2 KNO3 (aq) → 2 KNO2 (aq) + O2 (g)
This is an oxidation-reduction (redox) reaction:
2 NV + 4 e- → 2 NIII (reduction)
2 O-II - 4 e- → 2 O0 (oxidation)
KNO3 is an oxidizing agent, KNO3 is a reducing agent.
This is a gas evolution reaction, O2 is the formed gas.