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Token of the Week: Gnosis (GNO)

Gnosis is a blockchain project that offers a platform where people can create markets for speculating on any event or any arbitrary outcome. The open-source, decentralized prediction platform is built on top of the Ethereum protocol.

The Ethereum protocol in use allows Gnosis to offer a secure and transparent ecosystem. Additionally, it can offer a more efficient forecasting tool while setting a standard for prediction markets.

Gnosis was launched in 2015 by developers Martin Koppelmann and Stefan George. In 2017, the two were able to secure funding, setting up an independent company in Gibraltar. Powered by a 50 member team, Gnosis now operates from its main development hub in Berlin, Germany.

Background

Apollo is the name of the Gnosis prediction market, where people can create markets or digital assets. The market offers a blockchain platform that people can use to predict on any market or upcoming event. In this case, people can buy and sell positions all in the effort of speculating on the outcome.

Whenever certain outcomes unfold, the value of the tokens that people used to bet on the event increases. Consequently, once the event is finalized, the tokens that bet on the final outcome receive the full value while the rest of the tokens become worthless.

Ethereum powered Gnosis comes with three products: Gnosis Core Layer acts as a foundation for developing and implementing smart contracts on the platform. Additionally, it contains smart contracts that power events, outcome tokens, and settlements.

Gnosis Service Layer offers all the resources needed to implement consumer applications commonly used in chatbots and stablecoins. It also enables payment processor integration and controls the trading fee model of the platform.

Gnosis Application Layer is where prediction market decentralized apps are built on. It offers prediction tools that target specific prediction markets and select customer segments.

Tokenomics

GNO is the native currency that powers the Gnosis platform. The token plays a pivotal role in maintaining and operating the network. It accrues its value on people participating in various activities and betting on the outcome of the events.

Additionally, holding the GNO token allows people to use GNO smart contracts, make transactions on the network, and, most importantly, participate in governance. Currently, there are more than 1.5 million GNO tokens in circulation out of a total supply cap of 10 million coins.

Currently, people can purchase GNO tokens on any secondary market, and one does not need support staking or yield farming. Gnosis Safe is a secure wallet that people can use to store their GNO tokens.

Recent activity

GNO has been one of the best performing tokens in 2021, affirming its acceptance in the crypto world. The coin is up by about 200% to highs of $210 a coin, outperforming the likes of Bitcoin and Ethereum that are always in the spotlight.

At the time of writing, GNO is down by about 30% from its all-time high.

Bottom Line

Gnosis is simply an open-source, decentralized platform that offers a prediction market where people can speculate on the outcome of a given item or event. Additionally, it provides the infrastructure for creating diversified market forecasting apps.

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