Gnosis Chain

Gnosis Chain, formerly known as xDAI, was originally a proof-of-authority chain that used an authority round (AuRa) consensus mechanism, supported by Parity and Nethermind. Nowadays, it has evolved into a permissionless delegated proof-of-stake-based consensus with POSDAO.

Gnosis builds new market mechanisms for decentralized finance. Our three interoperable product lines allow you to securely create, trade, and hold digital assets on Ethereum.

The platform uses a dual token structure: Gnosis (GNO) and OWL. GNO are ERC-20 standard tokens that the team sold during the ICO. OWL tokens are earned by staking GNO. The amount of OWL received depends on the length of the blocking period, as well as the total number of OWL tokens in the market.

Gnosis cryptocurrency solves the problem of low liquidity in many markets. For example, in the stablecoin market, the US dollar has been converted into tokens countless times. Thus, liquidity is distributed among many currencies indexed to the US dollar, making it difficult to exchange one token for another.

However, Gnosis aggregates the order books of individual tokens to create global liquidity, facilitating transactions between stablecoins with low liquidity. In addition, its open source code and externally audited smart contracts make it secure and accessible to everyone.