Gnosis is an Ethereum-based open-source, decentralized prediction marketplace platform. Described as “crowdsourced wisdom” in the Gnosis whitepaper, prediction markets allow users to speculate on any event, sports, political, etc. You can also use your predictions to create aggregated information about the future. Gnosis also provides an infrastructure layer for developers who want to develop their own prediction market applications.
Gnosis Protocol uses a dual token system. OWL and GNO tokens are used to power the platform..
For more details about Gnosis, including a breakdown of technology and important information, read on. Also, you will find an easy tutorial to help you understand why, how, and where Gnosis can be purchased online.
Let’s get right to it!
Gnosis: What is it?
Gnosis uses the Ethereum blockchain to create a free, open-source prediction market. It’s an open-source platform where users can speculate and bet on any event, news, or arbitrary outcome. Users can trade tokens that represent event outcomes in Gnosis on an open marketplace. As the events unfold, and the outcome becomes clear, Gnosis tokens gain or lose value depending on the user’s prediction.
Gnosis Protocol aims to create a global standard for prediction markets and give users reliable forecasting tools. This infrastructure allows decentralized finance applications (DeFi), to be used as sources of information and forecasting tools. It also provides standards for the development of predictive assets. Gnosis combines public opinion with AI (Artificial Intelligence), agents’ data in an open source market to create an impartial market for data collection. Future estimates and forecasts could be used in finance and government.
Gnosis is powered by OWL and GNO tokens. GNO, an ERC20 token to be rewarded for Gnosis users is called ERC20 token. Gnosis tokens (GNO), which are ERC20 tokens, can be used to produce OWL tokens. This is the primary method of payment on the platform.
What’s a prediction market?
To better understand how Gnosis works, we’ll delineate a prediction market and how it works. Simply put, it’s a market where users can place bets on future events. Gnosis is more useful than betting on news or sports events. Incentivizing traders with accurate data to improve a point, prediction markets can provide valuable information regarding the outcome of future events.
Prediction markets benefit from the wisdom and balance of crowds. Traders place bets on the outcome they think is most likely, increasing or decreasing their price.
The decentralized prediction marketplace is an autonomous prediction market that uses blockchain-based smart agreements to self-execute and distribute the payoffs. It does not require any control from any central authority.
The prediction market is a powerful tool in prognosticating topics such as insurance, climate change, and price forecasting. In the financial sector, they are also used to determine the future asset prices probabilistically.
What is the Gnosis market?
Three distinct development layers make up Gnosis, including:
- Gnosis Core layer: It’s the foundational layer that contains smart contracts for market mechanisms, outcome tokens, etc., on the Gnosis platform.
- Gnosis Layer It’s the platform’s second layer that provides resources for consumer applications and implementing tools such as chatbots and stablecoins.
- App Layer for Gnosis: It’s built on top of the Service and Core layers and consists of front-end tools such as apps, etc., that can be built by the Gnosis teams and third-party developers.
Gnosis makes use of the following platforms to reach its goals:
- Apollo Network You can create your own tokens to represent information, ideas, and incentives. There is also a marketplace for any event, where you can trade or buy positions in order to speculate about the outcome. Certain outcomes are more likely to happen, increasing the related tokens’ value. After the event is concluded, tokens that represent the end result receive their total bet value, while tokens that indicate a different outcome get theirs.
- DutchX: An open exchange that allows users to trade or auction their tokens.
- Gnosis Safe: It’s a cryptocurrency wallet and browser used to interact with the Ethereum DApps. The multi-signature wallet allows businesses and individuals to securely store their digital assets. The Gnosis wallet works seamlessly with all popular DeFi protocols. It is also available as an extension for Chrome or Android.
Gnosis History
The Gnosis protocol was co-founded by Martin Köppelmann and Stefan George in 2015. Consensys was the incubator that first supported this project. It held an ICO 2017 which raised USD12.5million by selling 4 percent tokens. The ICO proved to be very popular and was completed in 15 minutes. In late 2017, Gnosis’ testnet Olympia was launched, and in 2018, Apollo, DutchX, and Gnosis Safe were launched.
Gnosis (GNO), Tokenomics
Gnosis is based on two native tokens: Gnosis, (GNO), or OWL. GNO, an ERC-20 token with a total supply 10 million tokens was created in the IC sales of April 2017. OWL tokens can be used to reward GNO token holders who have staked them. A single OWL equals $1. The staking rewards depend on the lock-in period and the OWL tokens’ supply. OWL tokens can also be used to pay on the platform.
The GNO tokens’ circulating supply is 2,579,589 tokens, and the total supply is 3,000,000 tokens. Gnosis prices are available at the Gnosis price page.
Gnosis (GNO), the token, hit an all-time high at USD 575.77 on January 20,22. It has since fallen substantially like the rest of cryptocurrency markets.
Gnosis has a large user base. GNO can be traded on major cryptocurrency exchanges such as Binance and Huobi Global. Gnosis can be purchased on uncentralized exchanges like UniSwap.
Now, let’s learn how to buy Gnosis tokens in a few simple steps.
Gnosis for Binance: How do you buy it?
Binance is one of the world’s largest cryptocurrency exchanges in terms of the trading volume. Trading cryptocurrencies is easy and cheap with the exchange. You can buy cryptocurrency using your bank account, credit card or debit card. Binance is one of the most widely-used crypto exchanges. It has an intuitive interface and low trading fees. There are also multiple trading options, such as leveraged, margin and staking. It’s not possible to buy Gnosis directly on Binance, but you can buy a major cryptocurrency like Bitcoin, Ethereum, or USDT with a credit card or debit card on Binance and then exchange it for Gnosis.
This guide will show you how to purchase Gnosis in Binance.
