PlotX: a new DeFi Prediction Protocol
PlotX offers an exciting opportunity to those in the DeFi Space, with real-time predictions markets. Former Nexus Mutual CTO & Lead engineer are helming the PlotX project.
There is a Strong Demand for Prediction Markets in Decentralized Finance
Poor Prediction market protocols plagued by zero transparency, unreliable odds calculation, high transaction fees, and non-immutable processing and settlement mechanisms are driving away users.
These traditional prediction market protocols are so centralized that they lack transparency.
To tackle the imagery of a non-competitive method such as this comes along PlotX the archetypal prediction market protocol that is the torch-bearer for fairer distribution systems, open platform discussions, lower fees, and an immutable processing and settlement mechanism.
PlotX is a non-custodial prediction market protocol on the Ethereum blockchain that allows people with skills and information to predict the future value of different digital assets like ETH, BTC on an hourly, daily, weekly or any other time window. The DeFi space is rife with opportunities and the digital asset space is absolutely booming. The sector hasn’t seen trading volumes this high since 2017.
Historically, the majority of the growth has been dominated by Centralized exchanges, yet technology trends and community behavior has been pointing towards a major orientation towards DeFi solutions on the blockchain. The total value locked for DeFi products and protocols has increased 7 times over from 1 billion on May 29th to over $7.7 billion as of today. ETH value has enjoyed a massive price spike of more than 300%.
The DeFi ecosystem has yet to innovate with prediction markets considering the earlier attempts had fallen flat on its face. Yet, PlotX seeks to make a grand entrance this September.
PlotX comes with the strongly founded principle and a goal to build a prediction protocol native to the crypto community and follows the inherent DeFi principles. Its key parameters are
- Prediction only for digital assets like ETH & BTC
- Encourages informed predictions instead of irresponsibly loose predictions
- On-chain price/position calculation with instant purchase
- An on-chain market settlement with participation mining
- It has modularity in its working mechanism, combines the power of technology and community in its governance model.
PlotX is a DeFi-based Prediction protocol for crypto traders to earn instant rewards for correct predictions. It is a group of open-source smart contracts that outperforms its centralized counterpart by being a reliable, fair, and open finance solution for market creation, settlement, and reward distribution. It offers the following advantages.
- Its Automated market-making algorithm automatically creates new prediction markets with different options and odds calculations. The AMM ensures that demonstrably proven, fair, and decentralized solutions are provided for reward distribution and settlement using smart contracts.
- The PlotX protocol’s prediction methods are very reasonable and sane, to say the least. The results can freeze with mathematical equations that are reliant on the price-feeds of any asset. The approach is extremely well-directed and concentrated on providing opportunities for enhanced participation leading to better rewards and for bootstrapping liquidity offering users the chance to make their Prediction DAOs.
- Dissimilar to its competitors, PlotX generates markets automatically focussing on short term predictions instead of trying to encompass all the durations. For every trading pair being added to the platform, the algorithm automatically creates trading pairs in continuity. This way it becomes more user-friendly and nurtures mass adoption.
- PlotX has 3 types of market lengths. Hourly market lengths suggest that the users get one hour to predict the price of the asset. The protocol provides for 24 hourly markets in a day. Once the results of the prediction come out, the users after a brief cooling time will get their rewards instantly upon the claim. With a shorter market cycle comes the advantage of reaping benefits immediately sans the need to lock your funds for longer periods.
- Its spread mechanism is so unique that it enables the users to manage their own risks and customize how much they want to be exposed to losses. In case of failed prediction attempts, the user loses 20% of the amount they have used to predict. But they also have the option to increase their risks 2x, 3x, 4x, and 5x depending on how much risk they are willing to take. A user who chooses 5x would also be rewarded 5 times more than what a person with 1x would be rewarded. But that would also mean the user could lose 100% of their amount if they predict wrongly.
The alpha version of PlotX is currently live on Ethereum’s Kovan test network. Users now can make predictions using Kovan ETH.
- Alpha: https://alpha.plotx.io
- Discord Community: https://discord.gg/8CWNQnG
- Telegram Community: https://t.me/plotx_official
More info on PlotX: https://plotx.gitbook.io/plotx-wiki/faqs