Gnosis - a decentralized prediction market, created in 2015, based on the Ethereum protocol. Third-party developers will also be able to implement their own services.
Contents:
What is Gnosis?
The goal of Gnosis - to create an infrastructure for a variety of decentralized applications that can act as predictive tools, sources of information and standards for predictive assets in this market. By giving any party access to its platform and gathering public opinion from the source, the project believes it can create a robust predictive tool that can have applications in the financial, government and insurance sectors.
The project software uses two cryptocurrencies, GNO and OWL. They help to ensure that your transactions are reliable and distributed. Today, Gnosis continues to move towards its ambitious goals, but it is not the only one facing market competitors such as Augur (REP).
What is the peculiarity of the project?
This project uses three separate platforms to realize its vision.
Let's consider each one separately:
| Apollo | A market prediction platform where users can create their own tokens (tokens that represent information, incentives or ideas). |
| Dutch | A decentralized exchange where users can trade and auction their tokens. |
| Gnosis Safe | A cryptocurrency wallet and browser that interacts with Ethereum applications. |
In addition, there are three layers in the Gnosis architecture that bring these platforms together. The central layer - the foundation of the platform, which contains smart contracts that fuel events, outcome tokens, agreements and market mechanisms. Service level - offers additional services such as chatbots, payment processor integration and stablecoins. The latter also controls your trading fee model. Gnosis predicts that most consumer applications will interact with resources at this level.
Tokenomics
OWL tokens help to pay fees on the Gnosis prediction platform. In the future, the platform will also allow OWL to be spent on trading fees in its predicted market. Tokens are indexed to USD, so each OWL token is worth 1 USD. Gnosis will adjust the OWL distribution to maintain its position. Importantly, users can also pay fees with multiple Ethereum tokens instead of OWL. The best cryptocurrency exchanges to trade Gnosis shares currently are:
- Binance;
- Mandala Exchange;
- Gate.io;
- BingX;
- Bitrue.
OWL tokens are earned by staking GNO. The amount of received OWL depends on the length of the blocking period as well as the total supply of OWL tokens in the market.