PlotX AMA Summary with Decentralized Club ✔️

Dear, Community,

Welcome to the recap of our AMA with PlotX.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what PlotX is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉

✔️Introduction with PlotX :👉

BILLY:
Q1. Can you guys please introduce yourself and also tell us a bit about PlotX ?

Kartic | Won’t DM you first or ask for ETH:
Here’s a video introduction we did a couple of weeks back — http://youtube.com/watch?v=eNuOlkAVKys

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.

Divij (Won’t DM You First):
I’ll Share a brief about PlotX

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.

For more info:
Website: https://plotx.io
Alpha: https://alpha.plotx.io
Telegram: https://t.me/plotx_official
Discord: https://discord.gg/8CWNQnG
Medium: https://medium.com/@Tryplotx/

BILLY:
Very strong background

Divij (Won’t DM You First):
Indeed.

Kartic | Won’t DM you first or ask for ETH:
Thanks, we’ve been building on Ethereum since the past 4 years!

BILLY:
This builds trust and gives peace of mind to the people associated with the project

Q2. What products or solutions is PlotX providing currently?

Kartic | Won’t DM you first or ask for ETH:
PlotX is a super fun and easy prediction market for crypto traders. Users can purchase predictions on the price of crypto-pairs like BTC-USD, ETH-USD, YFI-ETH etc in intervals of 1h, 1d and 1w.

It’s so easy that even my mom was able to make some money on the alpha yesterday 😛

To check out the alpha, head to https://alpha.plotx.io

It’s on the Kovan testnet so it’s all free to play around with at the moment 🙂

Divij (Won’t DM You First):
We have created an easy to follow user guide along with a video of the PlotX Alpha for our users, you can follow that and start predicting. https://docs.plotx.io/guide

BILLY:
Your last sentence will tempt a lot of people to try it out 😜

Kartic | Won’t DM you first or ask for ETH:
Speaking of the alpha, we also have a contest going where we’re giving away more than $600 to users over this week!

More info — https://t.me/plotx_ann/38

BILLY:
Let’s be crypto astrologers 😉

Divij (Won’t DM You First):
We have a PLOT Head Alpha Challenge going on as well.

Ahh Kartic already shared the details above

BILLY:
👍👍👍

Divij (Won’t DM You First):
Good chance to test your skills and win rewards.

BILLY:
Q3. What are some big partnerships PlotX did and how did it help?

Divij (Won’t DM You First):
We rectly announced a partnership with Matic. We are pretty excited about this partnership, and there are more to come soon.
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.

Also, check out https://plotx.gitbook.io/plotx-wiki/faqs#are-you-using-any-l2-scaling-solutions-or-planning-to-do-so

Kartic | Won’t DM you first or ask for ETH:
There are a bunch of other partnerships lined up that we’ll be announcing very soon 🙂

BILLY:
Okay. PlotX is pumped up!

Q4. Finally, what does PlotX plans to achieve by the end of this year?

Divij (Won’t DM You First):
We started working on PlotX back in Feb after we moved on from Nexus Mutual. The public alpha was released on Aug 4 on the kovan test net.

Since then, we’ve seen more than 250 unique users make over 1500 predictions on the platform. It’s been humbling to say the least.

We’ve also announced a partnership with Matic to scale to an L2 and introduce shorter markets. We have a lot of updates and announcements coming up. I’ll share our roadmap for the next few months.

BILLY:
Thanks for such a detailed answer

Can I ask how did you get your initial users??

Kartic | Won’t DM you first or ask for ETH:
Sure. We started building back in Feb 2020 and launched the public alpha on the kovan testnet on 4th Aug.

Since then we’ve been engaging mulitple communities and buildiing up the user base

We’ve seen more than 300 unique users make 2000+ predictions on the platform since the launch of the public alpha!

BILLY:
That’s really great and motivating

Kartic | Won’t DM you first or ask for ETH:
We’re now even working on releasing our new UI — https://t.me/plotx_ann/33

🐧Community ask Questions by Twitter ✔️

BILLY:
Twitter Question no 1 (Tsheljabinsk)
Username : @Tsheljabinsk

How secured and safe is the PlotX’s platform for the users? Have you done constant security audits by a third party? How about the transparency regarding the team behind the platform?

Divij (Won’t DM You First):
We have already gone through 1 audit from a hacker friend of ours who has been researching security issues in ethereum dapps. The other, more comprehensive security audit is already under way via a firm in Zug. More details regarding this will be shared soon.

The team behind PlotX has been in the blockchain space since 2016 and have completed many successful projects like Nexus Mutual, GovBlocks.

We shared a brief intro about each of the Cofounders above. Also I’ll share a short Intro Video of the Team — https://youtu.be/eNuOlkAVKys

BILLY:
Twitter Question no 2 (Bit Top)
Username : @BitTop75

What competitive advantages does PlotX have over similar projects like Augur? Can you name 1–3 PlotX functions that are ahead of the competition?

