What is Gnosis (GNO)?
Gnosis is an open-source prediction market platform built as a DApp on the Ethereum network. Besides being a prediction market, it works as an infrastructure which helps to create a diversified market forecasting apps. The Gnosis platform has three main objectives: to provide the most efficient forecasting tool, incorporate customized information searching in the Gnosis platform and set a standard for prediction assets. The primary cryptocurrency of the Gnosis platform is the GNO token. There is also a secondary token called WIZ which works internally. Gnosis intends to do more than just build a whole infrastructure layer that you can use to build your own prediction market app.
History of Gnosis
Martin Köppelmann is the CEO of the Gnosis team, Stefan George is CTO and Dr. Friederike Ernst is COO. In January 2015, Köppelmann and George started to work on the platform and by August of the same year, the alpha product was launched.
The project held an ICO in April 2017, where the team had a hard carp of $12.5 million. This was done within 10 minutes while retaining 95% of the tokens. Faced with backlash, the team locked the tokens in a vault promising not to dump them on the market. They also promised to give at least a 3 month warning before selling any of the tokens.
In December 2017, the Olympia platform was launched and in the second quarter of 2018, the team launched DutchX. Apollo was also released in 2018. For now, they are developing the Gnosis Safe. There are versions for Android and Google Chrome, and work is ongoing on the iOS product.
Members of the team include respected names like Joseph Lubin (Co-founder of Ethereum and founder of ConsenSys) and Vitalik Buterin ( Founder of Ethereum and chief scientist). However, these are no longer listed as advisors on the main website.
How Does Gnosis Work?
To understand the operation of Gnosis, we need to first understand the market and why they are valuable.
A prediction market is based on predictions by users to gather information about future events. Users in the market trade tokens which represent the outcome of a particular event. Since there are outcomes that are more likely to occur than others, the open market has several of these tokens representing different values. With the passage of time or unfolding events, the likelihood of token outcomes happening increases as their value increases too. Once the event happens, tokens that represent the final outcome will receive their full value, while the remaining tokens become worthless.
Two methods exist to make money on a prediction market. The popular way is to correctly predict the outcome of events. The less popular option is to trade outcome tokens to earn a profit when market swings occur.
Where to Buy and Store GNO
GNO can be purchased in pairs with Bitcoin or Ethereum on exchanges such as Bitrex and Kraken. As an ERC20 token, GNO can be bought and stored in any ERC20 compatible wallet. A safer option is to use hardware wallets like Ledger Nano S. A free wallet option for GNO is MyEtherWallet, although it is slightly less secure. Of course, there is the Gnosis safe wallet where you can store your GNO and access at any time.
Gnosis (GNO) will be Listing on Atomars
Gnosis (GNO) has announced that it will be listing on Atomars on October 11th with the trading pairs GNO/BTC and GNO/ETH.
Atomars is a new trading platform that is revolutionizing the world of fiat and cryptocurrency cross transactions. Atomars is highly secure and aims to make trading simple and enjoyable for anyone, wherever they are in the world. The exchange currently supports the major cryptocurrencies like Bitcoin, Ethereum, Litecoin, DASH etc. The tools on its web and mobile versions make it easy and fun trading as you go about your day.