PlotX — Cryptoverse AMA
Date : 8th September 2020
Guest : Ish Goel, Co-Founder
Kartik Rakhra, Co-Founder
Satheesh Ananth, Co-Founder, PLOTX
Q:Please briefly introduce yourselves and #PlotX to our community?
A: PlotX is a non-custodial prediction protocol that enables users to earn unlimited rewards on high-yield prediction markets.
Dubbed as the Uniswap of Prediction Markets, PlotX uses an Automated Market Making algorithm to create, settle markets and distribute rewards on the Ethereum Blockchain without any counterparty risk. Markets are focused on crypto-pairs like BTC, ETH, YFI etc and are automatically created in intervals of 1h, 1d and 1w.
PlotX also uses on-chain governance powered by GovBlocks.
PlotX Team Background:
Ish Goel, Founding Member of PlotX.io entered the Ethereum ecosystem back in 2016. Along with Nitika, Ish won the London Blockchain Week Hackathon in 2017 and joined Nexus Mutual as the CTO.
Nitika Goel, Founding Member of PlotX.io entered the Ethereum ecosystem in 2016 and has served as the Lead Developer of Nexus Mutual. She also co-founded GovBlocks, an on-chain governance toolkit. She was also the author of the ERC1132 lockable token standard on Ethereum.
Kartic Rakhra, Founding Member of PlotX.io entered the Ethereum ecosystem in 2017 and co-founded GovBlocks along with Ish & Nitika. He also setup India’s largest blockchain community via the India Blockchain Week in partnership with Fintech Worldwide.
Satheesh A, Founding Member of PlotX.io entered the crypto ecosystem in 2019. He comes with 25 years of experience working on CXO positions in the IT sector across marquee organizations like Cognizant, BORN and various others.
17+ other members that have been working on PlotX via Somish Blockchain Labs.
Our Journey :
Q: I want ask one simple question there are many projects are targeting same thing (Pridication Market) what is unique or advanced features you have given to our community interest?
A:We have a detailed document that captures the differences that PlotX holds from some of the other prediction market platforms. We have a lot of respect for what those platforms have done and how they are evolving but we also believe there are still a lot of opportunities to innovate and grow and we believe PlotX is there. You can access that document here:
Kartic Rakhra , Founding Member of PlotX entered the Ethereum ecosystem in 2017 and co-founded GovBlocks along with Ish…
This document is enough to set us apart, but in brief features like:
-Risk Spread Mechanism:
Which allows you to leverage your risk between 1x to 5x, variating on how much positions you own in a market
This gives the third very needed option of Neutral range bound stake, so that you have enough choices to put your stake in
And many more features, which you can checkout yourselves at:
Q: There are 3 core issues prevalent in crypto and blockchain: Security, Interoperability, and Scalability. How does PlotX plan to overcome these issues?
A: PlotX, puts forward a strong case in terms of Flexibility, cost, and security
Our technological structure and recent partnership define it the best
The modular working mechanism and community-driven governance model of PlotX can allow the creation of any kind of crypto-pair based market and use the PlotX smart contracts to participate, trade, and settle them. Thus, the platform is completely decentralized and community-driven, providing it the required flexibility
L2 scaling has been kind of obvious for a project like PlotX. With the Automated Market Making algo, it becomes very easy to run perpetual prediction markets but that also means that the underlying infra needs to scale.
So on that — we’ve been looking at various L2 solutions and MATIC has been one of our preferred choices so far.
Being on L2, it will allow PlotX to run shorter time frame markets as well. For example 5 mins, 15 mins — which are interesting from a retail perspective. It will also solve the Gas issues that Eth faces at the moment.
Security is critical. We’re getting an audit done from one of the most renowned auditors in the same. Also, the platform is non-custodial. Users directly connect via non-custodial wallets and that eases out the security concerns as well. The team working on the protocol also has significant experience in the “security” space and have been auditors themselves. So yes, we take security seriously.
Q: In the short term, how will the PlotX team balance the conflict between investor profits and the health of the project ecosystem, and how to prevent pumping mechanisms?
A: The team at PlotX believes in the principle of maximising holder’s wealth, and hence, always endeavour to bring the best out of the platform and organically increase the token’s valuation. Also, The $PLOT token utility has been carefully designed to ensure it serves in the best interest of both, the token holders as well as the growth of the project. It has 6 use-cases:
The token has 6 use-cases:
1. Peer to peer commissions & Token Buybacks
2. Referral Mining: Building in virality by design
3. Community Mining: Wide distribution in communities
4. Play Mining: Stake & Play
5. Governance Mining
6. Liquidity Mining: Yield Farming
Each of these use-cases are explained in this link
Q: What do I need to use PlotX? Is it necessary to have advanced knowledge in trading? Or do you have an interactive and easy to understand platform for newcomers?
A: One of the key aspects of PlotX was to simplify the DeFi experience for an average person who doesn’t have much knowledge about the crypto and trading world. Thus, for an average person, PlotX offers a simple interface to take a long, neutral or a short position for the market in contention.
