What is cryptocurrency Gnosis (GNO) and how does it work?

Gnosis is a dynamic collective of projects reimagining payment infrastructure to make decentralized financial tools accessible and usable for everyone. At the core of the Gnosis ecosystem is Gnosis Chain, a highly secure, resilient, and decentralized EVM Layer 1 network.

Ecosystem growth is supported by Gnosis Studio and GnosisVC, the venture-building arms that develop, invest in, and incubate a range of leading decentralized solutions.

Gnosis is creating a radically inclusive infrastructure that bridges the gap between blockchain technology and practical, everyday use cases.

Interested in Gnosis (GNO), but not sure what it’s all about or where to even begin? No worries.

This guide is designed to teach you everything you need to know about the project and get you ready to jump into the most user-friendly trading experience available on the market.

What is Gnosis (GNO)?

GNO is the staking token of Gnosis Chain and the governance token for the GnosisDAO and an index token for the Gnosis ecosystem.

GnosisVC incubates, invests in, and supports projects in all early stages, spinning incubated projects out where appropriate. Either GNO is used as a token directly with products or the Gnosis token is economically coupled with the project tokens.

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.

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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?

The Gnosis ecosystem is governed through the GnosisDAO, with voting power distributed amongst GNO token holders.

As a DAO, anyone can participate in decision making about the development of Gnosis. We are a vibrant community founded on the values of early Ethereum. Use your voice to take a stand on issues, weigh in on proposals, and shape the future of Gnosis.

Today, the GnosisDAO treasury controls over 150,000 ETH and 8 million GNO, with the GNO tokens vested over eight years.

GNO offers exposure to the GnosisDAO treasury, the Gnosis ecosystem, provides yield as the staking token for Gnosis Chain and voting power as the governance token for the GnosisDAO.

What gives Gnosis (GNO) value?

GnosisDAO is unlike the typical crypto project model of having a single product supported by a treasury. It more closely resembles a holding company and a venture studio, where value is distributed across various verticals and initiatives.

How Many Gnosis (GNO) Coins Are in Circulation?

Gnosis (GNO) has a circulating supply of tokens and a total maximum supply of 3,000,000 GNO 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 that GNO tokens were and will be created.

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

GNO is the staking token for Gnosis Chain, a community-run chain secured by thousands of home stakers is the foundation of a credibly neutral, resilient blockchain.

Staking is the process of actively participating in transaction validation on a proof-of-stake (PoS) blockchain. By staking your $GNO, you are helping to secure the network and, in return, you receive rewards in the form of additional Gnosis $GNO. Please visit https://www.validategnosis.com/ or https://app.stakewise.io/ to learn more.

Conclusion

GNO is a well-established cryptocurrency that has encountered and passed numerous obstacles.

Register now to begin your journey into the world of Gnosis and cryptocurrencies with Kriptomat!

If you’re experiencing any issues or have any questions at all, please don’t hesitate to reach our Customer Support Team. We’re always here to help!