Fair Bids & Predictions Made Possible, or What is Gnosis (GNO)?
Gnosis is a decentralized prediction market based on
the Ethereum protocol. The platform works on the basis of smart contracts and
can be used by anyone who wants to predict the outcome of an event. The
predictions market makes it possible to make transactions on the sale of binary
positions at the end of any random event. This detailed guide will explain to
you what is Gnosis (GNO) cryptocurrency, and what makes the project special.
What is Gnosis (GNO) cryptocurrency about?
cryptocurrency is based on Ethereum technology and is a platform for making
predictions. It allows anyone to bet on various events, including sports
events, popular film festivals or elections. If the outcome matches the
prediction, the network participant receives a certain profit from the invested
funds, if not, it loses them.
Gnosis cryptocurrency appeared in 2016: this is the
product of Consensys company. Stefan George and Martin Koppelman began work on
the project in January 2016, but after the crisis affected the hedge fund of
the DAO (their ICO that gathered $165 mln), the creators of the project took
control over the cryptocurrency.
The cryptocurrency revolution took place in the spring of 2017 when Gnosis became an independent platform. During this time, a full audit of smart contracts was carried out to assess risks and establish a strategy for further actions. Today, GNO is positioned as a fully decentralized currency and is the only platform in the world for forecast market applications.
Gnosis (GNO) value
There are two basic kinds of tokens on the platform:
Gnosis (GNO) and WIZ. GNO are ERC20 tokens that the team sold during its ICO.
They created 10 million GNO tokens only. Of these, 9 mln are used for sale, and
the rest is the platform’s reserve.
By unloading GNO, you get WIZ tokens. To do this, you
must block your GNO in an intellectual contract. The amount of WIZ you receive
depends on the length of the blocking period, as well as the total number of
WIZ tokens on the market. The team aims to have 20 times more WIZ than the
average monthly WIZ usage for the previous 3 months. WIZ has the purpose of a
stablecoin: it’s always worth $1. WIZ is used to pay commissions and serves as
the basic capital necessary for trading on the market.
But what about GNO token?
The principle of operation of the GNO cryptocurrency
is as follows: during the crowd sale of ICO using smart contracts, coins are
distributed between the participants of the event. After the auction ends, the
entire volume of tokens is blocked for a long time: the blocking period can be
up to six months. During this time, each user participating in a collective
collaboration receives a percentage reward in the form of WIZ cryptocurrency.
The amount of rewards depends on the duration of the block. At the same time, a
depositor can receive 30% of tokens immediately after the end of the auction.
GNO is used for making bids and using the services of Gnosis platform.
To date, the value of Gnosis is stable but low. The
largest auction of Gnosis was held in the spring of 2017. Then the platform was
able to sell more than 400 million coins, raising 12 million 500 thousand
dollars. Today, 1 GNO is worth $15, which means the ROI is -70%. However,
Gnosis continues developing the project, so the potential of GNO isn’t so bad.
Gnosis platform is based on Ethereum blockchain. Its
mainnet includes three key components:
Core. It performs the basic functions of regulating the issue of tokens, provides decentralization of digital assets using a distributed computer network, and is also responsible for the convenience and functionality of the platform interface. The core technology allows users to conduct fast transactions without charging any fees.
Services. This layer is derived from the core and serves as a service with paid tools for setting up the platform and introducing third-party technologies, whether it’s some type of cryptocurrency or a payment system.
Applications. To make any changes in the event interface, a user can use the special section-library, where the main planes of the network of smart contracts are concentrated.
According to their whitepaper, Gnosis uses DutchX
innovative decentralized trading protocol. It does not trade 24/7: instead, the
sell orders are collected before the start of the auction, and cleared once it
finishes. The protocol is based on a smart contract, and offers tools,
applications, and API on top of them, which makes DutchX a fair and reliable
protocol for token exchange.
No, there is no possibility of creating new blocks in order to receive rewards in the form of coins. But there are two ways to purchase Gnosis cryptocurrency:
Get tokens through auctions. Here, a person can not only acquire currency but also become an investor by investing part of the acquired capital in a deposit. The amount of payment depends on the number of coins purchased. In this case, remuneration is paid in WIZ tokens.
Buy GNO on an exchange. You need cryptocurrency since there is no option of buying GNO for fiat.
Today, any user can develop applications based on
serves as a conductor between smart contracts and an oracle network, and also
provides the platform with data from third-party sources.
Several sports applications have been created on the
basis of Gnosis, as well as predART, a service that allows you to make a
preliminary assessment of the final price of various art objects before they
are sold at leading auctions in the world.
Gnosis (GNO) roadmap
During the two years of its existence, Gnosis
development team has implemented a few important goals. The most outstanding
milestones from the roadmap are connected with the implementation of DutchX
DutchX Protocol announced
DutchX Smart Contracts Live on Mainnet
slow.trade (app built on top of DutchX) live on Ethereum Mainnet
DutchX 2.0 smart contracts deployed to Mainnet
Another interesting achievement was online voting on
Twitter: Gnosis enabled casting votes in the social network to discover the
independent opinion of users.
The future projections include development of the
dxDAO — a decentralized governance mechanism based on the Genesis protocol, and
derived from the Holographic Consensus framework. This decentralized
application will govern the trading protocol. Besides, the team is working on
the mobile version of the Gnosis platform.
Gnosis (GNO) latest news
Gnosis team continues developing its dApp, and has
recently announced that it’s searching for the teams to build the integration
Among the latest news, there’s also participation in dappcon
in Berlin 2019.
Gnosis (GNO) wallets
How to store GNO token? There’s a decent selection of
cryptocurrency wallet options, including:
And, of course, GNO can be stored on the Gnosis Safe
wallet – the official solution from the developer.
Where to buy Gnosis (GNO)?
You can buy Gnosis on several exchanges, and Kraken
even allows for GNO/USD exchange. The daily trading volume is around $28 793,
so GNO isn’t a very popular asset. Here’s where you can swap it:
Buy Gnosis (GNO) at Changelly
If you want to buy Gnosis coin quickly and with a minimal commission, consider Changelly cryptocurrency exchange. It allows for purchasing any token with crypto or fiat using a banking card.
Gnosis builds infrastructure for forecast market
applications. In addition, the project includes its own developed Dutch
exchange, a multilingual wallet, and reliable tools for developers. The team
has a mission to make Gnosis the most effective forecasting tool in the world,
providing users with the best experience in an individual search for
Even with a one-way token distribution, the team seems
to hit its targets and build quality products. The growth of machine learning
and crowdsourcing in the predicted models enables Gnosis coin to make a
significant future investment to an increasingly valuable market.
Thus, if you plan to invest in Gnosis, consider its
roadmap and the achievements it might reach. GNO would be a nice long-term
investment for traders and platform users.
Disclaimer: This article about Gnosis (GNO) should not
be considered as offering trading recommendations. The cryptocurrency market
suffers from high volatility and occasional arbitrary movements. Any investor
should research multiple viewpoints and be familiar with all local regulations
before committing to an investment.