About Gnosis

Gnosis Coin Review: Mining Guide, Price & Analysis of Gnosis Cryptocurrency

Gnosis is a market prediction platform that uses the smart contract system on the Ethereum blockchain. The platform provides two cryptocurrency coins. These include GNO and OWL. Both of these coins help in ensuring transactions are reliable and distributed.

Gnosis basically enables users to trade cryptocurrency that represents event outcomes. People can bet on various events including sports, film festivals or elections.

Gnosis tokens gain or lose value depending on what a user predicts. If the outcome matches the prediction, the user gains a profit. However, they incur a loss when the prediction does not match the outcome.

Gnosis makes blockchain-based prediction markets a reality. Today it stands as a fully decentralised currency. Gnosis paved the way for many other blockchain-based prediction markets.

How Gnosis Works

Gnosis uses three different platforms to achieve its vision. Apollo is a prediction market platform where users can create their own tokens. These tokens represent information, incentives or ideas. The DutchX exchange allows users to trade and auction their tokens. The last platform is Gnosis Safe. This is Gnosis’ cryptocurrency wallet.

Further, Gnosis has three layers in its architecture. The core layer is the base of the Gnosis platform. It contains smart contracts. These smart contracts power events, outcome tokens, and the settlement and the market mechanisms.

The service layer offers additional services. These include chatbots, payment processor integration and stable coins. This also controls the trading fee model.

The applications layer contains the prediction market apps. The platform supplies some of the applications, and some are from third parties. It also allows third-parties to provide their own applications.

Gnosis is also unique in the cryptocurrency they provide. They have two different coins, the tokens and the OWL tokens. The total supply of GNO tokens is 10 million. These are the last minted GNO tokens.

OWL coins are a stable coin. One OWL coin is equivalent to one US dollar. Users use OWL tokens to pay platform fees. Additionally, users can stake GNO tokens to receive OWL tokens. The GNO used to purchase OWL tokens is burned by the Gnosis team. This ensures the value of the tokens remains high.

Users can use other tokens to purchase OWL tokens as long as they are ERC-20 tokens. Gnosis then uses the ERC-20 tokens to purchase and burn GNO tokens.

Can Investors Mine Gnosis tokens?

No, it is not possible to create new blocks in order to receive rewards. The developers minted 10 million GNO. They later sold these in an ICO event. The circulating supply stands at 1.1 million. The total supply remains at 10 million.

GNO ranks 125th in market cap share. This shows it has great potential to break into the top 100. The price of a single GNO coin is $65.48. Further, GNO’s ROI stands at 26.77%.

The Team behind Gnosis Coins

The company has a great team backing it. Its board includes Joseph Lubin, Co-founder of Ethereum and founder of ConsenSys. Additionally, the team receives assistance from Vitalik Buterin. He is the founder and chief engineer of Ethereum. It is therefore easy to see why this coin is seeing stable growth since its birth.

Let’s look at the more immediate team. Martin Koppelmann, a co-founder, serves as the CEO. His other co-founder operates as the CTO. Additionally, the team includes Denis Granha, who is a Full Stack Engineer.

This is a team with vast experience in this field. It is safe to say they can spearhead the coin into the future. Additionally, they have backing from brilliant minds from the Ethereum team. Further, the Gnosis dev team has an online presence on Twitter and Discord.

Privacy and Security

Gnosis provides one of the most secure platforms on the Ethereum blockchain. There is no doubt about the security capabilities of their platforms. Moreover, Gnosis Safe is the most trusted platform to manage digital assets on Ethereum.

The system uses a multi-signature system to confirm transactions. This ensures unauthorized individuals are kept out of transactions. Additionally, the platform continuously audits its code. They go a further step to formally verify Gnosis Safe smart contracts.

Therefore, this is a transparent and safe coin in the market. The development team is fully committed to keeping its clients safe.

Notable Milestones

In 2015, Gnosis became the first significant dApp on Ethereum. The developers remained steady in the development and launch of products. In 2017, they successfully ran the Olympia test. This was to gather information on how prediction markets work. Later, the developers launched Apollo and DutchX in 2018.  Additionally, they released an update to their smart contract development platform.

This is a team committed to continuous research and development. There is no doubt they will work to improve this platform. For example, after delivering Gnosis personal safe, they did not stop there. They are working on delivering Team Safe.

Our Take on Gnosis Coins

Gnosis is one of the leading prediction platforms in the market. The team wants to make Gnosis the most accurate and efficient forecasting tool. The value proposition they present is disruptive, to say the least. They offer a decentralised peer-to-peer system.

Additionally, the system provides its Dutch exchange and multilingual wallet. Moreover, it includes reliable tools for developers. These are quality products. This is an experienced team with a determination to meet their goals.

This is not to say that Gnosis is perfect. A few problems are facing this cryptocurrency. First is the competition. Augur is older and offers the same services. In this manner, Augur has a head start on Gnosis.

The other problem is centralization. There is only one distribution channel, and that is the developers. The development team holding a high percentage of the coins is a recipe for disaster. Dumping of the coins into the open market is a probability. This would depress the price for weeks, if not months.

Lastly, many people do not know what to do with prediction markets. It could take a long time to attract users to onboard Gnosis.

Advantages

• Secure platform.
• Decentralised peer-to-peer prediction market.
• Reliable.

Disadvantages

• Centralized supply of Gnosis coins.
• It is hard to convince the public to onboard.

How to Buy Gnosis

If this coin is attractive to you, there are several places you can purchase it. The Exchanges that offer Gnosis include Kraken, Bitfinex, Livecoin, Kyber Network and Uniswap. You can purchase your GNO coins using fiat currency or using other cryptocurrencies.

Any ERC-20 supported wallet will hold GNO tokens for you. You can store your coins in the wallet to sell at a later date. Some of the wallets you can use include Ledger, Trezor, KeepKey, MyEtherWallet and Coinomi. Gnosis also has its own proprietary wallet. This is the Gnosis Safe wallet which is available on the Play Store. This wallet uses a multi-signature system.

Final Verdict

The currency has the potential to completely disrupt prediction markets. It completely removes third-party regulators from this space. With a system like Gnosis, the space becomes peer-to-peer. Moreover, it becomes decentralised.

Even so, Gnosis is yet to solve the issue of centralized supply. It is hard for them to gain full trust until they can deal with this. Moreover, not many people know about blockchain prediction markets. Therefore, we worry this coin might not see much adoption from the public.