Gnosis Chain (GC) is an Ethereum-compatible chain using EVM ( Ethereum Virtual Machine ). This means that any smart contract or decentralized application deployed on Ethereum can be deployed on Gnosis Chain without too much code change. As a result, developers can build or migrate DApps from Ethereum to Gnosis Chain to save costs and reduce congestion.
Transactions made using xDai
Since xDai is a stable token, it has a stable value, allowing buyers and sellers to exchange value without risking price fluctuations. Transactions and payment fees are all done on Gnosis through xDai.
Multi-chain security and governance
The STAKE token is used by validators and delegators to secure the Gnosis chain. Users can become validators by running the nodes of the network or become delegators by staking STAKE to authorize people to validate nodes.
Participants who participate in staking STAKE to keep the chain running will be rewarded for their contribution in STAKE and xDai tokens (for validators).
Besides, the STAKE token also has a governance function, STAKE holders have the right to vote on proposals to change or update the protocol.
Another special feature is that additional chains will also have the opportunity to use STAKE to secure their chain making it the first token to have multi-chain staking enabled.
Neutral network
Gnosis Chain serves as an important public utility for users. It provides stable value transfer without the fear of speculation, volatility or FUD (fear, uncertainty and doubt).
When DAI is bridged with Gnosis Chain, it makes transactions safer, more stable, and faster with the clear, transparent intent of a neutral network.
Unique features such as: Open governance, open access and stable tokens have created a trusted environment for users and applications built on the Gnosis chain.
Ability of extension
Currently, high gas fees and constant congestion on Ethereum have made it difficult for the ecosystem to function efficiently. Gnosis Chain can not only solve the above problem by providing an EVM-integrated chain that is fully compatible with Ethereum, but also can scale vertically (infrastructure optimization and chain parameters). ) and horizontal (additional chain implementation) to meet capacity requirements.
Randomness on string
Gnosis used a RANDAO-based random number generator for validator selection, eliminating the need to rely on a centralized service or third-party application.
Bridge to Ethereum
Gnosis Chain is linked to Ethereum via two bridges, supporting seamless two-way asset transfers between chains. Users will buy tokens on the mainnet, then transfer this token to Gnosis Chain using the Dai – xDai or OmniBridge bridge. Once the user completes the transaction that token is easily bridged back to the mainnet.
Currently, according to data from Gnosis Chain, up to 229 projects have been collaborated and built on this chain's ecosystem, including many different pieces such as: Integration, Infrastructure, DeFi, NFT, DAO, Game , Wallet, Analytics…
Here are the development milestones and Roadmap completion status of the project:
EasyStaking, POSDAO and Liquidity Pool stats
Completion time: 1st quarter of 2021.
Execution Status: Completed MVP. The team is working on additions and improvements: Dune Analytics Staking Dashboard (including EasyStaking & POSDAO, additional metrics), Liquidity Pool, DappQuery.
Established Bug Bounty
Completion time: 2nd quarter of 2021.
Implementation Status: The program was founded with Immunefi. The first reward of up to 2,000,000 USD is for the person who discovers the critical error of OmniBridge contracts. The project then went on to add additional bonuses to other infrastructures including EasyStaking and POSDAO consensus contracts.
Improve management process
Completion time: 2nd quarter of 2021.
Implementation status: The project has improved Snapshot compatibility with xDai and is undergoing optimization.
Phase 2 of OmniBridge
Completion time: Q1 and Q2 2021.
Implementation Status: Completed by Chain Security on 27/04/2021.
Activate Berlin HF and update the app
Completion time: May 2021.
Implementation status: Completed on 17/05/2021.
Improved POSDAO
Expected completion time: 2nd quarter of 2021.
Implementation status: Security check completed on 06/25/2021.
Universal NFT Bridge
Completion time: 3rd quarter of 2021.
Implementation Status: Completed beta on 07/27/2021.
This is an NFT bridge that allows users to easily move ERC-721 tokens between Gnosis Chain and Ethereum. This will improve interoperability, giving users more options for NFT minting and cross-chain transfers.
xDai . Sponsorship Program
Completion time as planned: Quarter 2 to Quarter 3 of 2021.
Execution Status: Not Happened.
Scalability Layer 2
Estimated completion date: The team is still working on the study, with no official end date.
Implementation Status: Phase 1 complete with AOX Arbitrum implementation on xDai.
Deployment of EIP-1559
Completion time: Q3 to Q4 of 2021.
Execution Status: Completed HardFork on 11/12/2021.
Gnosis Chain Deployment
Scheduled completion time: Quarter 4, 2021.
Implementation Status: The Gnosis Chain is still being rolled out.
Transactions that protect privacy
Scheduled completion time: Quarter 4, 2021.
Implementation status: The project team is in the process of defining requirements and exploring approaches.
Synthetic asset discovery and deployment
Expected completion time: 1st quarter of 2022.
Implementation Status: Gnosis is working on 50% implementation and will do additional research in the near future.
Development plan in 2022
The Core Team of the Gnosis Chain project has a total of 10 members. They are all excellent talents in the fields of: Blockchain, telecommunications, robotics, e-commerce, informatics and computer science.
The most important members of the project development team are:
Chain using two tokens:
xDai is a cryptocurrency created from the DAI coin of the MakerDAO platform . DAI is a stable token on the Ethereum mainnet backed by US dollars (1 DAI = 1 US dollar). Users can buy xDai in many ways (can even buy xDai with a credit card), the value of xDai is 1:1 to DAI.
xDai is used to pay transaction fees on the Gnosis chain. In addition, xDai is also used to pay for the execution of smart contracts and gas fees.
How to get xDai:
Basic information about STAKE token:
STAKE is an ERC-20 standard token (implemented as ERC-677 code), designed to enhance the security layer for on-chain payment transactions and provide incentives for validators. receive).
Users can use STAKE as collateral when participating in a node's consensus process to receive rewards in STAKE tokens. In addition, STAKE holders can staking it on supported exchanges to earn additional income.
STAKE exists on both the Ethereum Mainnet and the xDai chain (with different addresses on each chain)
Users can purchase STAKE on Ethereum in one of the following ways:
For xDai Chain, users can own STAKE in the following ways:
Currently, users can transfer STAKE between the Ethereum mainnet and the xDai chain very easily through BlockScout. This application includes an AMB Bridge extension and an OmniBridge bridge.
Through the above information about the Gnosis Chain ecosystem, hopefully investors have had more useful information to make reasonable investment decisions if interested in the project and its xDai or STAKE token. this case. Currently, the Gnosis chain is still making many plans to perfect the network and prepare to launch the GNO token. The upcoming changes promise to bring the project great progress. Readers can continue to follow updates on Gnosis at TraderH4 so as not to miss the best investment opportunities.
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