What is Gnosis (GNO)?
Gnosis is a chain built for Ethereum-based platforms to create DeFi products that are EVM compatible. The protocol aims to extend an open-source platform for forecast and prediction market solutions. Gnosis Safe was the first offering created to offer Ethereum asset management. Gnosis software aggregates the unbiased opinion of the users to give uncensored data curated for decision-makers in finance, government, and insurance, among other sectors.
Who are the founders of Gnosis?
Gnosis was founded by Martin Koeppelmann and Stefan George. The Gnosis prediction market platform was one of the first projects backed by the Ethereum-focused incubator, ConsenSys.
Stefan George had also developed a Bitcoin production market Fairplay.com before developing Gnosis.
How does Gnosis work?
The Gnosis network uses three separate platforms; Apollo, DutchX and Gnosis Safe.
- Apollo is a market where users can create their own tokens. (These tokens can represent ideas, information, and incentives.)
- DutchX is the marketplace where these tokens are auctioned.
- Gnosis Safe is a crypto asset wallet used to store Ethereum-based assets.
Similar to using three separate platforms, the Gnosis Architecture has three layers that interact and bind the Gnosis platforms. These layers of Gnosis include the Core layer, Service layer and Applications layer.
Core Layer: The Core layer is the foundation of the platform as it powers the smart contracts, the automation of settlements and the market mechanism is also run on this layer.
Service Layer: The service layer of the platform offers add-on services like chatbots for dApps and payment processing integrations. The trading fee model is also managed by the service layer.
Applications Layer: This layer collates all the prediction market dApps built on Gnosis. Most applications accessible on this layer are built by third parties who can charge users for their services.
Key Attributes of Gnosis
Management Interface: The Gnosis interface allows users to trade directly on prediction markets. The dashboard of the platform allows users to withdraw and deposit ERC-20 tokens
Multi-Sig Wallets: Also known as the Gnosis safe, these wallets allow a group of users to control their funds more efficiently and securely. The multi-sig wallet has a process to let users interact with the wallet’s software. The wallets allow users to deposit ETH and ERC-20 tokens.
Gnosis DAO: The DAO allows token holders to participate in the development of the systems through voting rights. Users holding the native GNO token and ETH can become members of the Gnosis DAO and can enjoy special privileges and member rights.
What sets Gnosis apart?
Gnosis is an inclusive platform that brings the developer community, users and DeFi markets together. Gnosis has built an array of forecasting solutions that benefits the Ethereum ecosystem through its state-of-the-art products and solutions. Besides creating a transparent decentralized ecosystem for building DeFi products, Gnosis has also created a fund aiming to equip developers with the resources required to build on Ethereum.
How to buy Gnosis (GNO) in India
Use this three-step process to buy your first Gnosis using the CoinDCX crypto investment app
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy GNO on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy GNO crypto token: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!