Augur Vs Gnosis: A Battle for the Best Blockchain-Based Prediction Market
Are you tired of making guesses when it comes to the outcome of events? Do you want to earn money by predicting the future? If the answer is yes, then you must have heard of Augur and Gnosis, two blockchain-based prediction market platforms. While Augur was launched in 2015, Gnosis came two years later, in 2017. Both platforms have their unique features and strengths. In this blog post, we will provide you with a factual, unbiased comparison between these two giants in the blockchain-based prediction market industry.
The Basics: What are Augur and Gnosis?
Augur
Augur is a decentralized prediction market platform that allows users to speculate on the outcome of real-world events, such as sporting events, elections, and even weather conditions. Augur allows users to create their own markets, set their own odds, and earn money by predicting the outcome of events correctly. Augur aims to create a decentralized network of prediction markets where users can trade without any intermediaries.
Gnosis
Gnosis, on the other hand, is a platform that allows users to create and trade in any type of market. It offers a prediction market feature that users can utilize to create their own markets, set their own probabilities and earn rewards by predicting the outcome of events. Gnosis intends to build a permissionless and trust-minimized platform for trading on any market, whether it is based on events, stocks, or cryptocurrencies.
Comparison between Augur and Gnosis
In this section, we will compare Augur and Gnosis on various parameters, including usage, market cap, fees, and more.
Usage
Augur and Gnosis are both open-source prediction market platforms that utilize blockchain technology. However, Augur has been deployed on the Ethereum blockchain, while Gnosis is built on top of the Ethereum blockchain. Currently, Augur has around 14,000 active users, while Gnosis has around 4,000 active addresses per month.
Market capitalization
As of March 2022, the market capitalization of Augur is around $424 million, while the market capitalization of Gnosis is around $200 million. Augur has a much larger market capitalization than Gnosis, which might indicate that more people trust Augur as a blockchain-based prediction market platform.
Fees
Augur and Gnosis have different fee structures for their users. Augur charges fees on market creation, market trading, and forking markets. On the other hand, Gnosis charges a fee of 0.5% on trading volume.
Reputation and Reliability
Augur has been operational since 2018 (beta-testing started in 2015) and has experienced no major glitches or issues. It is currently regarded as the most popular blockchain-based prediction market platform. Gnosis, while a newer entrant to the field, has a reputation for innovation & cutting-edge features.
Conclusion
To summarize, both Augur and Gnosis are innovative platforms that use blockchain technology to provide users with a way to create and trade in prediction markets. While Augur has a larger user base and market capitalization, Gnosis is regarded as the go-to platform for cutting edge features. We anticipate that the competition between these two platforms will only intensify as more players enter the market.
References
- Augur website: https://www.augur.net/
- Gnosis website: https://gnosis.io/
- Augur market capitalization: https://coinmarketcap.com/currencies/augur/
- Gnosis market capitalization: https://coinmarketcap.com/currencies/gnosis/
- Augur fees: https://docs.augur.net/#faq-fees
- Gnosis fees: https://docs.gnosis.io/protocol/docs/introduction-fees/