How to Gnosis

A quick guide on using the test (real ether) markets at admin.gnosis.pm

The guys at Gnosis have created two new markets for us to play with in the lead up to their highly anticipated token launch. Given the Gnosis Dapp is still a very raw beta product, I thought I’d quick up a quite review on how it works.

Step 1: Have a web3 browser!

There are several options for web3 capable browsers on the main net; MIST, Parity, and Metamask are the three that immediately spring to mind. (I would normally add Status.im to that list, but they aren’t on main net just yet).

For this example I’m using Metamask, just because it’s the most accessible for anyone who hasn’t touched ethereum before. It’s pretty self explanatory to set up, but if you would like someone to walk you through it, check out this guide first.

Step 2: Head over to the Gnosis beta Dapp at admin.gnosis.pm.

Step 3: Deposit ether.

Hit the deposit ether button

Plug in how much ether you would like to deposit. Remember, no more than you are willing to lose as is this an experimental Dapp still in Beta.

If everything looks right, accept the Metamask confirmation.

As soon as your transaction is confirmed, you’ll be able to buy shares in markets.

Step 4: Pick your market.

Head back to the market list and pick a market.

Step 4: Buy shares in the position you think is correct.

Hit the buy shares button.

Choose the number of shares you would like to buy and in which outcome.

Choose whether or not to pre-approve the contract for future transaction (this is to cut down on the number of transactions for frequent traders). Since this is a once off transaction, I’ve left it toggled to “No”. Then hit confirm.

Confirm that you really want to buy shares in the market.

Again, if everything looks good, approve the Metamask transaction and wait for your transaction to confirm on the network.

Congratulations! Now you have shares in a market on Gnosis! Woo! As demand for different positions changes so too will the price, and when the market resolves ether will be paid out to addresses relative to the shares they hold in that particular position.

From here you can have a play with some of the other features like selling your shares, buying positions in all of the outcomes, and short selling shares.