PlotX AMA Recap

PlotX AMA Recap

CryptoDiffer team

Hello, everyone!😁

We are glad to meet here 

Kartic Rakhra (core team at PlotX) @krakjack2

Divij Sood (core team at PlotX) @divij33

Hardik Mittal (core team at PlotX) @hardyy007

Kartic Rakhta, Core Team at PlotX

Hey everyone

Divij Sood, Core Team at PlotX

Hello Everyone. Glad to be here!

CryptoDiffer team

Q1: Can you introduce yourself to our community ?

Divij Sood, Core Team at PlotX

PlotX Founding Member 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 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.

CryptoDiffer team

Q2: Can you briefly tell us what is PlotX in 3-5 sentences?

Divij Sood, Core Team at PlotX

PlotX is a non-custodial prediction protocol that enables users to earn 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.

You can also find more info via the following links.

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

CryptoDiffer team

Q3: Let`s now talk about the milestones you have achieved and about your upcoming plans?

Divij Sood, Core Team at PlotX

PlotX has been in #buildmode since Feb 2020 and the public alpha was launched on 4th August on the Kovan testnet of Ethereum. Since then, a number of interesting developments have taken place:

– Partnership with Matic to explore layer 2 scaling

– Partnership with ZK Labs to conduct a comprehensive security audit of the smart contracts

– Partnership with Deep Work Studio to revamp the UX of the dapp

– Over 2000 predictions made on the alpha

– More than 1150 kETH staked on predictions in the last 7 days

Some more partnerships are on the horizon as well!

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

I want questions regarding the tokenomics,

Please explain to us what role does $PLOT play in the Ecosystem? How did you come to the idea to create PlotX project?

Divij Sood, Core Team at PlotX

The PLOT token has 6 use-cases as described below: 

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 – https://docs.plotx.io/token-model

Cryptodiffer Community

PlotX is a project run entirely by it members. How do you encourage community participation? Any incentives to boost members morale?

Kartic Rakhta, Core Team at PlotX

PlotX is essentially a community driven project. The community decides which assets to add for prediction via the on chain governance toolkit GovBlocks.

There are also multiple bounties for contributing to 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.

Cryptodiffer Community

– Can you give us more details on your partnership with Deep Work, and what you’ll be working together on?

– As PlotX nears the mainnet launch, security of the code base is at top priority. Have you carried out audits with third parties to iron out any kinks or security vulnerabilities?

Divij Sood, Core Team at PlotX

To answer your second question.

We have already gone through 1 audit from a hacker friend of ours who has been researching security issues in Ethereum Dapps.  We announced our partnership  with ZK Labs recently. ZK Labs is a well-established auditor and has provided both Smart Contract Development and Auditing Services for multiple large-scale successful projects built on the Ethereum platform.he team comes with relevant hands-on experience with projects like Polkadot, bZx, Cosmos, Tether.

You can read more about it here – https://bit.ly/2DNCowt

Cryptodiffer Community

PLOT HEAD Alpha Challenge is currently in the 2nd week. Has this challenge had any impact on PlotX so far and what do you think of this week 2, do you expect more participation?

Kartic Rakhta, Core Team at PlotX

The PLOT Head Alpha Challenge has been a huge hit among the community members. More than a 1000 predictions were made just in the challenge last week!

The idea of the challenge came from the community itself. The results from week 2 of the challenge were declared yesterday and if the community decides, there may well be week 3 as well!

Cryptodiffer Community

What is your plans in place for global expansion, Is #SPACESWAP  Is focusing on only market at this time?

Or focus on building and developing or getting customers and users, or partnerships?

Kartic Rakhta, Core Team at PlotX

We want to build an eco-system which will allow all users to take an advantage of a DEFI revolution. 

In addition we will eventually become a special place where all DEFI projects can list their own pools and in exchange all milk holders and shake holders will not just receive great APY and milk coins, but also will get coins of other new projects which community voted for.

Cryptodiffer Community

How join Participate in the PlotX Alpha Challenge ?

what are the requirements?

Divij Sood, Core Team at PlotX

We just finished with the Week 2 of  PLOT Head Alpha Challenge Yesterday and it was a huge success. We will be announcing the next round pretty soon. You can follow our announcement channel to stay updated.

https://t.me/plotx_ann

Cryptodiffer Community

How many wallets are compatible with PlotX? Anyone that support Wallet Connect? Also do you have plans to create your own App to Mobile devices?

