The Beginner’s Guide
Gnosis aims to provide an open source infrastructure for prediction markets built on Ethereum.
The prediction market is a kind of market that is no different from a stock market. But instead of trading assets, users buy and sell the results of events. Cryptocurrencies, often restricted by regulators, are believed to have the potential to decentralize the functioning of prediction markets and open their reach worldwide.
This is the idea behind the Gnosis prediction market platform, a blockchain that allows users to buy and sell cryptocurrencies that are representative of event results in an open market.
As events unfold and results become clear, Gnosis tokens gain or lose value depending on what was predicted by the user.
The goal of Gnosis is to create an infrastructure for many decentralized applications that can act as forecasting tools, sources of information and standards for predictive assets in this market.
Gnosis believes that by allowing any party to access its platform and gathering the public at an uncensored source, it can create a reliable forecast tool that can have applications for decision makers in the fields of finance, government and insurance, as well as other industries.
Gnosis software uses two cryptocurrencies, GNO and OWL, which help ensure that its operations are reliable and distributed. Today, Gnosis continues to move towards its ambitious goals. But not alone, but against market competitors like Augur (REP).
Who Created Gnosis?
It was founded in 2015 by Martin Koeppelmann and Stefan George. The Gnosis prediction marketplace platform was one of the first projects supported by the Ethereum-focused incubator ConsenSys.
Prior to Gnosis, George founded fairlay.com, a centralized Bitcoin prediction marketplace.
In 2017, the initial coin offering (ICO) for the GNO cryptocurrency sold 4 percent of its supply. It raised 250,000 ETH (roughly $ 12.5 million). The sale ended in less than 15 minutes.
In late 2017, Gnosis launched Olympia, a test version of the prediction market platform. In 2018, the project launched Apollo, version 1.0 of its platform, and DutchX, a decentralized exchange.
At the end of 2018, Gnosis also launched its wallet platform Gnosis Safe.
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