Prediction markets have played a key role in the quest towards decentralized betting, and a few projects have led the movement, Gnosis and Augur being the most prominent and early in the space. They made the first steps developing the basics of peer2peer betting on-chain. Those were steps in the right direction and a first hint of what is coming. But as we all know, the approach could not deliver decentralized betting at scale. Gnosis, for example, pivoted away from prediction markets and delivered great products in other areas. But the dream of getting prediction markets to work at scale became a distant memory. Azuro, on the other hand, is set at delivering precisely on that dream (and more).
So, we are super excited to announce our new partnership with Gnosis and their founder, Stefan George.
Gnosis has been pioneers of prediction markets for over 5 years with one of the most prominent solutions, and know better than anyone the struggles faced with decentralized betting. Still, after a meeting between Azuro’s Dan Kaizer and Stefan in Lisbon, Gnosis became very intrigued about what we were developing. Having now moved away from prediction markets because of the difficulties with liquidity, UX, and regulatory complications, Gnosis were not quick to jump onto the next decentralized betting project. We faced hours of calls and intense grilling from Gnosis, picking apart every aspect of the protocol. After the intense scrutiny, though, Gnosis declared that they were excited about our project and believed we have the right team and, more importantly, the right tech approach to finally make decentralized betting a success.
Stefan George, the founder of Gnosis and former CTO of Consensys (developers of MetaMask) began developing on Bitcoin’s blockchain back in 2013 before seeing the true potential that the Ethereum blockchain offered. Stefan and Martin Köppelmann saw the possibilities of the Ethereum blockchain and the use of smart contracts, so they developed Gnosis. Gnosis is commonly known for developing an open-source protocol for tokenised decentralised prediction markets, built on Ethereum.
Gnosis has diversified and developed some exceptional decentralized applications. The most prominent and widely used is the Gnosis Safe, a multi-signature digital safe that requires a pre-defined number of signatures to confirm transactions. Gnosis safe differs from standard crypto wallets by acting as a safe to store all digital value, including currency, assets and identity. Gnosis safe offers a single signature or multi-signature option to keep all stored data as safe as possible. Gnosis has also recently introduced the integration of decentralized DeFi apps. This means you can invest and earn on your crypto on some of your favourite DeFi products, securely straight from the Gnosis safe app knowing that your transactions.
The most recent product to launch from Gnosis is their decentralized exchange CowSwap (Cow — Coincidence of Wants). CowSwap works similar to more widely used DEXs, but by teaming up with Balancer — an automated portfolio manager and trading platform, they have ensured that both parties involved in the transaction achieve their desired price.
Azuro x Gnosis
Gnosis continues to show that they are a key contributor to web3, and we are looking forward to what the partnership will bring. Having someone with a history in decentralized betting is an obvious bonus for us, but Gnosis brings so much more to our partnership. The sheer drive and passion to deliver meaningful decentralization and the development of web3 DApps is something we love about the team at Gnosis and that’s value we are looking forward to bring over to Azuro as well.
Another area of the partnership with Gnosis is the relaunch of xDAI as Gnosis Chain. Gnosis Chain is a stable payments EVM (Ethereum Virtual Machine) blockchain designed for fast and inexpensive transactions. Gnosis have committed to help the potential launch of Azuro on their Chain with tech and liquidity support, which is very welcome on our end as we envision Azuro as a multi-chain solution.
We will collaborate with them to make sure that our protocol will bring the betting experience which sadly prediction markets didn’t manage to deliver to date. To have them on board is a great validation — we feel we are on the right path even more than before.
This is only just the beginning of our decentralized movement and we will dive deeper into Azuro’s solutions, approach and decentralized betting as a whole in our future articles.
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