Divij (Won’t DM You First):
We have a detailed document that captures the differences that PlotX holds from some of the others you have mentioned. 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: https://plotx.gitbook.io/plotx-wiki/faqs#how-is-plotx-different-from-projects-like-augur-synthetix-binary-options-and-hxro

BILLY:
Twitter Question no 3 (jobel)
Username : @mylhe

I am not good at prediction but it seems PlotX is interesting to join, so how can you recommend PlotX to me and what is the best attribute that it has? Is there any guidelines to follow before predicting the price in the market?

Divij (Won’t DM You First):
Hey, PlotX has been designed keeping in mind all the users. Even users who are not familiar with Prediction markets can easily signup and start predicting using the PlotX App.

Some of the best features of PlotX are the Smart Contract driven market creation with Automated Market Making, Lowered risk via the risk-spread (multiple options & deleverages) and the Simple User Interface. We are going to launch a new UI pretty soon and I’d be happy to share a glimpse of it below.

We have created an easy to follow user guide of the PlotX Alpha for our users, you can follow that and start predicting. https://docs.plotx.io/guide

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 http://plotx.gitbook.io/plotx-wiki/token-model

Unveiling $PLOT enabled PlotX Alpha in preparation for Mainnet!

Say hello to the new and improved PlotX UI :)

Since the launch of the alpha in August 2020, the PlotX community (shout out to all PLOT Heads!) has grown many folds. PLOT Heads have extensively used the platform to provide feedback that has shaped the new and improved user interface that PlotX is about to unveil. With this new UI, players can now:

1. See each market move along the different stages of its lifecycle (live, in settlement, cooling period, settled etc). This will enable better visibility on their predictions and results.

2. Play with $PLOT tokens as well, along with ETH. This will be implemented with the mainnet release of the dapp.
Stay tuned to the release of the new UI, coming your way very soon on alpha.plotx.io!

Learn more: https://bit.ly/326Piio

This is just one of many exciting announcements coming soon :)

Join the tribe, become a PLOT Head!
Telegram: https://t.me/plotx_official
Discord: https://discord.gg/8CWNQnG

Kartic | Won’t DM you first or ask for ETH:
To add to what divij wrote, we are creating a lot of content around educating users on how to use PlotX. While its our job to educate the user, we are hoping the user would also take steps to learn more about prediction markets before purchasin positinons on plotx.

right now its on the kovan testnet so its free to participate in and test your skills!

BILLY:
Twitter Question no 4 (AirLion)
Username : @Trung34566

What is the utility of your native token PlotX ? Also what special features do you have or plan to implement that keeps you ahead of your competitors?

Divij (Won’t DM You First):
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 http://plotx.gitbook.io/plotx-wiki/token-model

BILLY:
Twitter Question no 5 (Queen)
Username : @pr1ncesscrypto

Your protocol has been designed so that any mathematical price can be established, in the market, but this is directly proportional to the adoption and connection you have with your community, how will you achieve this?

Kartic | Won’t DM you first or ask for ETH:
Great question. Some of the things we’ve kept in mind while building plotx are to make sure
a. the user gets a very consistent experience for all markets
b. adding new markets is easy (just needs a price feed from an oracle)
c. the community decides which market to add via govenrnace voting

This ensures that both the adoption as well as the community are in sync and we believe it will lead to a healthy ecosystem

✍️ Telegram live Questions answered by PlotX ✔️

Rembrandt:
Could you tell us more, in your opinion, who are the competitors for PlotX? What are some of the biggest advantages of PlotX over them?

Divij (Won’t DM You First):
We have a detailed document that captures the differences that PlotX holds from some of the others you have mentioned. 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: https://plotx.gitbook.io/plotx-wiki/faqs#how-is-plotx-different-from-projects-like-augur-synthetix-binary-options-and-hxro

Erven James Sato:
PlotX runs on Decentralised Governance Mechanism.
so
$PLOT token holders is very important to PlotX
so
What are the Incentives or Benefits of holding $PLOT?

if i will invest in PlotX
and Hodl $PLOT for long term
What are the benefits i will get?

How will you maintain the Demand of $PLOT always up?
despite of Bear Market sometimes

Divij (Won’t DM You First):
This is how the Governance in PlotX will work. PlotX is following a pragmatic on-chain governance approach.

Ideally, all potential actions can be defined by the code but reality is much more complex and fall-back options are required in several circumstances. As such an Advisory Board will be set-up to facilitate decisions requiring interaction with the non-blockchain world as well as govern some of the more extreme scenarios.

Importantly, the Advisory Board has no custodial rights over the fund pool and cannot release funds to any particular person, with each Board member liable to be replaced at any time via the member voting process. On that path, at the time of launch on the mainnet, the community shall choose 5 advisory board members. These advisory board members shall have equal powers to begin with.

As the community grows, the role of the advisory board shall diminish with a vision to provide full autonomy.
The 5 members can be replaced via on-chain governance at any time.

COPY PASTERS WILL SUFFER:
For all you is offering, it is built on ETH blockchain which is annoyingly slow and cannot scale, why have you chosen the ETH blockchain over other Comparatively faster and Scalable chains and do you have plans for mainnet to Migrate your own Chain

Divij (Won’t DM You First):
That’s correct and that is why we are looking at L2 Scaling options. We recently partnered with Matic and are pretty excited about this partnership, and there are more to come soon.

