Gnosis, a popular market forecasting platform built on Ethereum blockchain, has recently launched the implementation of SafeSnap, the first tool for Gnosis Safe within decentralized finance. This will allow blockchain governance to become fully decentralized. Before we find out how SafesSnap works, though, let's try to briefly understand how Gnosis works.
What is Gnosis (GNO)?
As mentioned above, the main objective of Gnosis is to provide a totally open-source platform, built on Ethereum blockchain, through which it is possible to participate in market prediction. The peculiarity of a prediction markets platform is, in fact, to allow users to bet on market trends.
Unlike traditional exchanges, in fact, users do not exchange goods such as fiat money or cryptocurrencies, but the results of certain events. Moreover, depending on the type of events and the clarity of the market results, Gnosis tokens increase or lose value based on the user's prediction. This makes it possible to offer a complete infrastructure for dApps to use as prediction tools.
In addition, it is possible to collect opinions from all over the world building a really reliable forecasting tool that can be used by members responsible for important decisions in the world of finance, insurance, and many other sectors. As for its cryptocurrencies, Gnosis makes use of GNO and OWL tokens, designed to guarantee a higher level of security in the system.
Again, Gnosis makes use of the Gnosis Safe tool, specifically designed to ensure maximum security for users and groups of individuals. It is a very efficient multisignature tool, capable of managing ETH, ERC20 and ERC721 tokens on any wallet such as MetaMask, Ledger, Trezor, Torus e many more.
These, of course, are just the basics of a large market forecasting platform, which with the recent introduction of SafeSnap could change the rules of decentralized governance.
Gnosis Safe and the introduction to SafeSnap
Given that decentralized finance has seen exponential growth in user interest in recent years, and given that most users prefer to vote on off-chain governance proposals due to very high gas fees, Gnosis Safe wanted to implement SafeSnap, an innovative tool that allows users to vote on governance proposals in a fully decentralized manner.
In a nutshell, all votes that will be executed off-chain will be uploaded directly on-chain, thanks to the combination of Gnosis Safe and Snapshot (which form SafeSnap). Obviously, developers are very excited about the new update, as numerous projects have said they want to use SafeSnap so they can move towards total decentralization of their protocols.
“we are happy to announce a first lineup of projects planning to use SafeSnap to realize the next phase of their decentralization: Yearn, SushiSwap, Synthetix, Balancer, mStable, PoolTogether, dHedge, BrightID, Stakewise, EPNS, and of course GnosisDAO.”
How does SafeSnap work?
The Ethereum blockchain contains many projects that already use a Gnosis Safe, which relies on platforms like Snapshot to handle off-chain voting, often having to deal with really high gas fees. Therefore, to enable even small investors to be able to use governance tools without necessarily having to vote on-chain (paying fees), SafeSnap enables reliable on-chain execution based on the outcome of off-chain votes, via a Gnosis Safe module connected to Reality.eth.
This way you can keep your assets in a Gnosis Safe without having to pay fees to vote on-chain. You simply need to add the module to the Gnosis Safe and, if you are in a team, decide whether to keep your signatories, modify them or remove them immediately or at a later time. Not surprisingly, we talk about a big step towards total decentralization of governance tools.
Conclusion
As it was easy to predict, we are getting closer and closer towards the total decentralization of the blockchain.
While initially these were uncommon tools used only by true cryptocurrency connoisseurs, DeFi is catching the interest of the less experienced as well.
With the likes of Gnosis Safe and SafeSnap, the level of security becomes truly high, and even the most wary could begin to enjoy the benefits of these innovative tools.
However, every form of investment has its risks, even the most reliable. Precisely for this reason, the advice is always to keep up to date on these issues that could become everyday topics.
*This article was published by me on theledger.it and can be found here in Italian language. Check it if you want to support us :)
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