Gnosis (GNO) Research

Gnosis (GNO) Research Details

Gnosis (GNO) Gnosis

INTRODUCTION

Gnosis is an open-source, decentralised, Ethereum blockchain-based prediction market. Users can set up markets where they can speculate on any incident or arbitrary outcome.

Gnosis is able to ensure a secure and transparent ecosystem by utilising the Ethereum Protocol. The Gnosis protocol wants to change the way things are done by making the world's most accurate forecasting tool and setting a global standard for prediction markets.

Gnosis is developing new market mechanisms for use in decentralised finance (DeFi). With three compatible product offerings, Ethereum enables users to trade, store, and mint digital assets.


HISTORY AND FOUNDER

Martin Koppelmann and Stefan George started Gnosis in 2015 as part of ConsenSys, an Ethereum venture production studio. Gnosis was able to get funding in April 2017 and became an independent company with headquarters in Gibraltar. Gnosis has more than 50 team members around the world, and the Full Node co-working space in Berlin is where most of the company's development happens.

Gnosis utilised a reverse Dutch auction for its ICO. The sale price was limited at $12.5 million USD.

Due to the way the sale was set up, where most of the tokens went to the Gnosis team based on a sliding scale that changed based on how long the sale took, only 5% of the tokens were actually given to buyers. Over 90% of the pre-sale supply went to the Gnosis team because buyers bought the entire 12.5 million USD supply in just three hours out of fear that they would miss out. After the unexpectedly high demand for the pre-sale, the team agreed to lock the tokens for a year so that buyers wouldn't worry about the team selling their holdings.


REASON TO BUILD THE PROJECT

The team's original plan was to offer a blockchain platform similar to Augur. However, they quickly realised that there was a greater need for infrastructure tools that would help make the Ethereum ecosystem more useful.

This realisation pushed the core development team to make these needed tools. Safe (multisig and programmable account), CoW Protocol (formerly CowSwap and Gnosis Protocol), Conditional Tokens (prediction markets), Gnosis Auction, and Zodiac (standard and tools for composable DAOs) are all products that were created by Gnosis.


BASE OF PROJECT

  • Coincidence of Wants - "Coincidence of wants" (CoW) is defined as "an economic phenomenon in which two parties each possess an item that the other party desires and then swap these products directly." This means that trades can be completed directly between parties without the need for external market makers or liquidity provision under the Gnosis Protocol. Gnosis Protocol does this by using a "multi-dimensional order book."

  • Gnosis Safe - Gnosis Safe is a customisable multi-signature (multisig) wallet for smart contract-using teams and individuals. Using Gnosis Safe, teams and individuals can require a certain number of addresses or devices to confirm each transaction before it is carried out. This is meant to cut down on unauthorised transactions. Rather than relying on an externally owned account (EOA) model, Gnosis Safe eliminates any single point of failure that could compromise money when a multi-signature technique is used.

  • GnosisDAO - GnosisDAO is a collection of Gnosis product users who desire to "transparently guide decisions" regarding the Gnosis ecosystem's growth, support, and management. GnosisDAO is responsible for allocating community funding to enhance the ecosystem through update proposals. Furthermore, GnosisDAO organises polls to determine the result of each governance proposal.


USE CASE

The GNO token is the system's native token. Its main purpose is to create OWL tokens. OWL is intended to serve as collateral for the Gnosis conditional token structure for prediction markets. In addition, 1 OWL can be used to pay the price on Gnosis protocols and platforms equal to 1 USD.

In the GnosisDAO governance process, the final phase lets proposals for two signalling methods that use GNO Tokens. The outcome of a proposal is decided by polls in the GnosisDAO Snapshot space. To participate in a GnosisDAO Snapshot poll, you must have at least 1 GNO. The Gnosis Impact app uses prices from prediction markets to figure out how the outcome of a proposal is likely to affect the price of GNO.


MAJOR NEWS AND EVENTS

DATE

NEWS/EVENTS

IMPACT

13/07/2022

Gnosis Safe changes its name to Safe after a $100 million funding round

+32% Increase

22/03/2022

Gnosis (GNO) price surges after CowSwap customers claim COW airdrop

+50% Increase


CONCLUSION

Gnosis is building the foundation for applications that use prediction markets. In addition, the project has its own Dutch Exchange, multisig wallet, and powerful developer tools. The team's goal is to make Gnosis the best forecasting tool in the world and give users the best experience when searching for information that fits their needs.

Even though tokens were given out unevenly, the team has been meeting their goals and releasing updates and new features. As machine learning and crowdsourcing become more common in forecasting models, Gnosis could have a big impact on a market that is becoming more valuable.


DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.