Gnosis Chain Introduction
Gnosis Chain is a community-owned EVM-based network operated by a diverse set of validators around the world. It is one of Ethereum’s first sidechains focused on resilience and credible neutrality as its core values. Currently, there are over 160,000 validators who secure the network.
Gnosis Chain uses DAO governance mechanism to ensure anyone can participate in the decision-making processes regarding the development and future of the network. Creating dApps and integrating with Gnosis Chain products is similar to any other EVM-based blockchain. You can find more details in the protocol specification.
Why Build on Gnosis Chain?
- Fast transaction times (5 seconds) & low transaction fees (500 tx for $0.01).
- A stable token for transactions & gas fees.
- Smart Contract, DApp & toolset compatibility with other Ethereum-based chains like Ethereum, Ethereum Classic, BSC and others.
- Full-featured explorers Gnosisscan and BlockScout.
- Wide-ranging Community Support.
- Growing ecosystem designed to support stable person-to-person transactions, micro transactions, conference currencies, community currencies, DeFi, NFTs, DAOs, games and more.
Each transaction on the Gnosis Chain (sending tokens, interacting with smart contracts, etc.) is associated with the fee in xDai stablecoin. It is one of the main differences from other EVM chains where users pay in a native token of that network. This approach reduces the volatility risks and simplifies the development experience.
Also, transaction fees are not split among pool participants of the validation process. They are received only by the validator who sealed the block. Note, this is subject to change. As the network grows, the fees may be redirected to support additional aspects of the protocol.