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What is Gnosis coin (GNO) and how does it work?

by Financial Economy
what-is-gnosis-coin-gno-and-how-does-it-work

Gnosis aims to provide an open source infrastructure for prediction markets built on ethereum. In case you didn’t know, a prediction market is a type of market that is not unlike an exchange, but instead of trading assets, users trade the outcome of events. Gnosis coin (GNO) is one of the coins of this platform. Information about what is Gnosis coin GNO and how does it work, how to buy, what is the price, etc. in the continuation of the article. You can browse here for information about Ecomi coin (OMI).

What is Gnosis coin (GNO) and how does it work?

The Gnosis cryptocurrency GNO is an Ethereum-based token that was sold during the Gnosis ICO. The primary use case of GNO is for generating OWL tokens by staking. Users can lock GNO for a certain period (up to one year) to earn rewards. (The amount of OWL received is calculated based on the length of the staking period.) The total GNO supply is fixed at 10 million tokens.

Founded in 2015 by Martin Koeppelmann and Stefan George, the Gnosis prediction market platform was one of the first projects supported by Ethereum-focused Incubator ConsenSys. In 2017, an initial coin offering (ICO) for the GNO cryptocurrency raised 250,000 ETH (roughly $12.5 million), selling 4 percent of its supply. The sale ended in less than 15 minutes.

Gnosis uses three separate platforms to realize its vision:

  • Apollo is a prediction marketplace platform where users can create their own tokens (tokens representing information, incentives or ideas)
  • DutchX is a decentralized exchange where users can trade and auction their tokens
  • Gnosis Safe-a cryptocurrency wallet and a browser that interacts with ethereum apps.

How to buy Gnosis coin and what is the price?

The price of Gnosis coin (GNO) is around $180,97 as of July 8, 2021. Investors who want to buy GNOs can buy/sell GNOs from reliable and well-known cryptocurrency exchanges.

Note: The information contained in this content is for informational purposes only. It is not investment advice.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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