What is Gnosis Coin (GNO)?
GNO Coin Price
What is Gnosis? | A Quick Overview
Gnosis is a market-driven forecasting technology, predicting everything from price movements in Bitcoin, to the housing market, to elections and so on.
GNO coin uses smart contracts on the Ethereum network to utilize an ecosystem with backing and to create a truly decentralized predictive forecasting cryptocurrency.
The History of GNO Coin
In 2013 Martin Köppelmann and Stefan George began investigating blockchain technology, after meeting in college.
Gnosis joined consensus as first spoke in 2015 after the development of Ethereum (which would later host their smart contracts) and proof of concept development begun.
August of 2015 marks the month where the alpha version, Gnosis PoC1, goes live as the first Dapp on Ethereum’s network.
In March of 2016, they receive their first developer grant for research on the decentralized governance model. Later in August 2016, they released the second proof of concept, Gnosis PoC2, allowing third parties to build on them.
Gnosis Ltd. is created in March of 2017 out of Gibraltar (which has a progressive blockchain approach) separating it from Consensys.
April marks the finish of their successful token sale.
In December 2017 they released the alpha version of their predictive markets with a playful environment to try out trading and win GNO as a reward.
The Roadmap of GNO Coin in 2018
From their site (1):
- Q1 - GNO/OWL Functionality
- The OWL functionality for paying fees will be integrated into the Gnosis Management Interface.
- Q1 - Gnosis Safe (Android)
- The Gnosis Safe wallet for Ether and other ERC-20 tokens is geared towards single users using 2 or more factor authentication. The additional factors can be held by mobile devices (phones, tablets) and hardware ledgers. We plan to release an MVP for Android by the end of January 2018.
- Q1 - Gnosis Service GmbH opens a Joint Office with Cøsmos
- Gnosis Service GmbH opens a Joint Office with Cøsmos in Berlin Kreuzberg, Full Node. Several other high-profile blockchain companies (Raiden, truebit) move into Full Node as well.
- Q2 - Gnosis Safe (iOS)
- The Gnosis Safe wallet for Ether and other ERC-20 tokens is geared towards single users using 2 or more factor authentication. The additional factors can be held by mobile devices (phones, tablets) and hardware ledgers. In March 2018, we hope to have the first Gnosis Safe Alpha featured in the App Store.
- Q2 - Gnosis Dutch Exchange
- Gnosis will go live with the Dutch Exchange: a decentralized exchange for ERC-20 tokens based on the Dutch auction principle. Starting with a high price which falls until the market for the specific token-pairing clears, it provides a more streamlined trading experience. The dominant strategies of buyers to reveal their true willingness to pay will result in fair market prices
- Q2 - Cryptoeconomic Experiments
- Along with our advisor Robin Hanson, we've set up experiments to test the viability of Futarchy. We would like to experimentally investigate whether adding manipulators to a prediction market built on the Ethereum infrastructure does reduce average price accuracy, and that prediction markets will therefore be among the most manipulation-resistant, as Hanson suggests.
- Q3 - Oracle Integration
- We will look into oracle integrations with providers like Reality Keys or Oraclize. RealityKeys provides automated and human-verified data designed to enable a new generation of automated information services. Oraclize provides a way for smart contracts to break free of their constraints and gives them the ability to access all the data they need from the web without compromising their trustless nature.
- Q3 - Futarchy DAO
- Gnosis will build a tool to create DAOs that only use prediction markets to make decisions. The concept was popularized under the name Futarchy by our advisor Robin Hanson. Futarchy DAOs will measure the market reaction of a decision. The DAO will only make decisions if the market would react friendly to it.
The Gnosis Coin Founders
Decides on conceptional designs and strategy (from Gnosis.pm).
Leads development and architectural designs (from Gnosis.pm).
Gnosis Coin Media
Gnosis Coin White Paper
Total Coin Supply
The Purpose of Gnosis Coin
Gnosis coin was created to address the predictive markets in a manner that doesn’t imply a monopoly or a central entity profiting largely from other users data.
See with predictive markets they utilize the information of the total market.
When users pick or predict the market, the overall system builds and gathers more data giving it a better-educated guess.
This is how Gnosis works.
By utilizing the collective consensus and thus building upon it on the Ethereum network in smart contracts that execute in a decentralized fashion.
They built Gnosis under the premise that everyone should have the chance to use market-driven forecasting technology and reap the rewards.
The Features of GNO Coin
Gnosis Management Interface
This is where users will actively trade in predictive markets.
It's easy to use interface allows users to see what predictions are going on, what they have participated in and allows users to buy/sell shares of the market.
The mainnet should be released relatively shortly (based on the time writing this).
Participants start out on Olympia which allows them to use play tokens and in return earn GNO for it.
While it is for play, it still is a reduction in a market giving the machine learning algorithm more and more practical knowledge for its predictions.
Then for developers aiming to build on GNO coin, they can test and utilize the Gnosis Olympia interface for their Dapp.
Their wallet holds Ether, and ERC-20 tokens integrate with metamask and other Web3 wallets, supports offline signing, hardware wallets compatible, and allows users to configure users and number of signees.
An Easy To Use Developer Kit
Being decentralized and meant for open source platforms on the Etheruem network, GNO was created for easy ability to be developed on.
You can learn more about developing their platform here: Dev Kit
The Gnosis Layering Process
Gnosis is built on the Etheruem blockchain, which is the first layer in gnosis.
Here’s how the overall layering of GNO looks.
To simply sum it up, it looks as follows:
- Gnosis Core
- Event Contracts
- Market Mechanism
- Outcome Tokens
- Gnosis Services
- Gnosis Apps
- Information Discovery
- Many More
A Macroeconomic Look At Gnosis Coin
Predictive markets and the forecasting technology behind it is a huge marketplace.
When looking at the actual markets and items that it is predicting those can range in the trillions of USD a year.
Thus, it only makes sense that the markets themselves have a lot of capital flowing through them.
Especially because forecasting technology sees how other forecasting technology works and then updates it.
On the other hand, there are a few other cryptocurrencies in the same industry like Augur (REP.)
What We Think of Gnosis Coin
Gnosis is another forecasting technology based cryptocurrency, aimed at people getting a better look at the market and predictions of major events on the whole.
Their coin simply is a reward and currency for exchange and use of the platform, and their wallet supports ETH and other ERC20 tokens.
We currently do not hold GNO coins but will be watching them in the future.
If you liked this review and want to help support the academy donate some Gnosis (GNO) below!
MORE FROM THE CRYPTOCURRENCY INDEX
What is Qash Coin? QASH Coin Price What is Cash | A Quick Overview The goal of the company Quoine Liquid is to take their cryptocurrency Qash and make it the premier cryptocurrency for payment services in the financial sector. As more companies start to use and adopt Qash coin, the utility of Qash will…
What is Syscoin (SYS)? SYS Coin Price What is Syscoin? | A Quick Overview Syscoin is a coin developed for instant payments anywhere in the world; incorporating a decentralized marketplace, disbursed certificate management, name aliases, and allowing for mining. They are a global network, distributed ledger, and decentralized blockchain. The History of Syscoin Cryptocurrency In…
What is Particl Coin (PART)? PART Coin Price What is Particl | A Quick Overview Particl is an open-source and decentralized privacy platform ready to work with any cryptocurrency without holding and storing the data of its users. Using Particl coin any company can build a decentralized application (Dapp) on their highly secure and scalable…