Review on Gnosis Protocol by Sudais Quadri
What Gnosis Protocol entails.....
Launched as one of the latest exchange presently in the cryptocurrency markets, Gnosis Protocol is an exchange essentially dealing with the exchange of cryptocurrencies and digital assets. Uniquely, Gnosis Protocol seems to be a very innovative and peculiar exchange as it makes use of RING TRADING to help markets which have basically low liquidity. Apart from Ring Trading feature, Gnosis Protocol was built on an extensive decentralized network, working on a permissionless protocol making virtually everyone credible as validators to certain nodes. Here with Gnosis working directly on this permissionless network, users can be rest assured that their transactions will be transparent without any form of manipulation, because users can see the how their transaction is being processed. Since this exchange was built on this permissionless network, we can therefore conclude that it is going to be very secure so far the integrity of its members can be guaranteed. Trading usually is done is batches. The major drawback of thus Gnosis is just that small number of transactions that can be processed per time unit. Though the security is proving to be tight, it all depends on the credibility and transparency of the members. For Gnosis Protocol, only a little fraction of the existing nodes needs to be manipulated to make the whole block chain network prone to hacking. Interestingly, users get to list tokens that are not listed on Gnosis Protocol. This exchange works entirely works on decentralization. This exchange actually needs to be more publicized, as it alot to offer to the cryptocurrency market globally.
Pros
- All positive aspects have been listed in my review
Cons
- Time to validate a transaction is very slow
- Credibility of members that form a node can be untrustworthy
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Comments (1)
January 01, 2021
Thanks to Revain for bringing this opportunity to me where I can try out different platform and give my own review and feedback, Actually Gnosis working on a permissionless network has been of more advantage, the fact that the security cannot be assured is a very rare scenario
