What Is Gnosis Coin (GNO)?

Introduction

Gnosis is a decentralised cryptocurrency based on the Ethereum Protocol. It concentrates primarily on trading in forecasting markets.

The developers of Gnosis Coin have created an online platform to provide a good flow of information about the outcome of uncertain events of any kind.

Gnosis has already developed several programs for this purpose. The current market capital is USD 115,701,038, of which USD 1,600,817 is traded daily. The price for a Gnosis Coin is 1,104,32 USD (as of 01.12.2017).

Gnosis Coin – The Cryptocurrency

The currency is focused solely on open forecasting markets.

A forecasting market is a virtual market that provides information about uncertain events. This is especially useful for someone who trades in virtual securities.

The better the flow of information, the better the chances of making a good business are.

Gnosis has already developed some programs to provide its users with this information: The Hunch Game, Price Discovery, Financial Markets, Insurance and Futarchy.

The Hunch Game is a platform that informs about Prominews. Although this is not necessarily related to virtual securities trading, Gnosis developers see this as an essential development for the future.

Price Discovery deals with the pricing of a product.

This should help auction houses to set a starting price for an auction and to predict who will be knocked down for which price.

Financial Markets is a survey platform for asking and answering questions about forecasts, such as the performance of a bond.

Insurance deals with the conclusion of insurance policies. Gnosis has developed a program that provides direct access to insurance information for flights without the need for additional costly services.

Futarchy is another forecasting program that shows, for example, the price development of other cryptocurrencies.

Gnosis Coin – The Company

The developers of Gnosis Coin, Stefan George and Martin Koeppelmann, have a very clear vision: Virtual forecasting markets are supposed to make processes more efficient and information channels more open.

They want to achieve this through targeted user-specific applications. The five areas mentioned should only be the beginning.

Gnosis had its release in 2017; the developers managed to sell coins worth nearly 300 million USD within 10 minutes.

The tactics behind it were as simple as they were ingenious: a Dutch auction.

One knows this from Ebay: the seller sets a starting price, then the price sinks until someone wants to buy at the given price.

Of course, the prerequisite for this is that the property offered is a “scarce resource”.

In this case, Koeppelmann and George had limited the coins to 9 million.

This seemed so lucrative for many buyers of the cryptocurrencies that all coins were bought up in this short time.

Conclusion

The rapid and, above all, tremendous success of Gnosis makes some things obvious.

Not only that forecasting markets arouse great interest among many investors, but also that this can grow immeasurably in the future, as the financial engineering sector will have considerably more opportunities in the future.

George and Koeppelmann are creating entirely new conditions for more efficient markets through their programs. This has given them an enormously influential position in the market.

You can’t buy it directly for fiat on any exchange. You can choose the best bitcoin exchange for your region and but BTC there, then trade it for GNO on exchanges. Learn here how you can instantly convert altcoins to bitcoin and vice versa.

Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase is legit and safe cryptocurrency exchange.

Don't miss out on important news and useful guides - Join Our Telegram Channel

If your country is not available on Coinbase – check for exchanges that are good Coinbase alternatives (such as Cexio and Indacoin – see here Cex.io review and Indacoin review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is legit), instantly and directly to BTC.

Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet – our recommendation is just go and buy Ledger Nano S, it is the safest option. Check out other best hardware wallets here.

We will be happy to hear your thoughts

      Leave a reply