We continue introducing the altcoins listed on Gobaba. In this post of our series, we will be sharing the basics and unknown facts of Gnosis (GNO), which is a decentralized prediction market similar to REP we previosly introduced built on the Ethereum protocol.
Gnosis is a decentralized prediction market built on the Ethereum protocol. Gnosis provides an open platform for anyone to predict the outcome of any event and plans to drastically simplify the creation of customized prediction market applications. GNO is an Ethereum-based token that is used to incentivize long-term participation in the Gnosis platform.
Gnosis Facts
The platform includes a multisig wallet as well as an auction based decentralized Dutch Exchange.
Besides the main product of Gnosis which is the decentralized prediction market, the Gnosis team also work on an auction based exchange called DutchX and a multisig wallet. In an auction based exchange, there are discrete windows for traders to submit buy and sell orders. First, all asks are collected during a time period before the auction starts. Then, once the auction has started, the buyers submit their bid at the point in time where the current price reflects their maximum willingness to pay.
Gnosis includes two types of tokens: Gnosis (GNO) and OWL
Gnosis includes two types of tokens: Gnosis (GNO) and OWL. GNO are the ERC20 tokens that the team sold during their ICO. They created 10 million GNO tokens and aren’t minting any additional ones. These are the tokens that you see being traded on the open market
By staking GNO, you receive OWL tokens. To do this, you must lock your GNO in a smart contract making them non-transferable. The amount of OWL you receive is dependent on the length of your lock period as well as the total supply of OWL tokens in the market. The team is aiming to have 20x more total OWL than the average amount of monthly OWL usage over the previous 3 months.
Gnosis’s test version Olympia host some free tournaments
Olympia is Gnosis’s test version of their prediction market app. They host free tournaments in this product, so you get a chance to try it out without having to spend money. Every two days, the team allocates you a certain amount of Olympia (OLY) tokens that you use to bet on different prediction markets. If you do well in the market, you win Gnosis (GNO) tokens. You can sell GNO on the open market which gives them some monetary valueThe main difference between ETC and ETH is keeping the winnings by DAO hacker.
Gnosis is creating a robust developer tools and organises developer competitions constantly called Gnosis X and Gnosis Y
Gnosis X is a recurring developer competition designed to encourage developers to build dApps on Gnosis. Gnosis is announcing different categories for prediction market applications and give rewards the developer teams who participate to the challenges. And with Gnosis Y, the Gnosis team plans to try getting answers for Blockchain technology and prediction market related unanswered questions.
How to Buy GNO on Gobaba?
You can buy GNO within minutes using Gobaba. While buying GNO , you have 2 options. You can buy GNO from direct "Buy/Sell" section of Gobaba using your Fiat currency wallets. Find below the guide on how to buy GNO using your Euro wallet:
As a second option, you can give orders on the Gobaba trading module for the price that you wish to buy XRP for and once your buy order corresponds to any sell order, your order will be completed and you will receive your XRP coins in your Gobaba GNO wallet.
We're always listening to you. For your feedbacks feel free to let us know on Gobaba Community. See you in the next Cryptofacts post. Stay tuned for news & updates and join us to start trading safely and securely!
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