Gnosis is an open-source prediction market built as a decentralized application (DApp) on the Ethereum blockchain. The protocol has two tokens: Gnosis (GNO) and OWL. The GNO token is designed to maintain and operate the Gnosis network.
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Read on to learn everything you need to know about the Gnosis project and the Gnosis GNO token.
What Is Gnosis
Gnosis is an open-source, decentralized prediction market built on the Ethereum blockchain. Moreover, Gnosis has made an entire infrastructure layer that can be used to create your own prediction market app. Prediction markets are useful in probabilistically determining the future prices of assets in the financial sector.
Gnosis has three main products:
Gnosis Protocol - the decentralized exchange which offers maximized liquidity.
GnosisDAO - the prediction market-driven collective. It allows Gnosis users to vote on platform governance and development.
Gnosis Safe - a smart contract multi-signature wallet that allows users to store ERC20 tokens securely and interact with the decentralized web.
Gnosis Founders
Gnosis was founded in 2015 in Gibraltar with the aim of building prediction markets that enable worldwide access to accurate information. The project's founders are Martin Köppelmann and Stefan George, Systems Engineering specialists.
Initially, Gnosis was a part of the blockchain tech company ConsenSys. In April 2017, the Gnosis team raised funds, and the company became independent. Currently, Köppelmann is the company's CEO, and George is its CTO.
The ICO of the GNO tokens ended on April 24, 2017, with $12.5 million raised. At the time of the offering, the Gnosis price was $25.5. GNO tokens have a fixed supply of 10 million and a market cap of over $448 million.
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How Does Gnosis Work
The Gnosis network uses two types of tokens: GNO and OWL. Users stake GNO tokens to receive OWL. The amount of OWL they get is determined by the length of the lock period and the total supply of OWL tokens in the market.
GNO holders can lock their assets to earn rewards and participate in network governance.
OWL tokens serve as a way to pay fees. While users can also pay fees via various Ethereum tokens, they will receive a new OWL token as a reward for every token used when paying with OWL.
How to Buy Gnosis
Buying Gnosis (GNO) tokens is possible on various cryptocurrency exchanges, including Binance, Latoken, Bitbox, Bkex, BitMax, Bitrue, ZBCom, Kraken, etc.
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