The world is constantly evolving, societies, the economy, everything changes and systems must adapt to it, around speculative markets have been born multiple ways of making money as well as different types of traders. So, today we would like to tell you about the AMA session with our friends from PlotX. The AMA took place on September 28 and our guests were Kartic (Founding Member) and Divij (Community leader).
The total reward fund was $ 500 and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club 😀 Today we are happy to announce that today we have PlotX project as our guest. Welcome to Satoshi Club!
Divij: Hello Everyone. Glad to be here. 😄
Kartic: Hey hey! Glad to be here and pumped for the AMA 🔥
Mary | Satoshi Club: So, let’s start with intro.
Kartic: My name is Kartic and I’m part of the founding team behind PlotX. Divij, here, leads our community efforts. I’ll share a quick overview of each founding member of the team as well.
D. | Satoshi Club: Where are your guys from?
Kartic: The team is primarily based in India.
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 set up 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. A lot of people ask us about our journey in this space and how we got the idea of PlotX. We covered that as a video here – http://youtube.com/watch?v=eNuOlkAVKys
D. | Satoshi Club: Great! i’m happy that team is not a group of anonymous.
Kartic: The team has been in the Blockchain and Ethereum space since 2016. 😄
Q1 from bitcointalk user tolgaozek
The first round of the PlotX Community Offering ended hours ago. Did whole process meet your expectations? Will this process be done again?
Kartic: The community offering has been really good. The response has been humbling for us. It has given us an opportunity to build a solid community of actual users from day 1. The offering was specifically for the community of PLOT Heads who have been testing the alpha since its launch in August
Divij: We have a lot of offerings for our community members going on from time to time in our communities. We have a Daily Alpha Challenge going on where community members can win daily rewards in USDC.
D. | Satoshi Club: Please, tell us a bit about those rewards.
Divij: You can find all the details about the Daily Alpha Challenge here – https://t.me/plotx_ann/47. Pretty good opportunity to test and improve your skills while earning some rewards as well.
Kartic: It was launched via our partners DAO Maker. Only members who had made atleast 1 transaction on the alpha were considered qualified for the lottery. There were a total of 250 slots for $125k. Members who were active on the alpha for a longer time were given a preference in the lottery.
Kartic: Details – https://medium.com/daomaker/2d4bcbfe0135
Mary | Satoshi Club: Do i need to have special technical knowledges to participate? Is it on Kovan Testnet?
Divij: Not at all, PlotX has been made keeping all the users in mind. Its pretty simple to use. Yes, it is on the Kovan Test Network. Please follow this quick user guide for using PlotX Alpha https://medium.com/@Tryplotx/plotx-guide-how-to
Kartic: It’s on the kovan testnet, so pretty much free to participate! As for technical knowledge, we have shared a number of resources on our wiki to help users get a better understanding of the product before they actually buy positions https://docs.plotx.io
Q2 from bitcointalk user k.muller
There were a lot of projects trying to predict the market using different algos. Some of them were using predictions from thousands of people to make an estimation, some of the were using AI and so on. What is your model for this? are you using both those models or have you added something else?
Kartic: PlotX doesn’t make any predictions itself. It’s the users who make predictions by choosing from the three availble options. These options are typically bullish, bearish or neutral in nature. The AMM algo generates the question as well as the options for the associated market. Users simply come on to the platform and predict.
Mary | Satoshi Club: That is, in simple words, you are a platform that allows users to earn on their predictions. You will predict only financial assets?) May be Oscar winners in the future?
Divij: Overview of the market with the 3 prediction options.
Kartic: Currently we see predictions on crypto assets as a huge, untapped opportunity. Our community decides which trading pairs to add next. We ran a few signal polls in the community and found that there was a lot of interest in the community to predict on the ETH-USDT pair as well. Hence, we added that in the mainnet version of the alpha.
D. | Satoshi Club: How many competitors do you have? i’m not sure about “a lot of projects” i’m personally know only about Augur.
Divij: There are a number of prediction markets out there already, like HXRO, Augur, Synthetix Options etc.
We have a detailed document that captures the differences that PlotX holds from some of the others mentioned above. We have a lot of respect for what those platforms have done and how they are evolving. We believe there’s still a fair bit of room to innovate in the space for PlotX to capitalize and grow.
You can access that document here: https://docs.plotx.io/faqs#how-is-plotx-different-from-projects-like-augur-synthetix-binary-options-and-hxro
Kartic: Yes, Augue has been around for a while and innovating a lot lately. We’ve actually done a comparison of the different competitors out there.
Q3 from Telegram user @trustmywallet
I have read that the rewards are not released instantly. Why it is so? Or you are checking manually if everything is ok and you need some time for this?
