Gnosis is an open-source platform for the prediction market. The idea behind the Gnosis prediction market platform is to create a blockchain that allows users to trade cryptocurrencies that represent event outcomes on the open market. As events unfold and the outcome becomes apparent, Gnosis tokens increase or decrease in value depending on what the user predicts.
What is Gnosis?
Gnosis is a decentralized prediction platform that makes it easier for users to create, trade, and hold their digital coins on Ethereum. Gnosis (GNO) is a DEX that specializes in trading prediction market tokens and long tail tokens (low liquidity tokens).
What is the project trying to achieve?
Gnosis's goal is to build an infrastructure for a variety of decentralized applications that can act as a forecaster, source of information, and standard for prediction assets in this market.
By allowing any party to access its platform and aggregate public opinion from an uncensored source, Gnosis believes it can build a reliable forecasting tool that can be applied to different markets. decision-makers in the financial, government, and insurance sectors, among others.
The Gnosis platform uses two cryptocurrencies, GNO and OWL, both of which help ensure its transactions are distributed and trusted. Today, Gnosis continues to make progress towards its ambitious goals but is not alone in the face of market competitors such as Augur (REP).
What is unique selling point?
Gnosis uses three distinct platforms.
- Apollo – A prediction market platform where users can create their own tokens (tokens that represent information, incentives or ideas)
- DutchX – A decentralized exchange where users can trade and auction their tokens
- Gnosis Safe – A cryptocurrency wallet and browser that interacts with Ethereum applications.
In addition, there are three layers to Gnosis's architecture that help unify these platforms.
- Core layer – contains smart contracts that power events, resulting tokens, mediation, and market mechanisms
- Service Layer – Provides additional services such as chatbots, payment processor integration, and stablecoins. This then also controls its transaction fee model. Gnosis predicts most consumer applications will interact with features on this layer.
- Application Layer – Contains market prediction dapps built on top of Gnosis. While Gnosis builds some applications for prediction markets, the majority of the applications accessible in this layer are built by third parties who may charge users for services.
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