Gambling token profile – Gnosis (GNO)

Details

Product
Decentralized prediction market platform.

Country
Germany.

Technology
Ethereum ERC20 token protocol.

ICO dates
24 April 2017, 15-minute duration.

Amount raised
$12.5 million/250,000 ether.

Token distribution
10 million GNO tokens created.
10% sold to the public.
90% retained by the project.

Market cap – ICO amount raised per token sold * total number of tokens
$300 million

Market cap – first listed May 2017
$83 million

Market cap – Feb 2019
$15 million

RIO since ICO
Total: -95%
Per year: -73%

RIO since first listed
Total: -89%
Per year: -77%

Links

Introductory video

Token use

GNO tokens can be locked in exchanged for OWL (formerly WIZ) tokens. 30% of the OWL is received instantly with the other 70% received over the GNO lock period. OWL is an app-coin used on the platform to

  • Pay trading fees.
  • Create markets.
  • Participate in prediction markets (bet and trade).
  • Subsidize fees.

More details here.

This is an unnecessarily convoluted set up, which critics say was engineered to maximize ICO capital raising rather than to maximize the platform’s utility or user experience.

Project summary

Gnosis is an early stage project with no product or users at the moment. It is still in the development stage. Raising $12.5 million in 15 minutes and a $300 million valuation with no code, product or users made Gnosis a poster-boy of ICO mania, representing a bubble of excessive market exuberance.

Gnosis is a direct competitor to Augur, another decentralized prediction market using ethereum smart contracts. Augur also had a successful ICO and their software is open source and being used in the real world.

Vaporware?

Gnosis was closed source meaning it was not verifiable that anything substantial had or would be developed.

There is now some code up on Gnosis’ public github including smart contracts code but there is still no usable app.

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