The Gnosis cryptocurrency is designed for prediction markets. Although it was created back in 2015, it did not really develop until after 2021. GNO coins are circulating in the Gnosis network. Their maximum number is limited to 10 million. Technically, GNO is an ERC-20 token. Also members of the Gnosis network get extra OWL tokens for steaking GNO coins. The number of OWL tokens credited is determined by the Gnosis network algorithm. OWL tokens can be used to pay the commission on the platform. OWL has a stable rate, 1 OWL = 1 USD.
What are the main features of Gnosis
The Gnosis prediction market is essentially like a stock exchange. Only instead of asset trades, there is a betting on the outcome of various events. Because the prediction market is decentralized, it cannot be banned or restricted by any government. At the core of this network is the Gnosis software core. It performs such functions as issuing user tokens, executing transactions, and checking the correctness of the “oracles”- software modules responsible for betting on particular events. An add-on to the Gnosis kernel is designed to interact with other applications using the JavaScript library. At the end of April 2021, the Gnosis v.2 protocol was implemented. Also in the Gnosis network is CowSwap, a decentralized exchange that allows you to exchange GNO tokens from the Rinkeby and Ethereum networks. And with GnosisDAO, the further development of the Gnosis network is managed by the community itself.
Outlook for Gnosis in 2022
Investors are attracted by the limited number of GNO tokens in circulation. To date, there are just over 1.1 million of the 10 million tokens originally issued. The remaining GNO tokens are owned by the team and are not yet scheduled to go into circulation. The rise of the cryptocurrency market could easily increase the price of GNO to $1,000 USD or more (as of early February 2022, 1 GNO is worth about $300). Currently, it is possible to easily exchange GNO tokens of the Gnosis network to tokens and cryptocurrencies of other networks through the bridge. This contributes both to the development of the Gnosis network and the growth of the cryptocurrency market as a whole.
We invite you to use our blockchain bridge to exchange tokens from the different networks, including GNOSIS network.
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