What is gnosis? Gnosis (GNO) is a prediction market platform built as a dapp on the Ethereum network. In this article, you can access answers to questions that investors wonder, such as what Gnosis is, what it offers, what is GNO coin, what is it for, how to get it. As Kriptokoin.com , we have prepared it for you.
What is gnosis? What does it do?
Gnosis is a prediction market platform built as a dapp on the Ethereum network. The platform includes a Dutch exchange as well as a multisig wallet. Rather than just building a prediction market, Gnosis creates a complete infrastructure layer that you can use to build your own prediction market application.
What is GNO coin?
GNO coin is the native token of Gnosis. Gnosis actually contains two types of tokens: Gnosis (GNO) and OWL. GNO coin are ERC20 tokens that the team sold during their ICO. It has 10 million GNO tokens.
By staking GNO, you get OWL tokens. To do this, you must lock your GNO in a smart contract, making them non-transferable. The amount of OWL you will receive depends on the length of your lock period and the total supply of OWL tokens in the market. The team aims to achieve 20 times more total OWL than the average monthly OWL usage in the previous 3 months.
How does gnosis work?
How does gnosis work? In summary, to explain how Gnosis works, we first need to summarize what exactly a prediction market is and why they are valuable.
A prediction market uses user predictions to gather information about future events. Users on the market exchange tokens that represent the outcome of a particular event. These tokens will have different values on the open market, as some outcomes are more likely than others.
As a result, as time passes or related events unfold, some token outcomes may become more likely to occur, increasing their value. When the event occurs, the tokens representing the final result have full value, while other tokens have no value.
Gnosis has three separate development layers:
Core Layer: The core containing smart contracts for events, outcome tokens, consensus and market mechanisms. The only fee in this tier is a maximum 0.5 percent fee for users purchasing results tokens from the market maker.
Service Tier : Provides services such as chatbots and stablecoins. It uses a trading fee model and the team expects consumer apps to interact with it first.
Applications Layer: Custom front-end applications built on top of the service and core layers. Gnosis will build some apps, but the majority are from third parties that charge you to use their services.
What is gnosis? How to get GNO coin?
Gnosis is traded on many cryptocurrency exchanges with a large trading volume. GNO is currently listed by exchanges such as Binance, BTCEX, BingX, DigiFinex. To purchase the token, it is necessary to become a member of one of these exchanges and verify the identity. Investors who have created their accounts fully can buy GNO coins by depositing money in their wallets.
