Gnosis is a permissionless, decentralized prediction market build on the Ethereum blockchain. The Gnosis developers and founder had the idea to have users provide the platform with value. The more projects and users use the Gnosis, the higher the overall utility. The aim of the Gnosis platform is to enable third-party projects to build on their Gnosis. Gnosis offers a prediction market as a service to users. Individuals and companies can use the platform to focus on the future events. It acts as an oracle by allowing users to create events.
The Gnosis provides a platform, for markets and the implementation of various models. In theory, the scope of application is large. Examples given on the Gnosis website are prediction market from gossip and fro celebrity, for pre-auction art valuation, for sports betting and for financial markets. To ensure the use of various multiple applications.
Gnosis Video Explanation
The three layers of Gnosis
The Gnosis platform consists of three-layer which are applications, core, and services. The three core layers include:
- Core layer: the core layer is the general Gnosis applicability. It is built on event token creation and settlement, Oracle, a management interface and a market mechanism. The layer is free and open to use.
- Services layer: the additional service layer is built on top of the Gnosis Core that if offered via a trading fee model. The services include a state channel implementation, stable coin, new market mechanisms and payment processor integrations. The service layer also application customization tools, openwork temple application, and the Oracle marketplace are incorporated.
- Application layer: the application layer is the front-ends for a particular prediction market to use or deploy. Applications I the application layer can be built both by third parties and Gnosis.
The Gnosis ecosystem exists on two types of token. The Wisdom token and the Gnosis token. The Gnosis token (GNO) are sold in the crowd sale and offer a kind of mechanism to generate Wisdom token WIZ). WIZ is due for payment, from trading and to provide the basis for markets. The value of WIZ token is pegged to $1 USD. Users can be activated via smart contracts. A total of 10 million GNO tokens were available and a total of 9 Million GNO sold.
The Gnosis team consist of Vitalik Buterin and Joe Lubin, who are well-known members of the Ethereum community. The team also has some quite relevant advisors that take part in the project. The Gnosis is the nest generation blockchain protocol that allows for advanced smart contracts.