Gnosis overview using the Feynman Technique
This post is one of a series of posts I am writing where I try to apply the Feynman Technique to a number of different crypto token projects. You can find the rest here. None of this should be taken as investment advice. They are just meant to be simple introductions to the projects.
Gnosis, like Augur, is a platform for betting on the outcomes of real-world events that doesn’t require a third-party to manage it. It does this by creating a software program that allows anyone to create an event to bet on and anyone else to decide whether or not to place bets on that event.
Anyone in the world can choose any type of event they want to bet on. They create the event and say what all the possible outcomes of that event are. This allows anyone else to place a bet on any of the possible outcomes.
Gnosis is slightly different than other similar platforms, like Augur, because of how it verifies the outcome of a particular event. Gnosis is built in a way that allows for many different types of outcome verifications, like group consensus, websites, or a combination of both. This allows for faster verifications since it doesn’t take as long to settle if it can be verified using only one source. However, if only using a single source it is vulnerable to manipulation.
Gnosis tokens are the main tokens used on the Gnosis platform. One way to pay fees that may be charged by markets on the Gnosis platform is to use Gnosis tokens, which convert into Wisdom tokens. These Wisdom tokens, always equal to $1 worth of fees, are then used to pay fees on the platform.