Gnosis Review: Should You Consider GNO?
📝 Overview 📝
Gnosis is a decentralised prediction market that is trying to use the power of the crowd. This crowd wisdom can then be used to make predictions about upcoming future events.
There are three different layers to the Gnosis technology stack. These include the core layer which is the foundation of the platform. Then you have the service layer which will offer the additional services on top of this core layer. Finally, you have the application layer which is where all the consumer facing applications will reside.
There are two tokens in Gnosis. There are the ERC20 standard GNO tokens that give the network fuel. These are then staked in order for the user to get OWL tokens. These are the stablecoin tokens in the ecosystem that are used in order to place bets.
Gnosis held a large crowdsale back in 2017 where they managed to raise a total of $12.5m. This was in exchange for 5% of the total token supply.
This means that the team still controls 95% of the total token supply. They are actively working on the protocol and have rolled out some important updates. These include the likes of their DutchX exchange and their Gnosis safe wallet. You can see the progress of the team on their GitHub.
The major concern with the project remains the centralisation of the project. With the team controlling over 95% of the tokens, as well as the centralsied oracle that they have to rely on in order for the bets to be settled.
GNO tokens are currently trading with decent levels of volume on exchanges including Kraken and LATOKEN. They are still quite volatile so you should exercise caution when trading them.
⛓️ 🔗 Helpful Links 🔗 ⛓️
► Website: https://gnosis.io/
► Whitepaper: https://gnosis.io/pdf/gnosis-whitepap...
► DutchX Exchange: https://dutchx.readthedocs.io/
► GitHub: https://github.com/gnosis
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.