Coming from a non-professional trading background ourselves, we were intrigued by how DeFi could be made simpler. Also, Uniswap was a major inspiration.
Q: What are the major innovative contributions that PlotX brings to the DeFi ecosystem, and how they can improve the experience of users in the management of their finances?
A:PlotX has curated markets, which are of ultimate utility for finance professionals. As the currency specific markets can be used by speculators to trade currency binary options. Or the varied maturity markets help big orgs to hedge their IFM ledgers, hence making it a complete platform for professionals.
Q: What is the PlotX Automated Marketing Algorithm and how does this algorithm help the marketplace?
A: PlotX protocol follows a pragmatic approach for predictions, whereby results can settle with mathematical equations that are based on price-feeds of any asset. This focused approach provides opportunity for bootstrapping liquidity, enhanced participation in each market (hence, better rewards) and opportunities for people to create Prediction DAOs that are better targeted in terms of audience.
Market Settlement is performed on-chain to compute the winning option and allow distribution of rewards.
The markets are settled using external oracles and are settled using smart contracts to ensure zero manual intervention and automated, transparent and provable settlements.
Provably fair algos go hand in hand with the autonomous nature of markets created using the PlotX protocol, which are not dependent on settlement and dispute resolution by a counter party (at times also called as the “options writer”, “house”). All disputes are governed uniformly by the community of users.
All the details regarding every market are accessible by everyone. Details like how many participants staked how much with what leverage are publicly available. Moreover, the formulas used for rewards calculation and distribution can also be seen in the white paper. Using all this information, everyone can verify the results of every market.
Q: Currently, How many token does PlotX support for prediction? Do you want to incorporate more in the future?
A: PlotX currently supports ETH for predictions, however we are evolving fast and will soon incorporate most of the major currencies, to cater to a wider base of users. There are more announcements to come in this space.
predictions happen in ETH (kETH in the alpha) since we want to stick to the ethos of the Ethereum and DeFi space. This project has been build by and for the Ethereum community. These predictions can also be made in the native $PLOT token as that is one of the many utilities of the token that has been developed by the team.
Q: PlotX Alpha Challenge program was started few days ago, could you briefly discuss more about this program, why it was launched and how PlotX community members would benefit from it?
A: Yes ! The plotx alpha challenge was launched for all Plot Heads, to enable them to showcase their skills and understanding of our platforms and at the same time, reward their support for the platform in the early phase. We are coming up with another Alpha weekly challenge soon, with a much larger rewards pool. Please rush and join our telegram channel to know more. It will be announced anytime soon. There is a lot of money to be won
Q: Will PlotX be able to work in markets with shorter time frames for example 5 or 15 minutes?
A:The platform currently provides Hourly, daily and weekly markets to predict on. We are always evolving in terms of features, UI, tech and utility and if the community sees the utility in ultra short term period markets, we will surely look into the possibilities of integrating those. But for now, we have these three markets.
Q: How does PLOTX derivatives market protect speculators from major losses in derivatives? What are the risk control mechanisms?
A: This is done by the risk spread mechanism in place. It allows you to choose a leverage between 1x to 5x, and hence reduces or increases your risk on the basis of leverage chosen by you. For example:- if you stake 1ETH and choose 1x leverage, you’ll only loose 0.20 ETH in case the market goes south, and if you choose 5x, you are at risk of loosing whole 1ETH. But the leverage also defines the quantum of rewards you’ll win. Therefore, you need to maintain the balance.
Q: Really all the predictions that PlotX provides are 100% correct? What% of reliability do you guarantee your users with these predictions? Or better to continue trading with our Trader strategy without considering the prediction?
A: We can definitely say that the accuracy of the market settlement mechanism is 100%, as PlotX uses Automated Market Making mechanism, which ensures no there is 0% chance of human error Also, Plotx derives prices on chain from decentralised oracles, which extract prizes from 7 exchanges and are validated by 21 nodes, to ensure safety. So we can say that, the markets are 100% accurate.
Q: What are your plans for community learning and awareness raising so that more people understand the PlotX platform, its technology and vision?
A:We’re adopting the 2ED principle — Educate, Engage and Drive Adoption. Honestly need help from the community in spreading the word. PlotX has the potential to attract the wisdom of the crowd. We need to do this together or else it won’t work.
Q: Do you have mechanisms like buyback and incineration to regulate PLOT supply and demand in order to increase its intrinsic cash value?
A: Yes, PlotX has a buyback and token burn mechanism in place. There is a small transaction fee for each prediction made on PlotX. 50% of the fees captured from users participating using ETH is used to buyback PLOT from the exchange. This bought back PLOT per market is then distributed to all participants in that market.
For users participating using the native PLOT token, the transaction fees is 50% of the transaction fees taken from users participating via ETH. 100% of the PLOT tokens collected via this fee are then burnt.
Both of these measures ensure scarcity and should result in token price appreciation.
Q: Is PLOTX a GLOBAL PROJECT? Can all communities take part in this project?
A: Yes, it is a decentralised prediction market platform, which essentially means it is borderless. We are also setting up local communities in their local languages like Russia, Vietnam, Indonesia and many more.
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