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Gnosis ICO Raises Millions And Eyebrows




Gnosis successfully raised millions in minutes, joining the ranks of other ICOs who have been able to gain capital investment in record time, however, some question the actual value passed on to initial investors.

The Gnosis initial coin offering (ICO) launched on April 24, 2017, raising over $12 million in record time while using a unique auction style for its GNO token sale.

Gnosis set two parameters for the sale to close; either by raising 250,000 Ether or selling all the tokens available. After launching the ICO, whichever goal was met first would signal the sale’s closure, and as time passed, the price of the tokens would decrease, similar to a Dutch auction. The auction unexpectedly closed within minutes of opening, meaning only investors who got in during that brief window were given the chance to put their Ether on the line and bring home a share of GNO tokens. By sale’s end, Gnosis valued the GNO tokens at $29.85 after raising 250,000 Ether. In exchange, 418,777 of those tokens were distributed to investors. The lion’s share of remaining GNO tokens were retained by the company. A week from the auction, token holders will be free to trade them on the Poloniex exchange.

Gnosis intends to use blockchain technology to change the face of predictive markets. However, its example for the manner in which the auction would manifest, published in a company blog December 12, 2016, was off by a wide margin.

Based on the graph Gnosis provided prospective investors, it is apparent that Gnosis did not intend to raise any capital in the first nine minutes of the auction, but when in practice it raised millions. The disparity between the events that took place and those predicted has more than a few reddit users complaining. One post originating from a thread on the popular discussion site has made its way to Twitter, garnering more than a little attention.

Co-founder and CEO of Gnosis Martin Köppelman would not comment on statements shared on reddit and Twitter, however, with the success of Gnosis’ offering and a commitment to lock down the developer’s tokens for one year, perhaps these actions will assuage the negative reception on the social media sites.

A timeline available on the Gnosis website projects that the next steps in the Q2 phase will be setting up additional office spaces in Berlin; launching a beta for the gnosis.js tool and executable distributed code contracts; generating a management interphase; and setting up cheap generic storage layer for their database dubbed GnosisDB.

Correction made on April 26, 2017 to referenced date of Gnosis blog post.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

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