Quick FA: Gnosis (GNO)

What is Gnosis?

Gnosis is an accessible prediction market platform enabling the free flow of useful information.

What problem is gnosis trying to solve?

Currently, there is no method to effective method to aggregate actionable information. Traditional prediction markets have suffered as a result of proprietary designs, siloed data, and reduced overall liquidity. Moreover, their databases lack to resilience to quickly scale and resist censorship to reach untapped liquidity pools across the globe.

How does it work?

Gnosis aims to build a decentralized, permissionless, and trustless platform that draws from a global liquidity pool. It therefore provides a platform for the implementation of various models and markets. Implementations could range from pre-auction art valuation to sports betting.

According to their whitepaper, the Gnosis platform will consist of the three layers:

  • Core Layer – This is a free and open to use layer where general applicability is built. It allows for event token creation and settlement, a market mechanism, decentralized oracles and a management interface.
  • Services Layer – Additional services on top of core offered in a trading fee model. Services include: state channel implementation, new market mechanisms, open source template applications, payment processes integration, and an oracle marketplace.
  • Application Layer – Front ends for particular prediction market use cases

Crucial to a prediction market, is the resolution of the market outcomes (ie. If the market focused on election results, the outcome would inform and validate who won). Gnosis relies on a centralized oracle that features a decentralized failsafe enabling quicker resolution via specialized, reputation-backed oracle services offered through Gnosis’s Oracle marketplace.

Future Goals:

  • Twitter Integration
  • Integration with external oracles such as Oraclize
  • GNODEX Alpha – Decentralized state channel based exchange to trade predictive assets
  • Improved trading interface
  • Desktop and Mobile Standalone clients

Team: The team includes several members would are either well-known in the Ethereum Community or have worked on other Cryptocurrency projects such as Augur. Advisors of Gnosis include Vitalik Buterin and Joe Lubin among others.

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