Mon Jun 18
Reading time: 4 minute(s)
Built off of Ethereum as a decentralized application, Gnosis is a prediction market platform as well as a multisig wallet and a Dutch exchange.
The prediction market platform basically uses ‘wisdom of the crowd’ to help predict various scenarios. This has proven useful in gathering information on everything from price forecasting to government policies. With Gnosis, the average person is able to bet in prediction markets and even build their own using the Gnosis platform.
How does it work? Say Bethanie registers the event question “Who will win the world cup?” A) Russia, B) Egypt C) Spain or D) Other. When the market opens, the price of the tokens is determined by the probability of them being the correct answer. As the World cup progresses and teams are eliminated the market prices adjust accordingly until only one option is left and those left holding those coins are rewarded. Along with predicting correctly, you can make money by trading outcome tokens for a profit as market conditions change.
Currently Gnosis has two tokens: GNO and OWL. The GNO were sold during their ICO and is capped at 10 million (they are the ones being traded on the open market). OWL tokens are received if you stake your GNO. The supply is determinate on their worth and will be adjusted accordingly – always keep them at $1USD.
University friends Martin Köppelmann and Stefan George founded gnosis as one of the first ConsenSys partners in January of 2015. They launched their alpha version in August 2015 and was presented publicly for the first time to the Ethereum developer community in November of 2015.
A year later Gnosis released the second proof of concept (PoC2) which included a developer library enabling third parties to easily build on Gnosis.
In March 2017 Gnosis was officially incorporated as an international company, separating from ConsenSys. In this ICO they hit their 12.5 Million hard cap within 10 minutes while still holding onto 95% of the tokens. The team has promised to not dump the coins on the market and will be giving a 3 months warning before putting any up for sale.
Gnosis also boasts a strong list of investors including: Joseph Lubin (Ethereum co-founder and ConsenSys founder) and Vitalik Buterin (Ethereum founder and chief scientist.)
Gnosis’s headquarters are located in the British territory of Gibraltar. The founders selected Gibraltar for it’s farsighted and progressive approach to blockchain regulation. They also have an office in Berlin and a strong presence in Russia, Italy, Spain, and the US.
To purchase GNO, you need to use either Bitcoin or Ethereum. Once bought, you will need to store it in any ERC20 compatible wallet. Don’t have Ethereum or Bitcoin? Not sure where to start? BitCanuck offers 24/7 support to both new and experienced investors. With trades as low as $50 CAD it is a great platform to get started on.
The Gnosis team’s mission is to build the worlds most efficient forecasting tool. With the numerous profitable applications that their market prediction model has Gnosis has the opportunity to go far. The team is good at hitting their objectives while keeping building quality products.