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What is Gnosis
Gnosis is a decentralised, peer to peer, open source, global prediction market which also has a native currency called Gnosis Token (sym. GNO) or simply Gnosis.
Users of Gnosis are free to create their own prediction charts and others are free to take part in it.
History of Gnosis
In 2013, Martin Köppelmann and Stefan George launched a Bitcoin-based prediction market. In January 2015, they launched Gnosis project and the Alpha version was released in August. In November 2015, the project went live. In March 2017 Gnosis Ltd was formed. In April 2017, Initial Token Auction was launched and completed successfully.
How Gnosis Works
The users can create a prediction or take part in an existing one. The prediction probability of each outcome changes dynamically via a smart contract. If a higher number of users predict one outcome over the other, that outcome has a lower payout as that is more likely to happen. The original concept of the prediction game is just like the real world. However, there is no central authority (betting house, casino or any organisation) controlling the offers. The users can easily come up with their own ideas and other users can freely participate in that.
The GNO tokens can be used to create WIZ tokens, something which is used to pay for the service fees of the network. After encashing Gnosis tokens for Wiz, if the Wiz tokens are not consumed by the user, they are converted back to Gnosis tokens and credited to the user.
Gnosis offers betting and prediction market on the decentralised network, based on Smart Contracts. It comes with several advantages.
- Prediction market: The global prediction market is in trillions of dollars. Even if the network attracts a fraction, it will be a multi-billion dollar network.
- Versatility: Gnosis network can be used for financial prediction market, sports betting and even to create a celebrity gossip betting. Gnosis also offers on-the-spot user-defined insurance feasible.
- User Freedom: Users can create their own events and others can participate in it instantly. This gives the users freedom to predict on anything and everything.
- No Central authority: The probability of the outcome of an event is dynamically decided by Smart Contract. This means the users don’t have to accept the rates fixed by a third party such a vetting syndicate or a casino.
- Native Currency: Gnosis has two tokens, GNO and WIZ. GNO is a full-fledged cryptocurrency which can be traded for profit at different exchanges or can even be used to pay for products and services online.
- User-friendly: Gnosis is not overtly technical which is an encouraging feature for the non-technical users who are hesitant to try out newer tech like blockchain and DApps.