What Is Gnosis (GNO) How It Works & Where To Buy It?

Gnosis is an innovative decentralized prediction market running in the Ethereum network. Gnosis leverages the security and credibility of the Ethereum network to deliver valuable forecasting insights to users.

Gnosis also offers users more decentralized features that they can utilize for the maximum experience – these include a decentralized exchange and the Gnosis Safe.

The Gnosis (GNO) token is the governance token of the Gnosis protocol and is currently the 97th largest cryptocurrency by market capitalization.

 

How Gnosis (GNO) Works

GNO offers users a unique set of decentralized products. Users can choose from three primary Gnosis products, each of which utilizes three different layers to provide an optimal user experience. These interoperable products are perfectly catered to users to create, hold and trade assets on the Ethereum network.

Three main layers ensure optimal functionality throughout the protocol:

• Gnosis Core Layer – Provides the Gnosis Platform with the core smart contracts.
• Gnosis Service Layer – Provides resources for consumer applications and is utilized for necessary tools like messaging bots and stablecoins throughout the protocol.
• Gnosis Application Layer – Consists mainly of front-end tools and is specifically geared towards prediction markets.

The applications running on the network are created by Gnosis or by other parties.

Additionally, it should be noted that Gnosis is Ethereum Virtual Machine compatible and Gnosis Chain leverages this functionality to enhance functionality and carry out various actions within the ecosystem.

The Apollo Network is the Gnosis prediction market platform built to allow innovative market mechanisms. Users can create markets for various arbitrary events and then actively trade on these markets by buying or selling positions based on what they think the outcome will be.

This unique system allows for the creation of outcome tokens (receive full value of the bets upon the outcome) and conditional tokens that are event-based digital assets.

GNO tokens are governance tokens of the Gnosis protocol. These tokens are utilized to vote in the GnosisDAO, and token holders receive unique voting rights that they can exercise when there is a proposal or network update.

When a user locks their GNO tokens, they are rewarded with OWL tokens which can be used to pay for listing tokens on the Gnosis network. Only locked GNO tokens can generate OWL tokens.

Users wanting to learn more about Gnosis prediction markets, the Gnosis team, and the protocol’s functionality can refer to the Gnosis whitepaper.

 

What Is Gnosis (GNO) Used For?

The Gnosis platform offers users different features which they can use. These features are what make Gnosis innovative and differentiate the blockchain platform from existing platforms on the market.

Generally, users will participate in prediction markets and try to earn revenue from this. The prediction market platform is where users can buy and sell positions and essentially bet on the outcome.

GNO tokens are required to participate in these products and are essentially what powers the Gnosis ecosystem. Users can also lock up their GNO tokens to receive OWL tokens – these can be used for creating a token listing.

Additionally, swing and arbitrage traders try to capitalize on price fluctuations in cryptocurrencies. These fluctuations often occur when trading volumes are at their highest, this provides these types of traders with an opportunity to make significant amounts of profit. These trading styles are very risky, and most traders end up losing significant amounts of money.

 

Where To Buy Gnosis (GNO) Token

GNO has been a popularly traded cryptocurrency as the Gnosis platform has grown in popularity. Gnosis offers users a selection of decentralized products, and these products have quickly attracted thousands of users.

GNO tokens are commonly traded on most centralized crypto exchanges. Before you’re able to purchase GNO, you’ll need to deposit fiat money onto an exchange; sequentially, GNO tokens will then be credited to your digital wallet on the exchange.

The crypto exchanges below are amongst the safest place where you can buy, sell and store tokens.

1. OKX
2. HTX
3. KuCoin
4. Binance

GNO token holders can opt to transfer their tokens to compatible digital wallets; from there, they can use GNO tokens on the various Gnosis platforms. They can also lock up their GNO tokens and receive OWL tokens.

Transferring tokens off centralized exchanges is strongly advised since doing so ensures that users own full control over their cryptocurrency holdings and private keys.

None of the abovementioned information is investment advice.

 

About Gnosis (GNO)

How long has Gnosis (GNO) existed?

Martin Koppelmann and Stefan George, cofounders of the Ethereum venture production company ConsenSys, established Gnosis in 2015. The company is presently registered in Gibraltar.

Gnosis held a reverse Dutch ICO in 2017 and managed to sell out $12.5 million worth of tokens in 10 minutes.

