What is Gnosis (GNO)?- GNO For Beginners

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Blockchain247

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I. What is Gnosis (GNO)?

Started in 2015, Gnosis is a decentralized prediction market built on top of the Ethereum protocol. Third-party developers can also introduce their own prediction services.

A prediction market is a type of marketplace, not unlike an exchange, but instead of trading assets, users trade the outcome of events. Individuals can create prediction markets for events, allowing users to buy shares of predicted events.

The platform employs a dual token structure: Gnosis (GNO) and OWL. The GNO token is an ERC-20 token that is responsible for facilitating “the provision and receipt of prediction market services”. Developers can use the Gnosis (GNO) token to build fee-less applications using Gnosis Premium.

These applications use wisdom tokens (WIZ) for transaction fees. The Gnosis (GNO) token is a prerequisite for creating WIZ tokens. The number of WIZ tokens spent as fees and the total number in existence in a previous lock-up period determine the number of WIZ tokens a user can generate.

Initially, 30% of all newly created WIZ tokens are made available to participants. The distribution of the remaining 70% takes place according to a predetermined lock-up period between 30 and 365 days.

Once the lock-up period has been chosen, users are informed of the formula used to calculate the amount of WIZ tokens a user can mint. Also, a bonus factor applies to GNO tokens locked for longer than 30 days, with a maximum factor of around 1.6 for lock-ups of one year.​

II. Gnosis (GNO) Blockchain Review

Gnosis platform is based on Ethereum blockchain. Its mainnet includes three key components:​
  • Core. The basic functions of regulating the issue of tokens, provides decentralization of digital assets using a distributed computer network, and is also responsible for the convenience and functionality of the platform interface. The core technology allows users to conduct fast transactions without charging any fees.​
  • Services. Deriving from the core and serves as a service with paid tools for setting up the platform and introducing third-party technologies, whether it’s some type of cryptocurrency or a payment system.​
  • Applications. In order to make any changes in the event interface, a user can use the special section-library, where the main planes of the network of smart contracts are concentrated.​

According to the Gnosis (GNO) whitepaper, Gnosis uses DutchX innovative decentralized trading protocol. It does not trade 24/7: instead, the sell orders are collected before the start of the auction, and cleared once it finishes.

The protocol is based on a smart contract, and offers tools, applications, and API on top of them, which makes DutchX a fair and reliable protocol for token exchange.​

III. Where to Buy Gnosis (GNO)?


You can purchase GNO with either Bitcoin or Ethereum on Bittrex and Kraken. If you’re confused on where to begin, consider Changelly cryptocurrency exchange. It allows for purchasing any token with crypto or fiat using a banking card.

IV. Where to Store Gnosis (GNO)?​

As an ERC20 token, you can store it in any ERC20 compatible wallet. Your safest option is to use a hardware wallet like the Ledger Nano S. You should also consider MyEtherWallet to store your GNO – a free, albeit, slightly less secure choice.

Of course, you also have the Gnosis Safe wallet at your disposal.​

Conclusion

Gnosis is creating the infrastructure for prediction market applications. The team has a mission to make Gnosis the world’s most efficient forecasting tool while providing users with the best experience in customized information searches.

If you have any questions, ideas or problems, please leave a comment below. The cryptocurrency market is quite risky, please consider carefully before your investment decisions.​
 

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