Divij: Market after the participation time is over, gets in the settlement period. The period for which is equivalent to the market maturity length and then enters the cooling period, in which market participants can raise dispute over the result. So for example in case of an hourly market, the market after closing will remain in settlement period for another hour and then enter a cooling stage of 15 mins, after which the market will be fully settled. There is no manual interference. Everything is done on-chain.
For more details refer to https://docs.plotx.io/
Mary | Satoshi Club: For me everything is clear) btw, what about fees on PlotX?
Kartic: That platform charges a fee of 0.1% for each position that is bought using ETH. This fee reduces to 0.05% if the user makes the purchase via PLOT.
The smart contracts that we’ve created are highly optimised for gas consumption, so that checks off something that’s in our hands. Apart from that we’ve partnered with Matic to explore L2 scaling as well.
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.
Divij: PlotX YouTube link – https://www.youtube.com/channel/UCiUd_PC6uUdsavWk3vYbtgA
Q4 from Telegram Username @Lorax14
Can you explain more about the mechanism of prediction in your platform? What is the structure of this feature in your platform? Do you plan to expand another entity like staking or lending in PlotX?
Kartic: We recently started a series on our medium blog talking about the these features as well https://medium.com/plotx/towards-mainnet-1-56bfcde168f2?source=collection_home—4——2———————–
Q5 from Telegram Username @JesusFre1tes
The main problems of traditional forecasting markets are: counterparty risk, high cost, inability to show proven fair deals and liquidity. How does PlotX address this issue on its platform? What do you do to solve it?
Kartic: This is a great question, more so, a great observation. PlotX is a non-custodial platform so there’s no counterparty risk, since the entire platform runs on chain via smart contracts, there is no running cost. Lastly, all smart contracts are easily available on GitHub and can be verified for authenticity so users never get cheated.
Divij: To add to that, security is a very important consideration for the team. 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 ZK Labs, we recently announced a partnership with them. You can read more about it here – https://bit.ly/2DNCowt
Q6 from Telegram Username @Jonahapagu
PlotX is built by and for the Ethereum community… Does this rule out the possibility of PlotX using other platforms and Tokens other than ERC-20 Tokens? If No what plans do you have in this regards
Kartic: We’ve been building on Ethereum since 2016. It has one of the largest developer communities in the world. Our goal, for now is to bulid a more stable product on the Ethereum chain. WE may explore other chains going forward, however, that would be a community driven decision. Also, to clarify, PlotX platform can host trading pairs other than ERC-20 for predictions.
Mary | Satoshi Club: You are right, Ethereum is huge) and how your community will take decisions? Voting?
Kartic: Yes. It’s very casual right now – over Telegram and discord polls. It’s more of a signal vote than anything, however, we’re integrating with GovBlocks for bringing on-chain voting for the community as well.
D. | Satoshi Club: Do you have plans to work on the cross-chain bridges to other blockchains? in the future?
Kartic: Yes. That’s something we will explore once the need arises. We’re builders, so always excited to solve problems by writing code.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram User @JoxesXIII
Recently a centralized forecasting market had to take a case to the KLEROS decentralized court due to a discrepancy of the results. This made me wonder what mechanisms your Prediction Protocol has to resolve disputes?
Divij: Dispute resolution is an important aspect of prediction markets but is also a complicated feature. There have been multiple attempts at creating decentralized judicial systems on Ethereum – and while the early contributors are cognizant of the importance of dispute resolution, the idea with PlotX was to stay away from markets that require subjective opinions at the time of market settlement, reducing the chances of dispute.
On the off chance that there are any disputes, a Dispute Resolution Panel will kick into action. The entire process has been described here: https://docs.plotx.io/faqs#what-if-i-have-an-issue-with-the-result-of-a-market-is-there-some-way-i-can-raise-a-dispute
Q2 from Telegram User @BlancaSdF
On Twitter I read that in PlotX I can refer for mining. Can you explain how it works?
Kartic: Yes, one of the key utilities for $PLOT is referral mining. PlotX believes that prediction markets are a way to sum opinions of many and capture what is known as the “wisdom of the crowd”. To be able to achieve that, it is critical for PlotX to reach the masses. If the community is able to achieve that, a new version of information will be created that is driven by true market opinions.
Thus, To reach the masses, the PlotX token provides virality by design via the Referral Bonus program. Users can refer other users, and mine referral rewards. Referral rewards are implemented by using a non-transferable bPLOT token that is equal to PLOT at all times, but only usable within the PlotX markets. You can read more about the other utilities here: https://docs.plotx.io/plot-token/token-model and hope to see you mine some $PLOTs for yourself soon. 💪
Q3 from Telegram User @DiegoRME
What plan do you have to increase liquidity in the coming years? How do you plan to attract users to use PLOTX? What benefits does PLOTX bring that its competitors do not offer to users?
Divij: We have a detailed roadmap that lists our Go to market strategy for the coming months, I’ll share our roadmap below.
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.
Q4 from Telegram User @doithay1617
Where can I buy or earn $PLOT?
