Gnosis

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Discover Gnosis's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Gnosis?

Gnosis (GNO) is a decentralized prediction market protocol built on the Ethereum blockchain. It allows users to create markets for any event or outcome, enabling speculation and information discovery. The platform operates through three interconnected layers: the Core Layer for smart contracts, the Service Layer for consumer applications, and the Application Layer for front-end tools. Gnosis uses two native tokens, GNO and OWL, with GNO being the primary token for staking and OWL being pegged to the US Dollar for transactions and fees. The platform aims to set a global standard for prediction markets, providing a secure and transparent ecosystem for users.

How is Gnosis used?

Gnosis (GNO) is the native token of the Gnosis ecosystem, serving multiple purposes within the platform. Here are the key uses of GNO:

  1. Governance Token: GNO token holders can propose and vote on governance topics within the GnosisDAO, allowing them to participate in decision-making processes and shape the future of the project.

  2. Staking Token: GNO is used for staking on the Gnosis Beacon Chain, which helps secure the network.

  3. Transaction Fees: GNO tokens can be used as transaction fees on the Gnosis network.

  1. Smart Contract Access: GNO tokens grant access to Gnosis smart contracts, enabling users to participate in various activities on the network.

  2. Information Discovery: GNO provides value through information discovery, which is facilitated by the prediction markets and other tools within the Gnosis ecosystem.

Overall, GNO plays a central role in maintaining and operating the Gnosis network, and its holders have significant influence over the project's direction.

How do I store Gnosis?

To store Gnosis (GNO) tokens, you have several options:

  1. Hardware Wallets: Ledger and Trezor hardware wallets offer secure offline storage and backup for GNO tokens. These wallets are more expensive and have a learning curve but are suitable for larger amounts of GNO and experienced users.

  2. Software Wallets: These are free and easy to use, available as smartphone or desktop apps. They can be custodial or non-custodial. Custodial wallets manage private keys for you, while non-custodial wallets store keys securely on your device. They are less secure than hardware wallets but suitable for smaller amounts of GNO and novice users.

  3. Online Wallets: These are free and easy to use, accessible from multiple devices via a web browser. They are considered hot wallets and less secure than hardware or software alternatives. Choose a reputable service with a track record in security and custody for storing smaller amounts or for frequent traders.

  1. MetaMask: MetaMask is a web browser extension and mobile app that allows you to manage your Gnosis private keys. It supports various browsers and has Android and iOS versions. You can configure it manually or use deeplinks for quick configuration.

  2. Kriptomat: Kriptomat offers a secure storage solution, allowing you to store and trade GNO tokens without hassle. It provides enterprise-grade security and user-friendly functionality.

  3. Obvious Wallet: The Obvious multi-chain wallet lets you store GNO tokens across all supported chains. It allows you to securely control your private keys and seed phrases, swap, receive, or send tokens on the Gnosis chain via your mobile.

  1. Zengo Wallet: Zengo's wallet allows you to buy, send, receive, and trade GNO tokens securely. It offers multiple payment options and features simple recovery methods combined with state-of-the-art security systems.

  2. Gnosis Wallet: The Gnosis Wallet is available as a browser extension and supports various browsers. It allows you to manage your GNO tokens and interact with the Gnosis network.

How to buy Gnosis?

To buy Gnosis (GNO) tokens, you can follow these steps:

  1. Create an Account:

    • On Coinbase, download the app and sign up with a valid ID and proof of address.
    • On Binance, register via the website or app and verify your identification.
    • On Tap Global, open the Tap app and select Gnosis tokens from the list of cryptocurrencies.
    • On Kriptomat, sign up with Google, Apple, or enter your name and email, then verify your email, phone number, and identity.
    • On KuCoin, create an account and set a secure password, then enable 2FA and complete KYC verification.
  2. Add a Payment Method:

    • On Coinbase, tap on the payment method box and connect a payment method such as a bank account, debit card, or wire transfer.
    • On Binance, choose from options like credit/debit card, bank deposit, or third-party payment channels.
    • On Tap Global, deposit funds safely and for free directly to your unique Tap account by bank transfer or debit card.
    • On Kriptomat, make a bank deposit or use your credit card to add funds.
    • On KuCoin, add a payment method such as a credit/debit card, bank account, or other supported options.
  3. Select and Purchase GNO:

  • On Coinbase, select Gnosis from the list of assets, enter the amount you want to buy, and finalize your purchase.
  • On Binance, click on the "Buy Crypto" link, select Gnosis, and confirm your order.
  • On Tap Global, select Gnosis tokens from the list of cryptocurrencies and purchase directly with your debit card or bank transfer.
  • On Kriptomat, click on the Kriptomat icon, select "Buy," choose Gnosis, enter the amount, and confirm your purchase.
  • On KuCoin, select Gnosis from the list of cryptocurrencies, enter the amount, and complete the purchase.
  1. Store Your GNO:
    • On Coinbase, your GNO will be stored in your Coinbase account.
    • On Binance, you can store your GNO in your personal crypto wallet or hold it in your Binance account.
    • On Tap Global, you can store your GNO tokens securely in the Tap app.
    • On Kriptomat, your GNO will be stored in your Kriptomat account.
    • On KuCoin, you can store your GNO in your KuCoin account or transfer it to a personal wallet.

Remember to carefully review fees, market prices, and security measures before making a purchase.

