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Gnosis is a decentralised prediction market built on the Ethereum protocol. Backed by ConsenSys, it aims to provide an open platform where users can predict the outcome of any event, including everything from elections and insurance to climate change.
Gnosis Tokens (GNO) are one of two tokens native to the Gnosis platform. Read on to find out how the platform works and how to buy GNO through a cryptocurrency exchange.
GNO can be purchased on a wide variety of popular cryptocurrency exchanges, including:
If you want to buy GNO, here’s what you’ll need to do:
Not every exchange lists GNO, so make sure you find a provider that supports this currency before signing up for an account. You’ll need to provide your name and email address to register, while some exchanges will also require further information, including a phone number and proof of ID.
Make sure you also set up two-factor authentication to help ensure the security of your funds.
It’s important to note that it’s often not possible to exchange fiat currency (such as Australian dollars) directly for cryptocurrency. Instead, you’ll need to buy or own a crypto with which your exchange offers a GNO pairing, such as bitcoin (BTC) or Ethereum (ETH), and then swap it for GNO. If you don’t already hold one of these cryptocurrencies, you can read our guides to buying below:
The exact process for depositing funds may vary slightly between exchanges, but as a general guide, you’ll need to look for the “Deposit” link from your account homepage and then follow the prompts.
The final step is to search for your desired currency pairing, such as GNO/ETH, and then click on “Buy GNO”. You’ll then be able to specify the amount of GNO you want to buy and choose a market order, limit order or other order type offered by your exchange.
After reviewing the total cost of your transaction, confirm it to finalise your purchase.
The process for selling GNO is essentially the same as the process for buying GNO, so click on the “Sell GNO” link on your chosen exchange to get started. However, remember that exchanges don’t support every possible cryptocurrency pairing, so you’ll need to choose from the pairings available on your chosen exchange.
As GNO is an ERC20 token on the Ethereum network, you can hold your GNO in any Ethereum-compatible wallet. Examples include:
Gnosis was founded in January 2015 by Martin Köppelmann and Stefan George. With an aim to produce a decentralised, user-friendly network for prediction markets, Gnosis held a token launch in 2017 via a Dutch auction. The launch was a successful one, with US$12.5 million worth of tokens purchased within just 12 minutes.
Using the Gnosis platform, third-party developers can create betting applications on anything from sports results to elections, celebrity gossip and stock values. Other users can then bet on the outcome of the event, with the data collected during the betting process used to create a prediction.
The Gnosis platform has two native tokens:
If you’re thinking of buying GNO or any other coin, it’s important you complete thorough research and analysis first. Cryptocurrencies are complicated, volatile and speculative, so you’ll need to be fully aware of all the risks you’re taking on before making any purchases.
Consider the following factors before buying GNO:
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