Coin of the Week Review

Gnosis (GNO)

Introduction

With a very impressive board including Joseph Lubin, Co-founder of Ethereum and founder of ConsenSys, and other offering assistance including Vitalik Buterin, Founder and Chief Engineer of Ethereum, it is fairly easy to see why this coin has seen stable growth since in’s birth in 2015, even though the token auction didn’t take place until April 2017. You only need to look at the chart below to see that it hasn’t seen a dip below a steady trend line (last 6 weeks growth).

Less than a year old and it has a current global average value - current at time of writing – of $241.62 (£169.68) (~0.02btc). At these prices, it’s not exactly your everyday pump coin, so expect organic growth in value.

What is #Gnosis?

Gnosis tokens (GNO) are ERC-20 compatible tokens that have the ability to generate OWL tokens. OWL tokens can only be created via activating the utility of GNO tokens. This is done via a smart contract system.
Gnosis is a decentralized platform for prediction markets that uses “crowdsourced wisdom” sourced globally and built on Ethereum technology, has set a new record by raising $12.5 million (m) in a token offering via a Dutch auction, the first successful one of its kind in crypto, and the fastest crowdsale to date to sell out more than $10m.

The development team have developed the Gnosis multisig wallet, which is used by several projects (Golem, Weifund, Stable).

The project was founded within blockchain venture studio ConsenSys, a production studio and custom software development consultancy building decentralized applications (DApps), enterprise solutions and developer tools for blockchain ecosystems.

Their most recent Tweet, posted on 25 Jan 2018 (shown in Fig.2) refers to something that personally excites me very much.

The Gnosis Decentralised Exchange, a decentralized exchange for ERC-20 tokens based on the Dutch auction principle, will be highly anticpated and will certainly give a nice boost to the value of GNO.
The Dutch Auction Principle is where the auctioneer begins with a high asking price, and lowers it until some participant accepts the price, or it reaches a predetermined reserve price.

Further reading on The Gnosis Dutch Exchange:

https://blog.gnosis.pm/introducing-the-gnosis-dutch-exchange-53bd3d51f9b2
https://blog.gnosis.pm/on-all-things-tokens-1fd977184649

The fact that their Whitepaper link includes DEC2017 in the link title suggests that the team behind this project are active and up to date. Definitely worth a read before you consider investing.
https://gnosis.pm/resources/default/pdf/gnosis-whitepaper-DEC2017.pdf

The GNO Community

Use the links below to check out the various social platforms used by the Gnosis Team
https://slack.gnosis.pm/
https://www.facebook.com/Gnosis.pm/
https://twitter.com/gnosisPM
https://www.reddit.com/r/gnosisPM/
https://blog.gnosis.pm/

Exchanges

GNO is available on various exchanges which also gives it a non sh!t coin status and also gives it a nice amount of liquidity. If Bittrex, for example, decides to remove it then at least you have alternatives to trade this coin. Although it is unlikely that Bittrex will remove this coin any time soon.
BXinth, Bittrex, Cryptopia, EtherDelta, HitBTC, Kraken, Liqui, LiveCoin, Mercatox, Poloniex, ShapeShift, Yobit

The Roadmap for 2018

The phases of their road map below are taken directly from their website

Q1

GNO/OWL Functionality

The OWL functionality for paying fees will be integrated into the Gnosis Management Interface.

Gnosis Safe (Android)

The Gnosis Safe wallet for Ether and other ERC-20 tokens is geared towards single users using 2 or more factor authentication. The additional factors can be held by mobile devices (phones, tablets) and hardware ledgers. We plan to release an MVP for Android by the end of January 2018.

Gnosis Service GmbH opens a Joint Office with Cøsmos

Gnosis Service GmbH opens a Joint Office with Cøsmos in Berlin Kreuzberg, Full Node. Several other high-profile blockchain companies (Raiden, truebit) move into Full Node as well.

Q2

Gnosis Safe (iOS)

The Gnosis Safe wallet for Ether and other ERC-20 tokens is geared towards single users using 2 or more factor authentication. The additional factors can be held by mobile devices (phones, tablets) and hardware ledgers. In March 2018, we hope to have the first Gnosis Safe Alpha featured in the App Store.

