What is Gnosis (GNO)?
Gnosis (GNO) was launched in 2015. This is a decentralized prediction market built on the Ethereum protocol. Third-party developers can also recommend their own services.
This is a prediction market that uses user predictions to aggregate information about future events. Individuals will be able to create predictive markets for events, allowing users to buy stakes of predicted events.
The platform uses dual token structures: Gnosis (GNO) and OWL. GNO are ERC-20 tokens that the team sold in their ICO. OWL tokens are earned by placing a GNO bet. The amount of OWL received depends on the length of the lock time as well as the total supply of OWL tokens on the market.
The team was led by Martin Köppelmann (CEO), Stefan George (CTO) and Dr. Friederike Ernst (COO).
Gnosis builders want to create token mechanisms that lower the entry barrier for users and promote continuous platform usage. To do this, they created two related tokens: GNO and OWL.
GNO is the native token of the Gnosis ecosystem. Its main use is to create OWL tokens. GNO has a total fixed supply of 10 million tokens and can be traded on a number of major exchanges.
OWL is an ERC20 token that can only be created by GNO keys. The token lock means you cannot transfer them for a specified period of time. After that time, they are unlocked and ready for transactions. In other words, token tokens are opportunity costs rather than financial – OWL tokens can be considered coupons generated by GNO locking.
Features of Gnosis
Gnosis has a triple product strategy that allows users to create, trade, and hold using its predictive market platforms, decentralized trading protocols, and secure wallet applications.
Gnosis’s prediction market platform allows anyone to use custom forecasting apps. These applications create an entirely new asset class: conditional tokens, transactional event results, and also a powerful tool for information discovery.
Whether it has multiple tokens, auctions with unified clearing prices or decentralized exchanges are completely built on the Dutch Auction principle. Gnosis’s trading protocols allow free trading for new asset types, including information, offers, or ideas.
Gnosis Safe is a smart contract-based Ethereum wallet that offers users a convenient, secure way to manage their digital assets and interact with the decentralized web. Gnosis Safe Android users were able to pay all Ethereum transaction fees with OWL, with 1 OWL equivalent to 1 USD fee.
Gnosis’s price has skyrocketed in the past, so prices are likely to rise again in the future. Not only can you buy it for less than the price at the ICO’s time, but also because the price is stable, so you can expect it as an investment object. It is also a very potential currency to invest in as it is growing in tandem with the Ethereum, fluctuations in Ethereum will also affect the price of Gnosis.
You can check GNO price here.