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History of Gnosis

Gnosis, a decentralized prediction market platform, was founded in 2015 by Martin Köppelmann and Stefan George. Initially, the project focused on building prediction markets to enable worldwide access to accurate information. However, during the development of the prediction market platform, it became clear that Gnosis needed to build the necessary infrastructure to support it. This led to the creation of various industry-standard applications such as the Gnosis Safe (a multi-signature wallet), CoW Protocol (formerly CoW Swap and Gnosis Protocol), Conditional Tokens (prediction markets), Gnosis Auction, and Zodiac (standard and tooling for composable DAOs).

In 2017, Gnosis was launched through an Initial Coin Offering (ICO), raising $12.5 million in less than 10 minutes. The ICO was organized using a Dutch auction principle, where the highest price was set at the beginning and gradually reduced to the one agreed upon by the first buyer. This approach was designed to prevent excessive hype at the start of the ICO sales.

Over time, Gnosis evolved to become a collective of aligned projects centered around the GNO token. The GNO token serves multiple purposes, including staking on the Gnosis Beacon Chain and acting as the governance token for the GnosisDAO. In 2021, the xDai and GnosisDAO communities voted to combine their ecosystems, creating the Gnosis Chain, a credibly neutral network open to everyone without privilege or prejudice. This chain uses the xDai token and includes a diverse set of projects and users.

Today, Gnosis continues to focus on revolutionizing payments and financial infrastructure, with the GNO token at the core of its ecosystem. The GnosisDAO treasury has effective control over 150,000 ETH and 8 million GNO tokens, vested over eight years.

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How Gnosis works

Gnosis (GNO) is a decentralized prediction market platform built on the Ethereum blockchain. It allows users to create markets where they can speculate on any event or arbitrary outcome. Here's how it works:

Core Layers

Gnosis operates on three main layers:

  1. Gnosis Core Layer: This layer provides the foundational smart contracts for the Gnosis platform.
  2. Gnosis Service Layer: This layer offers resources for consumer applications, including tools like chatbots and stable coins.
  3. Gnosis Applications Layer: This layer contains front-end tools that target specific prediction markets or customer segments. Some applications are built by Gnosis, while others are built by third-party developers.
Prediction Markets

The Apollo Network, Gnosis' prediction market, allows users to create markets for any arbitrary event. Users can buy and sell positions to speculate on the outcome. As time passes or related events unfold, certain outcomes become more likely, increasing the value of the related tokens. Once the event is finalized, the tokens representing the final outcome receive the full value of the bets, while tokens for other outcomes become worthless.

Tokens and Fees

GNO tokens are used to access prediction markets and place bets. Users must hold GNO tokens to participate in the platform. When users create new prediction markets, they pay a fee in GNO tokens, which are burned within the platform. This reduces the total supply of GNO tokens, potentially increasing their value. A portion of the burned tokens is distributed to GNO token holders as a reward for their participation.

Additional Features

Gnosis also offers several additional features:

  • Gnosis Safe: A multi-signature wallet that secures users' digital assets.
  • Olympia: An off-chain Oracle system that obtains and validates data on future events.
  • DutchX: A decentralized exchange (DEX) for trading GNO tokens and other cryptocurrencies without the need for central exchanges.
Security

Gnosis uses smart contracts built on the Ethereum network, ensuring a secure and transparent ecosystem. Regular audits are conducted to ensure the code in the smart contracts is up-to-date, secure, and compliant with the current Ethereum framework.

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Gnosis's strengths

Gnosis (GNO) has several strengths that contribute to its potential in the blockchain and cryptocurrency space:

  1. Low Transaction Fees: Gnosis Chain, the EVM-compatible layer-1 blockchain, offers low transaction fees, making it more accessible to users. A small amount of xDAI, the stablecoin pegged to the US Dollar, can facilitate numerous transactions.

  2. Stablecoin Fees: The use of xDAI for transaction fees ensures that users have a clear understanding of the fees they are paying, as they are pegged to the US Dollar.

  3. Decentralization: Gnosis Chain aims to be highly decentralized, with over 106,000 validators currently participating in the network. This decentralization is further enhanced by the governance model, where GNO holders can vote on proposals in the Gnosis Forum.

  1. Experienced Team: The Gnosis team, led by Martin Köppelmann, Stefan George, and Dr. Friederike Ernst, has a strong background in blockchain development and entrepreneurship. This expertise has contributed to the development of various projects such as Gnosis Safe, CoWSwap, and Zodiac.

  2. High Cost-Efficiency: Gnosis is known for its cost-efficient operations, which is a significant advantage in the DeFi space.

  3. Transparency: The open-source code of Gnosis ensures transparency in its operations, which is essential for building trust in the platform.

  1. High Speed and Scalability: Gnosis is designed to handle a high volume of transactions efficiently, making it suitable for various use cases.

These strengths position Gnosis as a promising player in the decentralized prediction market and cryptocurrency trading space.

Gnosis's risks

Gnosis (GNO) is considered a relatively high-risk investment. According to InvestorsObserver, GNO's current risk score indicates that it is susceptible to potential manipulation by limited trading activity. This assessment is based on a proprietary scoring system that evaluates the amount of money required to move the price over a 24-hour period, considering changes in volume and market capitalization. The scoring system ranges from 0 to 100, with low values indicating high risk and high scores indicating low risk.

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Did Gnosis raise funds?

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Gnosis’s team

  • Martin Köppelmann: CEO and founder of Gnosis, with a background in mathematics and computer science. He has worked on blockchain projects like Etherisc and Colendi.
  • Stefan George: CTO and founder of Gnosis, with experience as a mobile app developer and having worked on projects for major companies like Volkswagen and Audi.
  • Dr. Friederike Ernst: COO of Gnosis.

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