What Is Gnosis (GNO)?
Gnosis is an open-source, decentralized prediction market built on the Ethereum blockchain. Users are able to create markets where they can speculate on any event or arbitrary outcome.
By using the Ethereum Protocol, Gnosis is able to guarantee a secure and transparent ecosystem. The Gnosis protocol aims to shift the paradigm by providing the world’s most efficient forecasting tool and setting a global standard for prediction markets.
How Does Gnosis (GNO) Work?
Gnosis offers 3 main products for users of GNO and these products use 3 separate layers to deliver a proper experience for users.
The Gnosis Core Layer provides the foundational smart contracts for the Gnosis platform. The Gnosis Service Layer offers resources for consumer applications and is used for tools like chatbots and stable coins. Finally, the Gnosis Applications Layer which contains primarily front-end tools that target particular prediction markets or select customer segments. Some of the applications are built by Gnosis and some are built by 3rd parties.
The Apollo Network (Gnosis’ prediction market) allows a user to create a market for any arbitrary event where users can buy and sell positions to speculate on the outcome. As time passes or related events unfold, certain outcomes are more likely to happen which increases the value of the related tokens. Once the event has finalized, the tokens representing the final outcome receive the full value of the bets while the rest of the tokens for the other outcome become worthless.
Who Are the Founders of Gnosis?
Gnosis was founded in 2015 by Martin Koppelmann and Stefan George under ConsenSys, an Ethereum venture production studio. In April 2017, Gnosis was able to secure funding and became an independent company based in Gibraltar. Gnosis currently has more than 50 team members globally and maintains a main development hub in Berlin at the Full Node co-working space.
Gnosis used a reverse Dutch auction for its ICO. The sale was capped at 12.5 million USD.
Due to the structure of the sale, where the majority of the tokens would go to the Gnosis team based on a sliding scale that varied according to how long the sale took, only 5% of the tokens were actually released to buyers. Over 90% of the pre-sale supply was allocated to the Gnosis team due to the fact that buyers, fearing they would miss out, purchased the entire 12.5 million USD supply within 3 hours. After the unexpected demand of the pre-sale the team agreed to lock the tokens for one year to alleviate buyer’s concerns about the team liquidating their holdings.
What Makes Gnosis (GNO) Unique?
Gnosis offers a combination of unique products and tools for traditional blockchain enthusiasts. Prediction market tooling allows anyone to utilize customized forecasting applications which allow any arbitrary event to become tradeable.
GNO also offers a decentralized exchange and the Gnosis Safe, a secure way to manage digital assets. With three interoperable product lines combined with an active global team, Gnosis stands out against less established competitors.
What Gives Gnosis (GNO) Value?
The role of the GNO token is to maintain and operate the Gnosis network. Users realize value by participating in various activities on the Gnosis network, primarily by participating in market events and speculation. Holding GNO allows users to use GNO smart contracts, make transactions on the network, and participate in governance votes. Users also find additional value from the information discovery that Gnosis provides.
How Many Gnosis (GNO) Coins Are in Circulation?
Gnosis (GNO) has a circulating supply of tokens and a total maximum supply of tokens. This supply will never be increased.
GNO tokens can be purchased on the secondary market. GNO does not support staking or yield farming. The Gnosis Platform had an ICO on April 24th, 2017, 10 Million tokens were generated and this was the only time th
at GNO tokens were and will be created.
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How is Gnosis (GNO) Secured?
The Gnosis platform uses a series of smart contracts built on the Ethereum platform. Since the smart contracts are hosted on the Ethereum network the base security is also handled by the nodes and miners who keep the Ethereum network secure using Proof-of-Work. The Gnosis platform conducts regular audits to ensure that the code in their smart contracts are up-to-date, secure, and compliant with the current Ethereum framework.
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Other Technical Data
FOMO – fear of missing out. Anxiety that an exciting or interesting event may currently be occurring elsewhere.
Audit – an official inspection of an individual’s or organizations code, typically by an independent body.
Proof-of-Work (PoW) – miners compete to solve a piece of data which is difficult to produce but easy for others to verify.
