Review on Gnosis by Toprak Dere
About Gnosis Coin (GNO)
Gnosis is a prediction marketplace platform built as a decentralized application (dapp) on the Ethereum network. However, more than just building a prediction market, Gnosis creates an entire layer of infrastructure that you can use to build your own prediction market application.
To describe how Gnosis works, we first need to summarize what exactly a prediction market is and why they are valuable.
A prediction market uses user predictions to gather information about future events. Users in the market trade with tokens that represent the outcome of a particular event. These tokens will have different values in the open market as some results are more likely to occur than others.
As time passes or related events occur, the probability of some token consequences increases, thus increasing their value. When the event occurs, the tokens representing the final result get full value while the rest of the tokens have no value.
GNO token, one of the cryptocurrencies of Gnosis, is based on Ethereum. This token is generally used to generate OWL tokens with staking. Investors will be able to lock GNO tokens for up to one year to earn OWL tokens via staking. Currently, the GNO supply is around 10 million.
OWL tokens will serve to pay in the Gnosis prediction market. In addition, transaction fees can be paid with OWL tokens on the Gnosis platform. The OWL token is fixed in US dollars. Accordingly, 1 OWL token is equivalent to 1 US dollar. Investors working with the Gnosis platform must pay a fee in OWL. In addition, as a result of staking the GNO coin, OWL tokens will be obtained. If the OWL coin is not used, there is a penalty.
Gnosis creates the infrastructure for prediction market applications. In addition, the project includes an in-house developed Dutch Exchange, multi-wallet, and robust developer tools. The team has a mission to make Gnosis the world's most efficient predictor, while providing users with the best experience in customized information searches.
Even with an irregular token distribution, the team is achieving their goals and continues to offer updates and new functionality. The growth of machine learning and crowdsourcing in predictive models brings the potential of Gnosis to make a major contribution to an increasingly valuable market.
Pros
- Considering the GNO coin comment content, it can be seen that there are more analysts who give this altcoin a chance. It is especially noteworthy that the number of exchanges listing this altcoin, which has been stagnant in 2020, is high. Due to such support, the GNO coin is expected to enter an upward trend and gain value in the next year.
- Thanks to this system, it aims to create a forecast area on finance, insurance, government and all other categories, where the whole public is gathered under an uncensored and secure roof.
- future is bright and roadmap is perfect
Cons
- There may be losses as it involves guessing and betting.