In order to buy Gnosis (GNO), you will need to create a Binance investor account. To register your Binance account, you only need a valid email address. You will need to complete KYC verification by providing a valid ID number and a photograph. It takes only a few moments to verify your account and then you are ready to start trading GNO, or other digital currencies of your choosing.
Gnosis is a cryptocurrency that can be purchased by adding funds to your Binance bank account. Binance accepts fiat money like USD, GBP and EUR. There are also many deposit options such as a debit card or credit card, bank transfer (wire transfer), wire transfer, and bank transfer. Gnosis can be purchased using any payment method you prefer. Trading GNO and other cryptocurrency on Binance is free. However, trading fees can vary depending upon the payment method. Once you’ve added sufficient funds to your Binance wallet, you’re one step closer to buying Gnosis (GNO).
You must have a significant currency to trade Gnosis with Binance. This could be Ethereum, USDT or USD. USDT can be purchased either by depositing USDT into your Binance account, or through funds that have been deposited to your account. While depositing, ensure to enter the correct crypto wallet address and select the suitable chain, so your funds don’t get lost. On the “Markets” page, search for GNO and select Gnosis (GNO/USDT). If you would like to order a limit, enter USDT and the Gnosis token price. To buy Gnosis at current market prices, you can place a market or order. Once you click “buy,” the order will be executed instantly, and the tokens will reflect in your Binance wallet.
You’ve managed to buy GNO on the Binance exchange in a few easy steps. Similar steps can be taken with the Binance mobile application to purchase GNO.
Huobi Global: How do I buy Gnosis?
Huobi Global is one of the world’s largest exchanges that supports an impressive array of trading pairs and cryptocurrencies. This exchange allows you to purchase GNO, or any other cryptocurrency with fiat money and digital currency.
For purchasing GNO online at Huobi Global, follow our steps-by-step instructions:
- Set up a Huobi GlobalAccount
A retail investor account is required to buy GNO from Huobi Global. For an account to be created, you will need a valid email adress. After creating an account, you will need to provide proof of identity and a photograph for KYC verification. This is required in accordance with Securities Exchange Commission regulations. After completing your KYC your account will be activated in a matter of minutes. You can then trade GNO or other cryptocurrency on the exchange. Consider that a decentralized exchange like UniSwap doesn’t require a KYC verification.
Next, deposit money into your Huobi Global account. Funding your Huobi Global wallet can be done in a variety of ways. Huobi Global allows you to deposit in fiat currencies. Gnosis is available in a variety of payment options. Add funds to your “Fiat Account” under the “Balance” tab. You will see HUSD if you make a USD deposit to your Huobi Global wallet. For fiat deposits, the exchange will charge a modest deposit fee. However, there is no fee to deposit crypto assets directly into the wallet.
Once you’ve successfully added funds to your Huobi wallet, the next step is to buy USDT or BTC, as these are the only two trading pairs for GNO available on the exchange. The HUSD can be used to purchase USDT or Bitcoin. Once you have purchased USDT, open markets and type GNO/USDT at the search bar. To purchase GNO, enter the USDT amount you want to purchase and make a market order. You will receive the GNO tokens in your Spot Wallet immediately after placing your order.
Now you know how to buy GNO or any other cryptocurrencies of your choice across two of the world’s largest cryptocurrency exchanges. GNO can also be bought on any other decentralized exchange that accepts ERC-20 tokens.
Notice: Gnosis can be sold through the same exchange that you purchased it.
Storing GNO Tokens
Once you’ve managed to buy GNO or another digital asset of your choice, the next important step is to store your crypto tokens in a secure wallet that supports Gnosis. Although cryptocurrency exchanges provide a digital wallet, there are significant risks associated with them, such as hacks and cyber-attacks.
Binance has its own crypto wallet. Trust Wallet is also a partner to further protect user funds. Transfer crypto from Binance to Trust Wallet is easy. Tip: remember to write down your passphrase provided by Trust and keep it safe, as it’ll help you gain access to your wallet if you forget your PIN.
After purchasing your GNO, you have the option to save it in different crypto wallets like:
- Software wallet: Because they can be connected to the Internet, these are known as hot wallets. Software wallets’ strength lies in their versatility and ease-of-use. A software wallet allows you to easily connect with multiple decentralized financial (DeFi), applications. It is also the most simple-to-setup. However, these wallets are vulnerable to security leaks because they’re hosted online—like your bank accounts. To avoid security problems, ensure you do your research before selecting a wallet. A platform offering 2-factor authentication is recommended. There are many free online software wallets. CoinStats WalletIt is one of most trusted software wallets. It helps you store your GNO and other assets safely and monitor your assets’ growth in real-time. Metamask, Trust Wallet, and Metamask are other software wallets.
- Hardware Wallet The hardware wallet stores your private keys to enable you to receive and send crypto. A hardware wallet is the most secure way to keep your crypto assets safe because it offers offline storage. This significantly lowers the chance of hackers stealing them. You can lock them with a pin, and they will wipe out all data after multiple failed attempts to prevent physical theft. They are secured by a pin and will erase all information after many failed attempts, preventing physical theft.
Conclusion
Gnosis provides the infrastructure to support prediction market applications. Gnosis offers Dutch Exchange, Gnosis Safe and strong tooling to allow anyone to customize forecasting software to make every event tradeable.
Disclaimer about investment advice This website contains information that is intended to be informative. It does not recommend you to purchase, sell or hold any financial products or instruments. This does not endorse any particular provider or service.
It is highly volatile, so make sure you do your homework and seek out advice. Don’t invest money that you cannot afford to lose. CFD trading, stock trading, and cryptocurrency trading can have serious risks. CFD trading can cause losses of between 74-89% in retail investor accounts. It is important to consider your personal circumstances before you make any investments. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.
Gnosis’s past performances are not indicative of future results.