Hello everyone! Great to be on here, I’ve got a few questions.
I was researching in the past few months about xdai and previously i barely understood it like this :
xDAI is on the ETH network (layer 2)
Creating a smart contract on Ethereum network which can use xdai as payments with little to no fees, decentralized by Ethereum network
Now with the Gnosis merger (i’m completely new to gnosis) things are really, really, really confusing enough for me to make a post about it asking.
My set of questions:
I saw on the proposal xdai will still be native token on the Gnosis chain. How does this affect xDAI in terms of if I want to create a smart contract and then access it/use it from an app? Can I still use ETH to build my smart contract on if i want to use xDAI considering it is merging with Gnosis?
When will the merger be complete? In the mean time can I start developing my smart contract? Do i develop it on Ethereum network or Gnosis? Really confused about this part.
Who controls the Gnosis system? Is it truly decentralized like Ethereum? Am i misunderstanding this part? I read Gnosis is a sidechain and it is built on Ethereum but everywhere it says prediction market this prediction market that it doesn’t explain if i want to build a smart contract on something which is on the gnosis chain like xDai is it secured by Ethereum decentralization or is it entirely new chain?
If Gnosis is entirely different chain I read it can do DAI transactions effortlessly (no fees)? Can I build my smart contract based on that or are all Ethereum contracts allowed (ERC20)? To make it clear on my smart contract I don’t want to create a new ERC20 token but i’m open to that possibility if it’s easier with Gnosis.
Appreciate any answers and clarifications I’m honestly lost and I’d really like to get developing on the smart contract idea. I wish everyone a great day and thanks for reading