Gnosis GNO to NEM XEM Exchange

Crypto Pair Details: GNO to XEM

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).

NEM XEM

NEM is a highly versatile crypto solution which seeks to adhere to a host of mainstream industry requirements. It is written in Java and JavaScript with 100% original source code. NEM has a stated goal of a wide distribution model and has introduced new features in blockchain technology in its proof-of-importance (POI) algorithm. NEM also features an integrated P2P secure and encrypted messaging system, multisignature accounts and an Eigentrust++ reputation system. Essentially, NEM is designed as a financial blockchain solution and can be used for payment, clearing and settlement in a private environment which is highly controlled. This means that NEM meets several of the regulatory requirements and guidelines in the financial industry. This allows it to be used to settle (change of ownership) any asset via the blockchain. Mijin which is a private chain of NEM has gained popularity and companies such as Hitachi have already embraced it. Why NEM? Many banks around the world have come to accept the importance of blockchain technology. In fact, a good number of banks in the U.S, India and Japan have already started using the technology. Because banks generally employ the smart contract concept, NEM’s platform which is asset-friendly can be used to settle any asset. In settling assets, speed, security, and reliability are very important to a mainstream institution which is what this crypto offers. NEM addresses these issues by repackaging its blockchain into a private chain and presenting it as Mijin. NEM crypto is also applicable in the technology world. Unlike Bitcoin and Dogecoin which use mining to increase the number of coins, XEM uses something called ‘harvesting’. In this process, blocks are generated and a person is rewarded for work contributed using transaction fees. Every block has a certain number of transactions which attract an unknown amount of fees. This keeps the participants incentivized to continue harvesting. For a blockchain user to be allowed to harvest, one must go through a forging mechanism process called Proof-of-Importance (POI). POI is the algorithm used in NEM to time stamp transactions. A NEM user's importance is determined by how many coins they have and the number of transactions made to and from their wallet. POI uses the NCDawareRank network centrality measure, the topology of the transaction graph, as well as a number of other relevant signals to achieve consensus. POI is different from other initiatives which use a fee-sharing model that does not take into consideration one's overall support of the network. In proof-of-stake systems a person needs to have large numbers of coins to form a block, but in NEM transactions volume and trust become factors. This was designed to encourage users of NEM to not simply hold XEM but instead actively carry out transactions. To be eligible for entering the importance calculation, an account must have at least 10,000 vested XEM. All accounts owning more than 10,000 vested XEM have a non-zero importance score. With a supply of 8,999,999,999 XEM, the theoretical maximum number of accounts with non-zero importance is 899,999. In practice, the number of actual accounts with non-zero importance is not expected to approach the theoretical max due to inequalities in held XEM and also the temporal costs associated with vesting. If NEM becomes very popular, a threshold of 10,000 vested XEM could be undesirable. If necessary, this number could be updated in the future via a hard fork, which is the same procedure for adjusting transaction fees and other parameters related to harvesting.

SOURCE: COINGECKO

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