What is Gnosis?
Gnosis is an open-source decentralized prediction market protocol built on top of the Ethereum blockchain. It offers a suite of interoperable product lines that allow users to create, trade, and hold digital assets on Ethereum, as well as a developer portal that provides resources for building applications using the Gnosis product suite.
The overall mission of Gnosis is to create an impartial exchange for information aggregation that quantifies the future. To achieve this vision, Gnosis utilizes three platforms: The Apollo Network, a prediction market platform; DutchX, an auction-based decentralized exchange (DEX) protocol; and Gnosis Safe, a smart contract wallet that runs on Ethereum.
Gnosis has two cryptocurrencies, GNO and OWL. GNO is the native token of the Gnosis ecosystem and is used to generate OWL tokens, which are used to pay fees on the Gnosis prediction market platform. GNO holders can also make use of GNO smart contracts, perform transactions on the network, and participate in governance votes.
The Gnosis protocol was founded in 2015 by Martin Köppelmann and Stefan George as part of ConsenSys, an Ethereum venture production studio. In 2017, Gnosis raised $12,500,000 in an initial coin offering (ICO) that sold out in under 10 minutes. The GNO tokens were the only time they were created, with a total supply fixed at 10 million GNO. In December 2017, the team released Olympia, a test version of the prediction market platform, and in April 2018, they launched the 1.0 version of Apollo and DutchX. The team announced that its Gnosis Safe platform was made available on Arbitrum, Polygon, and Binance Smart Chain in July 2021.
Gnosis has a three-layered architecture: the Core Layer, Service Layer, and Applications Layer. The Core Layer provides the foundational smart contracts for the Gnosis platform, the Service Layer offers additional services on top of Gnosis Core, such as chatbots, payment processor integrations, and stablecoins, and the Applications Layer consists mostly of front-end tools that target certain prediction markets or consumer segments; some of the applications are created by Gnosis, others by third parties.
The Apollo prediction market platform allows users to construct markets for any arbitrary event in which users can buy and sell positions to bet on the outcome. As the event progresses, some outcomes become more probable, increasing the value of the associated tokens. When the event is over, the tokens representing the ultimate result get the entire value of the bets, while the tokens representing the alternative outcomes become worthless.
Gnosis is widely used for prediction markets, and its native token GNO is an ERC-20 token used in its prediction market platform and for Gnosis decentralized autonomous organization (DAO) governance. As of June 2022, Gnosis has a circulating supply of 2.5 million GNO coins. The total supply of GNO is fixed at 10 million tokens. Gnosis users can generate OWL tokens by locking them in a smart contract. These locked tokens cannot be exchanged, and the length of the lock period and the quantity of OWL issued vary. Users can use OWL tokens to pay for fees on the platform, with 1 OWL always equaling $1. These fees are not credited to Gnosis or any other market participants, but are instead burned.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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