Gnosis (GNO) is an intriguing cryptocurrency project, bringing blockchain technology and smart contracts into the world of market-driven forecasting. It’s been a pretty popular altcoin, currently the 109th most valuable digital currency on the market – not too shabby in a sea of thousands.
But, much like the wider crypto market, this coin has had a rough go of it. In the past month, it has lost about half of its value.
There is, however, an upcoming event that could certainly be a boost to this digital currency’s price tag: the launch of a competition for developers to start actually deploying this technology.
Gnosis X: Seeing this technology up and running
In case you don’t know how this blockchain-based project works, it’s pretty simple. Users can go onto the platform and essentially crowdsource predictions on an upcoming event – an election, climate change effects, and a basically endless list of possible occurrences that people want to forecast.
It’s a market-driven predictive system, meaning that there are financial incentives – in the form of GNO coins – for users who correctly predict stuff. That’s pretty much it, but where it gets complicated is how developers launch actual applications.
That’s where the Gnosis X competition comes in – the team behind this cryptocurrency want to encourage developers to construct prediction market applications.
Ready to start building? Gnosis X is launching on Monday, 19th of March! Here are the three different categories your prediction market use case should fall into in this first round: Science/R&D, Token Diligence, and Blockchain Project Integration. https://t.co/pqyVRG61DK #dApps
— Gnosis (@gnosisPM) March 12, 2018
The competition is only two days away from today.
What will Gnosis app developers be making?
Starting on Monday, and continuing throughout the year, the company will be releasing different categories for the competition. The best application (as selected by the CEO and team) will win a whopping $100,000 worth of GNO coin. This is how they describe what they’re looking for:
“We’re looking for dApps that strive to aggregate relevant information and carry a clear value-add for the designated category. They should also be easy to use and have an appealing UI. To get you started coding quickly with Gnosis, we will of course provide you with a developer kit containing everything you need for your prediction market application. Throughout the entire program, we will offer dedicated developer support for participating teams.”
It will be really interesting to see what these apps end up looking like. The more cool, useful and predictively accurate these test cases are, the more the market will use it.
Moreover, the price of Gnosis is sure to rise if the wider community starts realizing the potential of such technology. It’s good timing for this coins holders, too, because the GNO coin has suffered in the past few weeks.
And, unlike a lot of its crypto rivals on the market, it’s great that this project actually has up-and-running software where apps can start getting built. This is in contrast to super highly-valued coins like EOS (EOS), which are basically still a concept at this point in time.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.