Launched in 2015, Gnosis is a decentralized prediction market built on the Ethereum protocol. The platform allows third-party developers to showcase their services. The Gnosis team is led by Martin Köppelmann (CEO), Stefan George (CTO), and Dr. Friederike Ernst (COO).
What is Gnosis (GNO)?
The platform uses a dual token structure: Gnosis (GNO) and OWL. GNO tokens are ERC-20 tokens sold during the team’s ICOs. OWL tokens are earned by staking GNO. The amount of OWL received depends on the length of the lock period and the total OWL token supply in the market.
Additionally, Gnosis utilizes three separate platforms to realize its vision:
- Apollo: A prediction market platform where users can create their own tokens (tokens representing knowledge, incentives, or ideas)
- DutchX: A decentralized exchange where users can buy and sell tokens
- Gnosis Safe: A cryptocurrency wallet and browser interacting with Ethereum applications.
Furthermore, Gnosis’s architecture integrates these platforms through three layers:
- Core Layer: The foundation of the platform, supporting events, outcome tokens, payments, and market mechanisms through smart contracts.
- Service Layer: Offers additional services like chatbots, payment processor integration, and stablecoins. This layer also controls the transaction fee model. Gnosis anticipates that most consumer applications will interact with features at this layer.
- Applications Layer: Contains prediction market applications built on Gnosis. While Gnosis creates some applications for prediction markets, most applications accessible at this layer are developed by third parties who can charge users for their services.
In addition, the Gnosis cryptocurrency GNO is an Ethereum-based token sold during the Gnosis ICO. The primary use case for GNO is to generate OWL tokens through staking. Users can lock GNO for a certain period (up to one year) to earn rewards. The total GNO supply is capped at 10 million tokens.
OWL tokens are used to pay fees on the Gnosis prediction market platform. Eventually, Gnosis will allow OWL to be spent on transaction fees in the prediction market. OWL tokens are pegged to the US dollar, so each OWL token is worth $1. Gnosis will adjust the distribution of OWL to maintain its peg.
Importantly, users can also pay fees with various Ethereum tokens instead of OWL. All fees not paid in OWL are accumulated, sold for GNO, and burned.
GNO Coin Review
As the popularity of prediction markets increases, so does the demand for the Gnosis platform and consequently the GNO token. However, current uncertain market conditions mean that investors are currently cautious.
According to CoinMarketCap, Gnosis Coin ranks 141st in market capitalization at $413,718,053. At the time of writing, Gnosis Coin is trading at $274, with a 24-hour trading volume of $7,050,249 USD. Additionally, Gnosis Coin hit its all-time low of $7.05 on March 13, 2020, and its all-time high of $461 on January 5, 2018.
Additionally, there are currently 1,504,587 GNO in circulation, and it is stated that the total supply of GNO Coin will be 10,000,000 GNO.
How to Buy Gnosis Coin?
GNO Coin can be quickly and securely purchased through the world’s largest cryptocurrency trading platform by volume, Binance.
To buy GNO Coin, one must first register with Binance and then send fiat money. After sending a fiat currency like dollars, the purchase transaction can be made in the Bitcoin (BTC), Binance Coin (BNB), BUSD, and Tether (USDT) GNO trading pairs.
In addition, at Binance, users can place a buy order not only at market value but also at a lower value. To do this, use the Limit tab and enter the amount and price you want to buy.
