Largest Crypto Exchanges Kraken, Poloniex Start Gnosis Trading

Largest Crypto Exchanges Kraken, Poloniex Start Gnosis Trading
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Largest Crypto Exchanges Kraken, Poloniex Start Gnosis Trading

Two of the largest cryptocurrency exchanges in the world have indicated that the newly-auctioned Gnosis would be available on their respective platforms.

Poloniex notes that the GNO tokens would be available after the auction while Kraken has announced that its trading for the tokens will launch shortly after tokens are released to ICO auction buyers on Monday, May 1.

Kraken had earlier allowed its platform to be used for the ICO auction which was held on April 24 and sold out in under 10 minutes at a valuation of 0.6 ETH per GNO (about $30 at the time). 416,667 GNO’s were sold in the auction to raise 250,000 ETH (about $12.5 mln at the time).

Unique edge

The Ethereum-based prediction markets platform topped the board of fast-selling token sales - despite being designed to do the opposite. After the startup’s sale launched, the crowdsale concluded in about 10 minutes raising almost $12 mln.

The Gnosis pairs that will be available for trading on Kraken include Gnosis-Ethereum (GNO/ETH), Gnosis-Bitcoin (GNO/BTC), Gnosis-US Dollar (GNO/USD) and Gnosis-Euro (GNO/EUR).

Also in a similar market with Gnosis is Augur, the platform that combines prediction markets with a decentralized network that is expected to launch by late summer 2017. Augur’s beta version which showcases the core features of the platform has been released. It cites its decentralized network as the unique edge it has in prediction markets.

Gnosis is building its platform to operate on the basis that the prediction markets can be used for such a wide variety of applications and in diverse locations. It’s provided for each type of application to have its own interface and business strategy such as a Twitter bot which interacts with Gnosis and allows anyone on Twitter to participate in markets via tweet and uPort.

Prediction markets

Reportedly proven to be more accurate at forecasting the future than individual experts, surveys or traditional opinion polling, prediction markets aim to provide real-time predictive data. They are traded using real money to incentivize market participants to reveal what they think will happen, rather than what they hope will happen.

Prediction markets, which are fundamental tools for aggregating the best and most unbiased information possible, have been noted to serve society in various ways.

One such way is to provide several direct and indirect solutions to the problems caused by the deluge of information and policies that flow in the public direction especially in a democracy.

With no quantifiable, accessible and unbiased source of truthful information pertaining to the effects of policy decisions, prediction markets can help prevent the spread of false forecasts as it will result in a financial loss for those who engage in such.

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