Gnosis GNO to Wanchain WAN Exchange

Crypto Pair Details: GNO to WAN

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).

Wanchain WAN

Wanchain seeks to link the present to the future, through the exploration and implementation of blockchain technology. Wanchain aims to build a distributed “bank”. Just as traditional banks are the infrastructure of the current financial framework, Wanchain seeks to build a new, distributed infrastructure of digital assets to form an improved, modern framework - an ambitious goal indeed. Wanchain connects and exchanges value between different blockchain ledgers in a distributed manner. It uses the latest cryptographic theories to build a non-proprietary cross-chain protocol and a distributed ledger that records both cross-chain and intra-chain transactions. Any blockchain network, whether a public, private or consortium chain, can integrate with Wanchain to establish connections between different ledgers and perform low cost inter-ledger asset transfers. The Wanchain ledger supports not only smart contracts, but also token exchange privacy protection. With Wanchain, any institution or individual can set up their own virtual teller window in the “bank” and provide services such as loan origination, asset exchanges, credit payments and transaction settlements based on digital assets. Under the guarantee of “banks” based on the blockchain infrastructure, more people can participate in financial services based on digital assets. To describe it more accurately, Wanchain is a distributed super-financial market based on blockchain. Wanchain uses the Locked Account Generation Scheme to secure funds and keys when there are multiple parties involved. Based on Shamir’s Secret Sharing Scheme, it effectively breaks up a key into shares and distributes it to all included participants. The Storemen are responsible for maintaining and managing the appropriate key shares of the locked accounts for transactions. This method of key share distribution has a few benefits. Because Wanchain generates locked accounts through multi-party computations, there’s increased decentralization. And there’s more stability because you don’t need every key share to produce a signature for a locked account. If some of the Validators are offline, transactions can still be executed with a minimum number of shares. Finally, any transaction with a locked account is done via the original chain. This means that any chain can easily integrate and interact with Wanchain without the need for new transaction types or validators. The Wanchain Foundation is a non-profit organization primarily operating out of Singapore but also has a significant presence in Austin, TX. Wanchain was founded by Jack Lu, a respected player in the blockchain space. Before his current role, Lu co-founded Factom and started Wanglu Tech, a blockchain application development company. Wanglu Tech has been a primary contributor to the open-source Wanchain project. Dustin Byington serves as the Wanchain President. Byington is a blockchain veteran having founded Bitcoin College in 2014 as well as co-founding Tendermint, a software mechanism to securely and consistently replicate applications across machines. Byington also co-founded Satoshi Talent, a platform to connect blockchain entrepreneurs with developers. WAN tokens were initially distributed as ERC-20 tokens to ICO participants, but it’s now possible to exchange these for tokens on the Wanchain mainnet or buy them directly. It’s a common misconception that WAN is an ERC-20 coin. Wanchain is a pioneering and potentially disruptive project with its sights set on becoming a super financial market of the world. Although achieving its lofty goal(s) is going to require a lot more work, Wanchain is further along its roadmap than some projects. But there’s still a good bit of “in theory” going on here. As Wanchain is addressing the whole financial market, it has a number of competitors. Most notably Fusion, Pantos, Ark, and Qash; some may even consider big players the likes of Ripple, Stellar and Ethereum competitors. On the positive side, Wanchain has strong fundamentals, they’ve got a functional mainnet, the vitality of their use case is indisputable, the huge interest in their ICO showed a powerful vein of investor confidence, and the team has a track record of success.

SOURCE: COINGECKO

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