-the-art algorithms which aggregate information on future occurrences. The users of the platform can enter the market and trade tokens to depict how certain events would unfold. Because some outcomes have a higher chance of occurring than others, the result of these tokens produces different open market values.
As time goes on, if other related events occur, the outcome of some tokens may be more likely to occur than others, thus increasing or reducing the value of a said token. When this event takes place, the tokens that depict the outcome earn the full value while the others become worthless.
Who are the Founders of Gnosis (GNO)?
The Gnosis network was Founded by Martin Koeppelmann and Stefan George in 2015. The system was also one of the first projects that were ever backed by the ConsenSys system, an Ethereum-based incubator.
Martin Koeppelmann holds a degree in IT systems engineering from the Hasso Plattner Institute. After obtaining his degree, he went on to work with several organizations as an independent contractor before founding the Gnosis network, which he currently serves as the CEO. Stefan George is equally a top-tier professional in the blockchain industry. He obtained his first degree, a bachelor of science in system engineering from the University of Potsdam before pursuing his master’s degree in the Hasso Plattner Institute. While he worked on getting his master’s degree, he served as a research intern in Sap labs and a platform for predicting Bitcoin prices called fairlay.com. Later, he moved on to co-establish the Gnosis system where he also serves as its CTO.
What is Gnosis (GNO) used for?
The main function of the Gnosis system is that it provides an avenue where users can develop solutions to problems of prediction markets. As an open-source system, the Gnosis system avails its users the opportunity to build and developer prediction markets as facilitated by the Ethereum blockchain. Unlike regular exchanges where tokens are traded, in a prediction market, the user’s trade is based on the outcome of events.
The dedicated token of the Gnosis system, GNO, is an Ethereum-based product that was put up for sale during the network’s ICO. The principal use case of GNO is in its ability to generate OWL tokens through staking. Additionally, the users of the platform are allowed to lock their GNO to end for a specified period of time which might be up to a year, with the goal of earning rewards. GNO tokens can also be exchanged with other types of cryptocurrencies such as XMR and UNI to earn profit for the holders.
What Is the Unique Point of Gnosis (GNO)?
The Gnosis network has several unique properties which set it apart from other cryptocurrencies. While the system allows for users to develop and maintain prediction markets on its ecosystem, it does so with the combination of several technologies, including the use of information aggregation. Other protocols used by the system include
- Apollo – The use of the Apollo protocol comes to light when users execute the systems function to create and maintain prediction markets, while also providing an avenue for them to build the cryptocurrency to be used on the platform.
- DutchX – The Dutch platform is a dedicated decentralized exchange that permits users to auction off their tokens whenever they require.
Apart from systems that complement the Gnosis network, its architecture is also divided into three layers that make the network functional.
- The Core Layer.
The core layer is the foundation of the platform and it is made up of smart contracts which power the workings of the network such as events, settlements, token outcomes, and the mechanisms of the market.
- The Service Layer
This part provides some other services including payment processor integration, Chatbots, as well as stable coins. The system also controls the trading fees being charged on the platform.
- The Applications Layer
This section essentially contains the main prediction market of decentralized apps developed on the Gnosis network. Even though the Gnosis network itself develops applications for prediction markets, most of the applications available in this section were developed by third parties who have the independent right to charge users based on the services offered.
Additionally, the platform also has two dedicated cryptocurrencies which facilitate transactions. The GNO token is its main cryptocurrency while the OWL token is generated using the GNO token and is used to pay for gas fees on the network.
How many Gnosis (GNO) coins are in circulation?
When the GNO tokens were released after the network was created, it had a maximum token supply of 10,000,000 GNO tokens. Out of that amount, a total of 1,504,587 GNO have entered into circulation.
The Gnosis network held an initial coin offering in 2017, and to that effect, the network was able to raise around 250,000 ETH which was estimated to be 12.5 million dollars at the time which came from selling 4% of its total supply. Later in the same year, the network embarked on an exercise and launched the Olympia system which was a beta version of its prediction market technology. A year later, the network launched two more technologies, Apollo and DutchX.
Is the Gnosis (GNO) Network secured?
The Gnosis network was designed under the Ethereum blockchain and as a result of that, the platform follows the same security protocol as most of the other ERC-20 based tokens. The network is secured by a dedicated proof of stake consensus algorithm. The mechanism operates in a way by which users/nodes on the network stake their tokens to permit them to validate transactions being executed. These transactions have to be verified by a significant number of nodes before they can be added to the blockchain. This procedure essentially keeps malicious activities away from the network.
How do I buy Gnosis (GNO)?
The Gnosis network’s provision of a prediction market has changed the game in the blockchain industry. By its platform, users are able to develop their cryptocurrency prediction market, while also enjoying the regular qualities of owning digital assets. Because of this, several people have gravitated towards the Gnosis network, thus making it become a more mainstream platform. Currently, GNO tokens are available across several exchanges and can be easily bought by taking the following steps.
- create an account with the crypto trading platform,
- transfer the amount of fiat money to the crypto account through the options provided.
- When the transaction has been confirmed, then you can buy your GNO tokens.
Which Cryptocurrency Wallet Supports Gnosis (GNO)?
The PTPWallet platform was created to bring about solutions to several blockchain-based problems and one of the means it does that is by supporting a vast number of cryptocurrencies including the Gnosis wallet. Over time, several innovations have sprung up, similar to the PTPWallet system, however, it surpasses them in many ways, one of which is its inclusive design that incorporates top-tier security for users.