Gnosis GNO to Syscoin SYS Exchange

Crypto Pair Details: GNO to SYS

Gnosis GNO

Gnosis is a prediction market platform built as a decentralized application (dapp) on the Ethereum network. The platform includes a multisig wallet as well as a Dutch Exchange, but we’re just going to focus on their flagship product, the prediction market, for this guide. More than just building a prediction market, though, Gnosis is creating an entire infrastructure layer that you can use to build your own prediction market app. A prediction market utilizes user predictions to aggregate information about future events. Users in the market trade tokens that represent the outcome of a certain event. Because some outcomes are more likely to occur than others, these tokens end up having different values in the open market.Olympia is Gnosis’s test version of their prediction market app. They host free tournaments in this product, so you get a chance to try it out without having to spend money. Every two days, the team allocates you a certain amount of Olympia (OLY) tokens that you use to bet on different prediction markets. If you do well in the market, you win Gnosis (GNO) tokens. You can sell GNO on the open market which gives them some monetary value. The next phase of Gnosis is its Management Interface. The team released a beta version in December 2017 but haven’t announced a date for the main net release. The Management Interface is basically your dashboard for Gnosis’s prediction markets. It’s here that you check your balance, participate in markets, and even create your own market. Gnosis includes two types of tokens: Gnosis (GNO) and OWL. GNO are the ERC20 tokens that the team sold during their ICO. They created 10 million GNO tokens and aren’t minting any additional ones. These are the tokens that you see being traded on the open market. By staking GNO, you receive OWL tokens. To do this, you must lock your GNO in a smart contract making them non-transferable. The amount of OWL you receive is dependent on the length of your lock period as well as the total supply of OWL tokens in the market. The team is aiming to have 20x more total OWL than the average amount of monthly OWL usage over the previous 3 months. The Gnosis team is led by Martin Köppelmann (CEO), Stefan George (CTO), and Dr. Friederike Ernst (COO). Köppelmann and George began working on the platform in January 2015 as one of the first ConsenSys partners. By August of that same year, they launched the alpha product as the first major dapp on Ethereum. In April 2017, the project held somewhat of a controversial Initial Coin Offering (ICO). Using a dutch auction style of raising funds, the team hit their $12.5 million hard cap in ten minutes while retaining 95% of the tokens. Amidst backlash, the team locked the tokens in a vault and have promised not to dump them on the market. They’ll give at least a three-month warning before selling any of the tokens. The team includes quite a list of reputable advisors including Joseph Lubin (Ethereum co-founder and ConsenSys founder) and Vitalik Buterin (Ethereum founder and chief scientist).

Syscoin SYS

Syscoin is “a global network, a distributed ledger, a decentralized database and a blockchain. It is also a cryptocurrency, an altcoin, a digital currency and a tradable token.” Originally launched in late 2014 and created through a Bitcoin fork, the current version brings us to Syscoin 2.1 and has an algorithm that allows it to be merge-mined with Bitcoin. Merge mining is simply the ability for miners to simultaneously mine two different cryptocurrencies based on the same algorithm. The project attempts to remove the middleman and put money directly back into merchants/consumers hands, eliminating hefty fees currently charged by big corporations like Amazon and eBay. To facilitate near-zero fee transactions, you can use its native cryptocurrency, Syscoin (SYS), to pay for goods on the marketplace. However, you can also pay using alternate cryptocurrencies such as Bitcoin or Zcash. Syscoin is led by a team of developers and was created by its current core developer, Sebastian Schepis. According to Proof of Developer, a website that verifies, evaluates, and ranks developer teams, Syscoin received 5 stars in 2014. Blockchain Foundry maintains Syscoin as its flagship product, with a mission to “disrupt markets by leveraging the potential of blockchain technology”. In March of 2017, Blockchain Foundry partnered with the Microsoft Azure ecosystem and is one of the founding members of the Digital Identity Foundation (DIF). Other founding members of the DIF include the likes of corporate giants such as Microsoft, Accenture, ConsenSys, and more. Syscoin’s blockchain delivers faster speeds along with lower transaction fees than its predecessor, Bitcoin. It can support 750 tps, and with the upcoming masternode release, it will support more than 300,000 tps. For now, it’s one of the cheapest cryptocurrencies regarding transaction fees (behind zero-fee transaction cryptocurrencies such as NEO and NANO), even cheaper than XRP.' Some of the features highlighted on the SysCoin website includes :- 1. Buy/Selling goods on the blockchain 2. Brokerage on the blockchain 3. Issue and trade certificates on the blockchain 4. Merged Mining

SOURCE: COINGECKO

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