Gnosis Chain’s Effort to Reduce Dependence on External Sources

02/16/2023 08:37 • Metaverse & Beyond • 117 views

It is reported that Martin K ö ppelmann, the co-founder of Gnosis Chain, put forward the discussion of GNO in Gnosis Chain at the Gnosis Governance Forum, aiming to reduce the external dependence of Gnosis Chain and make it more flexible and secure. K ö ppelmann believes that GNO was originally cast on Ethereum, so it is native to Ethereum. GNO on Gnosis Chain comes from the cross-chain bridge contract. K ö ppelmann said that due to the risk of cross-chain bridge, Gnosis DAO could not forcibly destroy the total supply of GNO on Ethereum by code, and GNO cast by rewards on the Gnosis beacon chain could not be cast on Ethereum, it was proposed to change the real source of GNO from Ethereum to Gnosis.

Gnosis Chain co-founder proposed that GNO be issued on Gnosis Chain to reduce external dependence

Interpretation of the news:

Martin K ö ppelmann, co-founder of Gnosis Chain, recently discussed the issue of reducing external dependencies within Gnosis Chain at the Gnosis Governance Forum. His aim is to make the platform more flexible and secure by reducing its dependence on external sources. K ö ppelmann stated that GNO, the governance token of Gnosis Chain, was initially cast on Ethereum and hence native to it. However, the GNO tokens on Gnosis Chain are created through cross-chain bridge contracts. According to K ö ppelmann, this poses a risk, as Gnosis DAO cannot forcibly destroy the total supply of GNO on Ethereum by code, and GNO tokens cast as rewards on the Gnosis beacon chain cannot be cast on Ethereum. Therefore, he proposed changing the real source of GNO from Ethereum to Gnosis.

K ö ppelmann’s proposal aims to make Gnosis Chain more self-reliant by eliminating external sources of risk. By casting GNO tokens directly on Gnosis Chain, the platform can eliminate the dependence on cross-chain bridges, thereby making it more secure. This move would also make Gnosis Chain more flexible as it would be freed from the constraints of Ethereum.

However, though the proposal seems to be a positive move, it raises a few questions. Does Gnosis Chain have the necessary infrastructure to entirely replace Ethereum as the source of GNO? What would be the implications for Gnosis Chain as a platform if they take this step? Another possible issue that may arise from this change is how it would affect the value of GNO, as it would no longer be traded on Ethereum, a major cryptocurrency platform.

In conclusion, K öppelmann’s proposal to change the source of GNO from Ethereum to Gnosis Chain is a logical attempt to make the platform self-reliant and more secure. The change may pave the way for more innovative solutions for the governance token, but it must be cautiously considered, as it may have implications for Gnosis Chain as a platform as well as for the value of GNO token.

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Gnosis Chain’s Effort to Reduce Dependence on External Sources

Gnosis Chain co-founder proposed that GNO be issued on Gnosis Chain to reduce external dependence

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