What is Gnosis?
Gnosis was founded by Martin Köeppelmann and Stefan George, who previously led the creation of Fairlay.com, a centralized Bitcoin prediction market. The Gnosis initial coin offering was launched in April of 2017 with the overarching goal to build new market mechanisms on blockchain-based, decentralized platforms, to facilitate the redistribution of resources—from assets to incentives, and information to ideas.
What is our product strategy?
Our interoperable product suite is designed to give you three core capabilities: create, trade, and hold. Our platforms let you create prediction markets and conditional tokens—a new asset class with richer semantic capabilities that makes the outcome of any future event tradable. Trade those assets (and others) using fully decentralized market mechanisms (DutchX and dFusion protocol). And hold those (and other) assets in the Gnosis Safe.
Does Gnosis still work on prediction markets?
Decentralized prediction markets have always been — and continue to be — our core product at Gnosis. But they’re not the only thing we’ve been working on. We have our hands in a few different product areas — notably decentralized trading protocols (DutchX) and token storage (Gnosis Safe). Since our ICO, we have shifted some of our focus to these platforms to provide necessary trading infrastructure for our prediction market platform. In particular, these technologies are designed to increase liquidity and streamline the onboarding process. However, we have still made substantial progress on our prediction market platforms. We have already released Apollo, our v1.0 prediction market smart contract repository. And we are currently releasing a full re-design of these contracts called Gnosis Markets.
Learn more about Gnosis Markets, formerly called PM v2.0, here.
What are conditional tokens?
Conditional tokens are a kind of prediction market token that represents a payout if and only if one or many conditions are met. With conditional tokens, you can create a market that looks at how the likelihood of an event is affected by any other event. For example, how is the probability of a global recession affected by a trade war between the United States and China over the next year? They also let you trade an asset under the condition that a specific event happens. For example, you can buy a tokenized equivalent of the British Pound but only under the condition that no hard Brexit happens. For market observers, conditional tokens provide generic prediction markets with greater semantic capabilities, by surfacing asset prices in many possible and interdependent futures.
What is the DutchX?
The DutchX is a fully-decentralized, ERC20 token trading protocol that uses the Dutch auction mechanism to ensure a fairer price for buyers and sellers. It is designed to be a protocol for interactive use by other smart contracts or decentralized applications. Unlike other exchange mechanisms, it works fully on-chain and boasts resilience to front-running and order collusion.
Check out DutchX documentation and a short video explaining how the DutchX works.
What is the dFusion Protocol?
dFusion is a token trading protocol that uses zero knowledge proofs for enhanced scalability and a multi-token batch auction format to boost liquidity and price accuracy. To support multi-token auctions, dFusion uses ring trades which let assets move in more complex ways. For instance, if someone wants A for B, someone else wants B for C, and the last someone wants C for A, the trade can still take place. In this way, the dFusion order book is multi-dimensional.
To learn more check out this talk by Benjamin Smith at EthCC Paris 2019.
What is the Gnosis Safe and Multisig?
The Gnosis Safe is an Ethereum wallet providing users with a secure way to manage their digital assets and interact with the decentralized web. Rather than using “externally owned accounts” (EOAs) on Ethereum — as most crypto wallets do — the Gnosis Safe operates entirely with smart contracts. This allows for features, such as: multi-factor authentication for transactions, improved integration and interaction with dapps, and advanced recovery methods. The Gnosis Safe contracts have been formally verified.
What is Ethereum?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions that were provided long ago (like a will or a futures contract), all without a middle man or counterparty risk [1].
Gnosis currently builds applications on Ethereum.
What is a prediction market?
A prediction market allows users to buy and trade binary positions on the outcome of any arbitrary event. "According to most experts in economics and finance, speculative markets are exemplary info institutions. That is, active speculative markets do very well at inducing people to acquire info, share it via trades, and collect that info into consensus prices that persuade wider audiences." (Hanson 2013) In other words, prediction markets provide an alternative, and potentially more accurate, oracle for the outcome of future events as well as for the reporting of the outcomes of past events.
What is the difference between Gnosis and Augur?
The two main differences are:
- Gnosis is a platform for prediction market applications. The goal is to make it as easy as possible for 3rd party developer to build prediction market applications which are all based on the same liquidity pool.
- As a platform Gnosis is oracle agnostic. We support all kinds of oracles, centralized, decentralized, or combinations.
Find more details in this blogpost (https://blog.gnosis.pm/the-difference-between-gnosis-and-augur-c08077271a8e#.f7pjwv2bp)
Will all prediction markets be priced in Gnosis tokens?
No—a market creator can choose any token they like—all Gnosis prediction market platforms are currency/token agnostic. Gnosis tokens are only relevant for the fees that the Gnosis system will charge. It will always be possible for an end user to use a Gnosis application without caring about Gnosis tokens. However, our two token model (GNO and OWL) provides significant advantages to token holders on our platforms.
Will Gnosis be available on other Blockchains other than Ethereum?
Our primary objective is to build a successful prediction market platform. Currently, Ethereum seems to be the best choice in blockchain to achieve this goal. That being said, we can also imagine a future in which a platform like Gnosis can become blockchain agnostic and operate across multiple underlying blockchains.
Why are there two tokens and what is the difference between GNO and OWL?
There are two separate tokens on Gnosis platforms, which accomplish two separate functions. Broadly, GNO is used to incentivize long-term participation and adoption for the platforms, while OWL is used to interact with the platforms.
OWL can be used to pay platform fees or contribute liquidity like in the case of the DutchX. The value of OWL will be pegged to $1 USD worth of fees. OWL tokens are generated by locking GNO during OWL Generation Events. Learn more about the use cases of our tokens here.
What are we doing with the GNO tokens that were not sold in the auction?
The GNO tokens that were not sold during our ICO will serve three main purposes including supporting and subsidizing applications building on top of Gnosis, and long term incentivization of Gnosis employees.
What is the relationship between Gnosis and ConsenSys?
Gnosis is its own independent company but we have a strong relationship with ConsenSys. This includes ConsenSys holding equity in the Gnosis entity and vice versa, Gnosis founders and early employees will hold equity in ConsenSys. Most importantly, Gnosis will utilize many ConsenSys services, projects, connections, and other benefits.
How many GNO tokens are there?
The total amount of GNO tokens is fixed to 10 million. The amount of OWL is flexible and depends on platform usage.
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