Gnosis: Open source decentralised prediction Market.

  • It works on the Ethereum Blockchain.
  • Decentralised prediction market with secure transaction system.

Gnosis was started in 2015 with the intention to build a platform where users can earn rewards for predicting the future like all other future markets works but the special thing about gnosis is that it works on blockchains and hence provides a safe and reliable platform for all crypto enthusiasts.

Gnosis : Definition and working

A decentralised prediction market that runs on the top of Ethereum network and is a blockchain project. One of the key qualities of gnosis is that it is open- source. This prediction market also guarantees a transparent and secure ecosystem. It was started out in 2015 the primary intention of the developers was to build a betting platform but eventually by introducing several changes the final output that came out was gnosis, a secure decentralised prediction market.

It allows its blockchain enthusiasts to use forecasting application which are highly customizable. And with its help users can trade on any event taking place in the market. With the help of information discovery that gnosis provide users can gain information. Regarding how to make transactions on the network, how to speculate and participate in the market events. Just like bitcoins gnosis also has a maximum supply of 3,000,000 GNO tokens. Since GNO works on ethereum blockchain its tokens are ethereum tokens.

The working of gnosis can be explained in three different parts.

The first part is providing smart contracts for the platform. The applications built by gnosis contain front end tools that select customer segments and target particular prediction markets. It uses CoW protocol with the help of CoW protocol it matches buyers and sellers and settles the trade at the best available price by using multi-token batch auctions.

There are many scalability challenges that ethereum users face to overcome these issues you can use gnosis protocol. You can also earn some real stacking rewards with the help of GNO tokens. There is also a condition of using the GNO token that in order to participate in the transaction validation process users first must deposit a minimum of 1 GNO token.

How does decentralised prediction market works

Like in every other prediction market in a decentralised prediction market. Participants also get rewarded for anticipating what is going to happen in future. More accurate the guess the more you earn. The only difference between the decentralised prediction market and more markets is that in the decentralised prediction market blockchain and smart contact technology is used which promises more secure and transparent transactions.

The decentralised prediction market works on two major components which are Smart contracts and Oracle. Smart contracts are stored in the blockchain and start running when predetermined conditions are met. All smart contacts are written into code on a blockchain but basically they are mere a statement. It uses oracles to access the data sources, legacy systems and advanced computations. Using oracles also has a side effect that if only a single oracle is corrupted. Then the outcome will be fully incorrect because the smart contacts will execute the wrong outcomes.