Review on Gnosis Protocol by Victor Nnamah
The Gnosis protocol.
Just as cryptocurrency trading has gone vast, there are now many decentralized and centralized exchange platforms to enable high efficiency in cryptocurrency trading. One of this developed exchange is the Gnosis protocol.
In the way I understand, The Gnosis protocol is an open source and decentralized trading platform launched on the month of April, in the year 2020, just last year. It is a fully permissionless decentralized exchange, DEX, that introduces a new DEX mechanism which is the ring trade, there by, maximizing liquidity for trade. It is an early born of the Ethereum blockchain network and enables users to interact, deploy and integrate a DApp that interfaces with the smart contracts technically.
For the last few months of operating on this system, it has been simple and interesting, I deposited my available ETH, as it does not support fiat money deposit, into it which has been safe all this while. Also, while I was signing up for an account with Gnosis protocol, it was very easy and did not require any personal information from me.
Moreover, you will have to link a wallet to your account before operating on it, it supports only MetaMask and WalletConnect as a wallet but I do prefer MetaMask as my wallet.
Finally, I strongly recommend this protocol as it aims to develop a better version of itself.
Pros
- It brings an innovative technology.
- Transactions are fast and secure.
- It is easy to setup.
- It is completely decentralized.
Cons
- None.