Gnosis Dutch Exchange

Gnosis will go live with the Dutch Exchange: a decentralized exchange for ERC-20 tokens based on the Dutch auction principle. Starting with a high price which falls until the market for the specific token-pairing clears, it provides a more streamlined trading experience. The dominant strategies of buyers to reveal their true willingness to pay will result in fair market prices.

Cryptoeconomic Experiments

Along with our advisor Robin Hanson, we've set up experiments to test the viability of Futarchy. We would like to experimentally investigate whether adding manipulators to a prediction market built on the Ethereum infrastructure does reduce average price accuracy, and that prediction markets will therefore be among the most manipulation-resistant, as Hanson suggests.

Q3

Oracle Integration

We will look into oracle integrations with providers like Reality Keys or Oraclize. RealityKeys provides automated and human-verified data designed to enable a new generation of automated information services. Oraclize provides a way for smart contracts to break free of their constraints and gives them the ability to access all the data they need from the web without compromising their trustless nature.

Futarchy DAO

Gnosis will build a tool to create DAOs that only use prediction markets to make decisions. The concept was popularized under the name Futarchy by our advisor Robin Hanson. Futarchy DAOs will measure the market reaction of a decision. The DAO will only make decisions if the market would react friendly to it.

The Buy Zone

We can hope for a dip just below 0.02btc where it is likely to make a bounce to around 0.025btc in the short term. Long term (end of Q2) could possibly see it’s price match that of Ethereum’s current value of 0.1btc, giving it a 5x return in the next five months.
Once it has hit the short-term goal, it simply needs two 100% increases, which isn’t un-heard of in the crypto space.

The Sell Zone

Personally, if you’re a long-term HODLer of the likes of Ethereum or Litecoin; then this has the potential to be a long-term investment. However, if you are looking for a mid-term trading coin, then you could sell at 0.03btc and enjoy 50% ROI.

The Sleeping Alligator

With a low volume of just 23BTC on Bittrex in the last 24 hours, accumulating GNO without disrupting the price too much is going to be difficult. Set some buys at a level you wish to purchase at <0.02 is recommended.
This project is lying under the radar at the moment is far from a sh!t coin as they come. As soon as the volume starts to pick up, it will be too late to get on board without having to market buy.
When the alligator wakes up, it will be hungry!

References

https://gnosis.pm/timeline
https://gnosis.pm/resources/default/pdf/gnosis-whitepaper-DEC2017.pdf
https://blog.gnosis.pm/introducing-the-gnosis-dutch-exchange-53bd3d51f9b2
https://blog.gnosis.pm/on-all-things-tokens-1fd977184649
https://en.wikipedia.org/wiki/Dutch_auction
https://coinmarketcal.com/?form%5Bdate_range%5D=28%2F01%2F2018+-+01%2F09%2F2021&form%5Bcoin%5D%5B%5D=Gnosis+%28GNO%29&form%5Bsort_by%5D=&form%5Bfilter_by%5D=&form%5Bsubmit%5D=
https://www.forbes.com/sites/rogeraitken/2017/04/24/gnosis-prediction-market-scores-12-5m-in-record-breaking-crypto-auction/#396ac383e87d

Abbreviations

BTC – Ticker for Bitcoin
DAO – Decentralized Autonomous Organization
DYOR – Do Your Own Research
ERC – Ethereum Request for Comments
FOMO – Fear Of Missing Out
GNO – Ticker for Gnosis
HODL – Hold On for Dear Life
HODLer – Someone that likes to hold a coin for a long period of time

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Disclaimer
This content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances.

You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. We take no responsibility for any loss of assets you may incur from using this information as trading advice.

DYOR and don’t jump in on a coin on FOMO because you’re probably too late – as once said to a family member when BTC was <$2000.

A buy order has been placed within the recommended zone, however the author does not currently hold any GNO tokens at the time of writing, nor does he intend to FOMO in with a market buy…yet.