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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?
Gnosis 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.
GNO price: $15,20
Market cap: $16 787 351
Circulating supply: 1 104 590 GNO
All-time low: $10,00 (Dec 14, 2018)
All-time high: $461,17 (Jan 05, 2018)
Read more about GNO on BitcoinWiki.org.
Gnosis (GNO) Blockchain Review
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.
You can find the code of the protocol on Gitbub.
Is GNO mining possible?
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.
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 Protocol:
- Q4 2017: DutchX Protocol announced
- July 2018: DutchX Smart Contracts Live on Mainnet
- Dec 2018: slow.trade (app built on top of DutchX) live on Ethereum Mainnet
- Feb 2019: 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 with WalletConnect:
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 information.
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.