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.

Also, check out https://plotx.gitbook.io/plotx-wiki/faqs#are-you-using-any-l2-scaling-solutions-or-planning-to-do-so

Диего | Diego | ディエゴ | Satoshi Club:
What are your plans for community learning and awareness raising so that more people understand the PlotX platform, its technology and vision?
@krakjack2 @divij33

Kartic | Won’t DM you first or ask for ETH:
We stand by the ethos of Abraham Lincoln’s very famous saying: “The best way to predict your future is to create it”

The most critical aspect of growing PlotX is driving education for the people who don’t know about it today. It’s the PLOT Heads who will drive that movement.

With that in mind, we’re asking the PLOT Head community to follow the 2ED principle — Educate, Engage & Drive adoption.

Educate: Sharing thought leadership posts on social media about PlotX and the PLOT token, explaining the 6 utilities of the token and in general, the product’s vision.

Engage: Introduce relevant partnerships & projects that are complementary to what PlotX is today with a vision of increasing the TVL and the Trading Volume both in retail & institution.

Drive adoption: Stake on the platform and invite peer networks to do the same.

Sen:
Q1) One of the problems of any order book is the HUGE SPREADS between prices, so How PLOTX Solve this problem? And what is the maximum Leveraged that can be set?

Q2) Considering that you give the opportunity to the users to test their skills in Prediction Markets, have you considered the creation of a Copy trading model? To increase the relationship Between users?

Divij (Won’t DM You First):
PlotX is solving this problem by issuing Higher liquidity with focused markets of short duration and Automated Market Maker.

PlotX uses Lowered risk via the risk-spread (multiple options & deleverages). You can use upto 5x leverage.

Ivan Letov:
How do you plan to prevent oracles from providing false data? How do you check the received data in PlotX?

Divij (Won’t DM You First):
Chainlink & Provable are the two oracles being used in PlotX at the moment.

All prediction markets in PlotX are specifically related to the price of digital assets like BTC/USDT, ETH/USDT etc. This makes on-chain price discovery of assets a very important aspect of the PlotX protocol. PlotX needs price feeds for 2 reasons:

To compute the odds of a prediction option — PlotX provides 3 prediction options for every prediction market in which odds are calculated. For example, in a market like “What will be the price of BTC/USDT in the next 1 hour?”, there are three prediction options as under:
Option (a) <$10500
Option (b) Between $10500-$10600
Option © >$10600

The odds of each of the above Options is different. The calculation of the odds involves the Current Market Price of BTC (or any other crypto asset) as a factor.

Meaning, if the current market price is falling under Option © (>$10600) then Option © is relatively more expensive than others. This means BTC price is constantly needed on-chain.

Chainlink is used as a decentralized oracle for computing odds.

Settlement of market — Markets on PlotX are settled on-chain. At the moment, Provable feeds the asset price via Binance API, at the end of the market. However, this is susceptible to manipulation
A suggestion of the community has been to feed an average of multiple sources via Chainlink
Watch this space for more announcements

Ashish Tripathi:
Can you list 1 or 2 of the #PlotX deadly features that make it stand out from its competitors? What competitive advantage does your platform have that make you feel the most confident in yourself?

Divij (Won’t DM You First):
PlotX follows a very different approach towards prediction markets. Ability for Automated Market Making, Risk Spread Mechanism, Liquidity Mining and Reward Schema are some areas that differentiate PlotX from both new and old incumbents in this space.

You can read more about how PlotX is different from its competitors here — https://docs.plotx.io/faqs#how-is-plotx-different-from-projects-like-augur-synthetix-binary-options-and-hxro

✔️Thanks to all of our Community Fans✔️

Have a Great Day

Edited by : 🌿DK✍️

--

--

--

🎉Welcome 🎉 We are a community who eats, sleeps and drinks crypto 😉 Contact👇@cryptoTALK01 @UniqueBoyDK for AMA and project promotions♻️ decentralizedclub.net

Recommended from Medium

FIREBUSD : UPDATE #1

We added Feathercoin(FTC) on Dove Wallet

Interview with Jason Han, CEO at Kakao’s Ground X — Exploring Klip’s Day-to-Day Use Cases

How Ethereum works

How Ethereum works

PureFi Protocol Launches Technical Partnership with The Arcadia Group

IDEAS 💡 - Our Review On IDEAS YouTube Promotion

Attention❗️ Relictum Pro Blockchain goes into orbit🚀

Zimbabwe & Cryptocurrency — A Tale of Hyper Inflation

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Decentralized Club

Decentralized Club

🎉Welcome 🎉 We are a community who eats, sleeps and drinks crypto 😉 Contact👇@cryptoTALK01 @UniqueBoyDK for AMA and project promotions♻️ decentralizedclub.net

More from Medium

AMA RECAP : HEAVEN OF CRYPTO x REALBOX

Here’s our 213 AMA recap!

AMA Recap of Crypto Eagles with roketochat

OKX Blockdream Ventures Partnership with Taki