What’s controversial about Gnosis (GNO)?

The crypto space is extremely volatile and under-regulated. There are several scam projects and con artists in the crypto space that aim to capitalize on unknowing investors. Most individuals don’t spend enough time researching the fundamentals of blockchain and cryptocurrencies; this often leads to them losing a significant amount of money.

Users will feel more confident in the investments when they fully understand the aims, solutions, and direction of the project they wish to invest in.

Let’s take a look at the top controversy surrounding Gnosis (GNO):

• Initial Coin Offering – In 2017, Gnosis held an incredibly successful but majorly controversial ICO. Back then, the space was still very misunderstood by most, and many individuals believe that Gnosis sold their Gnosis tokens in an opaque way.
• Essentially, only 5% of the tokens were available for sale, and they managed to sell all those tokens within 10 minutes. However, after the ICO, many individuals started asking questions about why an ICO was even necessary.
• According to the Gnosis CEO, the company had a large amount of fiat (more than $30M) that it could use to grow the project. The funds raised at the Gnosis auction were essentially used to pay for the coworking space and products that took more than two years to build – many people saw this auction as a devious and unnecessary fundraiser.

How many Gnosis (GNO) Tokens are there?

At the time of writing, Gnosis (GNO) has a circulating supply of 2,579,588.00 GNO (26% of the total supply)

The total supply of Gnosis (GNO) is 3,000,000

The max supply of Gnosis (GNO) is 10,000,000

Can Gnosis (GNO) be mined?

GNO tokens can’t be mined. GNO tokens aren’t mineable tokens, and users should be wary of any websites or sources advertising that they can ”Mine GNO”. These platforms are falsely advertising their services, and users could potentially lose a significant amount of money.

Additionally, users seeking to earn a yield on their GNO tokens can either lock up their GNO tokens on the Gnosis platform and earn OWL tokens. Or, they can make use of another decentralized platform and utilize various DeFi products such as staking, yield farming, and liquidity provision.

Some centralized exchanges allow users to earn yields from staking their GNO tokens.

What is the market cap of Gnosis (GNO)?

The market cap of Gnosis (GNO) is: the total amount of coins in circulation x the current market price of GNO.

Gnosis (GNO) Market Cap = 2,579,588.00 GNO x $109.50 = $282 million (97th largest market cap)

GNO is currently one of the top 100 cryptocurrencies by market capitalization.

 

Biggest Competitors Of Gnosis (GNO)

Gnosis is currently the leading project in the prediction markets sector, but this is not the only feature offered by Gnosis. The protocol also offers users a decentralized exchange where they can trade crypto assets. This DEX sector is incredibly competitive, and Gnosis has some steep competition.

Gnosis’s biggest competitors are:

• Augur (Prediction markets)
• Uniswap
• Pancakeswap
• Sushiswap

 

What Are The Future Plans of Gnosis (GNO)?

The protocol will continue to expand its utility and the number of valuable products it offers, and look to grow its user adoption globally. It is an innovative blockchain project which is currently leading the prediction market sector; its current market cap is more than three times larger than its nearest competitor.

However, the project offers multiple products, such as a decentralized exchange where users can trade crypto assets. If the blockchain project wants to cement itself as a top DEX, it will need to offer users innovative products and ensure that its marketing campaigns are run efficiently.

 

Pros And Cons Of Gnosis (GNO)

Pros:

• Leading Project- The Gnosis protocol is currently the leading project in the prediction markets sector. The biggest competitor is Augur, which has a significantly smaller market cap.
• Diverse Decentralized Products – Gnosis doesn’t only focus on one product; instead, it offers users an array of blockchain products, including a prediction market, Gnosis safe, and a decentralized exchange.
• Large Exchange Listings – GNO is listed on most major cryptocurrency exchanges, including Binance and HTX.
• Low Token Supply – The max token supply of GNO is 10,000,000. This is less than 50% of Bitcoin’s token supply.

Cons:

• Competition – Gnosis DEX is currently one of the smaller DEXs in the crypto market. The DEX plays an integral part in facilitating token trade in the Gnosis ecosystem, and its success effectively contributes to the GNO price.
• Several major competitors in the DEX sector already have millions of users and offer individuals incredibly valuable products. Gnosis will need to work hard to become a top competitor in the DEX category.