Kartic Rakhta, Core Team at PlotX

PlotX currently supports Metamask & walletconnect. Both together cover a fairly wide array of users. If you look at the roadmap, there are plans to launch the mobile app soon

Cryptodiffer Community

How is L2 scaling a privilege for PlotX and why do you focus on L2 solutions?

How does it become functional with the continuous prediction algo and how does it mediate the Auto Market Making ecosystem?

Divij Sood, Core Team at PlotX

To answer your first question.

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.

Divij Sood, Core Team at PlotX

This has been brewing for some time and we’re glad to finally announce a partnership with the awesome folks at MATIC! 

L2 solutions will be important to make PlotX super fun and simple. We believe this collaboration with MATIC can take us in the right direction to achieve scale with their platform and expertise.

Here’s a loose idea on how it will be implemented:

1. Stake assets on Ethereum mainnet, and then transfer assets to L2 side-chain.

2. All markets are opened and settled on the L2 side-chain.

3. When a user wishes to exit, they convert L2 side-chain assets to Ethereum mainnet assets.

We’re just getting started. Stay tuned for more announcements! 

Cryptodiffer Community

What are the benefits of using a bPLOT token?

How will PlotX solve the liquidity problem?

Kartic Rakhta, Core Team at PlotX

The bPLOT token is the bonus token of PlotX. 1 bPLOT = 1 PLOT. bPLOT can only be used within PlotX. It cannot be traded.

bPLOT is crucial to incentivize trading communities to actually come and use the dapp. If their predictions are correct, they stand to earn regular PLOT tokens!

Cryptodiffer Community

•  How can I use Plotx from other devices? Is it possible to use it on my smartphone? Is there an app or is it necessary to login from the website directly? 

•  Do you consider that the options are simply a matter of luck? Similar to flipping a coin and “bet”. Or do you think that if it’s profitable and has its analysis trading options?

Divij Sood, Core Team at PlotX

You can use the Alpha via your smartphones as well. You just need to connect your wallet via MetaMask or Wallet Connect, its pretty easy and simple. we will be launching an Application as well as detailed in our roadmap.

Cryptodiffer Community

How will the problem of manipulation and tampering be solved in PlotX? Is it possible to completely exclude human influence and fully use a smart contract?

Divij Sood, Core Team at PlotX

That is what Automated Market Maker allows us to do.

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.

Cryptodiffer Community

How does PlotX Dispute Resolution work when users disagree with the outcome of a given market?

Divij Sood, Core Team at PlotX

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

Cryptodiffer Community

To use plotX platform do user need to provide Private key or API?

How does PlotX ensure security of user asset?

Kartic Rakhta, Core Team at PlotX

PlotX is a non-custodial platform. Users only need to connect their wallet via metamask or walletconnect to get started! 

On the security aspect, a comprehensive security audit is being conducted by ZK Labs to ensure that all smart contracts are bug free and hacker resistant

https://t.me/plotx_ann/42

Cryptodiffer Community

Please tell us about your strategic ally and key partnerships? What role do these partnerships play in PlotX ‘ success?

What’s PlotX long-term development plan? How do you make users believe that PlotX is a long-term high-quality project?

Divij Sood, Core Team at PlotX

Our partnerships will play a very important role in the development of the Ecosystem. 

Partnership with Matic to explore layer 2 scaling.

Partnership with ZK Labs to conduct a comprehensive security audit of the smart contracts.

Partnership with Deep Work Studio to revamp the UX of the dapp.

We have a lot of upcoming partnerships as well. You can subscribe to our announcement channel to stay updated.

https://t.me/plotx_ann

Kartic Rakhta, Core Team at PlotX

Boom!

This was quite a lot of fun. Love the differ community!

Would love for the community members to join the PlotX TG group – @plotx_official

There’s also a Vietnamese & Korean community setup by community members

https://t.me/plotx_official_VN

https://t.me/PlotX_KR

Divij Sood, Core Team at PlotX

Thank You for having us here 

Cryptodiffer TEAM

Thank you guys, really appreciate all the insights!

Looking forward for upcoming great news from you:) I am there will be a lot of news soon

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