Kartic: The PLOT token generation event has not yet happened (the announcement will be made in the next couple of days).
However, post the TGE, PLOT will be trading on multiple DEXs including Uniswap, for people to easily buy and sell. Earning PLOT can happen in multiple ways – liquidity mining is one that most folks are aware of.
Apart from that, users may also earn PLOT by referring others to the platform, participating in the governance of the platform and ofcourse, winning in the prediction markets!
Q5 from Telegram User @ndbetting
How does the PlotX platform solve the occurring problem with manipulation? Can you with your smart contract completely exclude the influence of humans?
Divij: 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 focussed 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 counterparty (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 whitepaper. Using all this information, everyone can verify the results of every market.
Q6 from Telegram User @NickOxa
What are the benefits of using PlotX?
Kartic: $PLOT has 6 utilities:
- AMM Mining: Incentives for Market Creators
- Referral Mining: Building in virality by design
- Community Mining: Wide distribution in communities
- Play Mining: Stake & Play
- On chain Governance
- Liquidity Mining
More on each: https://docs.plotx.io/plot-token/token-model
A $PLOT holder can either use their tokens for taking positions, which means a 50% discount on the txns fees or they can provide liquidity on certain DEX liquidity pools to mine even more $PLOT for themselves.
Q7 from Telegram User @konditer_rolex
Is your platform a binary option, can we only play on the price of bitcoin, or is it possible to play on the price of altcoins and your token?
Divij: PlotX offers 3 options for Prediction. We want the community to be heavily involved in such decisions and have already started taking some signal votes in our Telegram & Discord groups for the same. The project will be managed through community participation governance and that should help make some of these recommendations. Having said that, there will be base criteria for assets to be considered by the community.
This is how new markets will be created: –
- Any PLOT holder can initiate a governance proposal for adding a new market. They will mention the price feed as well.
- Plot holders vote.
- If the proposal is accepted, markets will be created automatically.
The project in the future might enable more analysis & indicators and it will be captured in the roadmap.
Taking some feedback from our community in regards to addition of Ethereum Markets we’ve decided to include them once the mainnet is live.
📢Towards Mainnet #1 📢
As the PlotX mainnet launch fast approaches, the community is getting ready with bated breath. From overwhelming participation on the Alpha, to embracing PlotX’s 2ED principle, to giving constant feedback, the community has been at the forefront of chalking out the roadmap.
In the build-up to the mainnet launch, here’s presenting 2 new features based on the feedback received from the community.
– ETH-USDT market pair to be added as per the popular demand
– Participants can buy positions using PLOT, apart from ETH.
Hodl on! PlotX is about to take-off. 🚀
Stay tuned for more exciting announcements coming your way!
Read more here: https://bit.ly/33OuT1t
Telegram: https://t.me/plotx_official
Discord: https://discord.com/invite/8CWNQnG
Q8 from Telegram User @AyD80
How does PlotX make your platform easy to use and how does it encourage mass adoption?
Kartic: Hey, PlotX has been designed keeping in mind all the users. Even users who are not familiar with Prediction markets can easily sign up 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. For starters, 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
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.
Q9 from Telegram User @BJosefina61
Can you tell us a bit about what kind of oracle PlotX uses and how it works there? what if oracle fails?
Divij: Chainlink & Provable are the two oracles being used in PlotX at the moment. Read along for details…
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 (c) >$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 (c) (>$10600) then Option (c) 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. If the oracle fails the market will enter into dispute resolution. You can read more about it here – https://docs.plotx.io/faqs#what-if-i-have-an-issue-with-the-result-of-a-market-is-there-some-way-i-can-raise-a-dispute
Q10 from Telegram User @thebastaboy
How do you plan to build a strong community for PlotX? What kind of community events have you organized recently and how do you plan to keep people active within the community?
Divij: 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.
…
🎯🎯PLOT Head Daily Alpha Challenge
Thank you PLOT Heads for making PLOT Head Alpha Challenge week 1 and week 2 such a roaring success.
Over the 2 weeks, we had
- more than 1600 predictions
- over 1700 kETH staked
On the back of this amazing response, the PLOT Head Alpha Challenge is back as the PLOT Head Daily Alpha Challenge!
Highlights of PLOT Head Daily Challenge:
- $50 reward pool to the top profit makers of the day.
- Special surprise challenges at regular intervals.
To ensure complete transparency, the daily log will be maintained in this sheet: http://bitly.ws/9LIi
For More Details on the challenge: https://bit.ly/3mNpsIT
TG: https://t.me/plotx_official
Discord: https://discord.com/invite/8CWNQnG
Get the ball rolling at the Alpha: https://alpha.plotx.io/
Don’t forget to join our community – https://t.me/plotx_official we have a lot of fun activities planned for our PLOT Heads.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about PlotX. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
For more information and future AMAs, join our Social Media channels:
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