Dutch Auction – a market structure in which the price of assets are determined after taking in all bids to arrive at the highest price at which the assets can be sold.
How To Use Gnosis (GNO)
Apollo is the name of the Gnosis prediction market platform. Users can create markets or digital assets using the Apollo network. The tokens users create are tokenized assets that can represent various information like investment strategies, information, or even real assets. Users can access the Apollo network from the Gnosis website.
Dutchx is a decentralized exchange (DEX) supporting ERC-20 tokens that allows anyone to add any token pair. Dutchx uses the Dutch auction format to prevent front running, issues with low liquidity, and third party risk. The Dutchx decentralized exchange can be accessed via the Gnosis homepage.
Gnosis Safe is a secure multisig wallet that can be used by a team or an individual to handle cryptocurrency assets. Users will need to go to the Gnosis Safe website and either use the web app or download the relevant client. Gnosis Safe functions like a traditional wallet but it also offers some additional features – such as being able to require multiple signatures to move funds. This makes it incredibly convenient for teams that want a secure option for managing funds or payroll.
How to Choose a Gnosis (GNO) Wallet
The type of Gnosis (GNO) wallet you choose will likely depend on what you want to use it for and how much you need to store.
Hardware wallets or cold wallets provide the most secure option with offline storage and backup. Both Ledger and Trezor hardware wallets offer storage solutions for GNO. Hardware wallets can involve a bit more of a learning curve and are a more expensive option, however. As such, they may be better suited to storing larger amounts of GNO for more experienced users.
Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of Gnosis (GNO) or more novice users.
Online wallets or web wallets are also free and easy to use, accessible from multiple devices using a web browser. They are considered hot wallets and can be less secure than hardware or software alternatives, however. As you are likely trusting the platform to manage your GNO, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts or for more experienced frequent traders.
Kriptomat offers a secure storage solution, allowing you to both store and trade your Gnosis (GNO) tokens without hassle. Storing your GNO with Kriptomat provides you with enterprise-grade security and user-friendly functionality.
Selling and buying GNO, or exchanging them for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.
Gnosis (GNO) Staking
Gnosis allows users to create OWL tokens by locking their tokens in a smart contract. These locked tokens can’t be traded and the lock period and amount of OWL awarded varies. This is the only way for users to create OWL tokens and they are used to pay fees on the Apollo network.
Gnosis is a well-established cryptocurrency that has encountered and passed numerous obstacles. However, Gnosis does face obstacles as it moves forward. The DAO requires active governance and this requires incentivization. Gnosis also needs adoption and it’s reliant on attracting developers to build useful applications on top of the GNO network. Whether or not Gnosis succeeds as a platform heavily depends on these outcomes.
Gnosis (GNO) FAQ
Is GNO a Competitor to Augur?
Yes. Gnosis (GNO) is designed to compete against the Augur network in function, if not directly. Both platforms offer prediction markets and seek to be decentralized oracles for real-world events.
When Will Staking Be Released?
Gnosis does not offer traditional staking. Users can lock their tokens in a smart contract in exchange for OWL, a utility token used to pay fees on Apollo.
How To Buy Gnosis (GNO)
Buying GNO is as easy as visiting Kriptomat’s how to buy Gnosis page and choosing your preferred method of payment.
How To Sell GNO
If you already own GNO and hold it on a Kriptomat exchange wallet, you can easily sell GNO coins by navigating the interface and choosing your desired payment option.
Several factors influence Gnosis price & market cap, including exchange inflows and outflows, sentiment, technical and fundamental developments, the news cycle, and the general economic environment.
Like Bitcoin, the price of GNO is decided at any given moment by the cumulative buying and selling of millions of participants worldwide. You can keep up to date on the latest price action and news using crypto exchanges like Kriptomat or one of the many different cryptocurrency tracking services.
The current Gnosis (GNO) price is EUR.
The 24-hour trading volume of GNO is EUR. GNO is currently ranked of all cryptocurrencies by total market capitalization, with a market cap of EUR. It has a circulating supply of GNO.
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