SINGAPORE, SINGAPORE / ACCESSWIRE / August 23, 2020 / PlotX, a non-custodial prediction market protocol has been launched on the Ethereum Kovan Testnet. Ideated by former Nexus Mutual and GovBlocks developers, PlotX is challenging the existing prediction market projects with it's novel automated and decentralised market making algorithm that allows for on-chain market creation, option pricing, settlement and reward distribution - without the need for any counterparty.
On August 4, the first application built on PlotX protocol was launched, allowing users to predict on the markets like "What will be the price of BTC/USDT in the next 1 hour". Apart from the 1 hour markets, 1 day and 1 week markets were also launched. The users with correct predictions earn peer-to-peer rewards.
In less than two weeks, over 131 users have placed market predictions using the PlotX dApp, with a strong community forming ahead of September's mainnet launch.
Designed for attracting high liquidity on event predictions, PlotX has been described as a Uniswap equivalent for prediction markets that taps into the network effects derived from innovations such as automated market making and liquidity mining.
The product of intensive open source development, PlotX was originally conceived by Ish Goel, former CTO at Nexus Mutual, Nitika Goel, former Nexus Mutual lead developer, Kartic Rakhra former co-founder at GovBlocks & Satheesh Ananthasubramanian, ex-Cognizant & BORN.
Inspired by the success of Nexus Mutual and GovBlocks, PlotX aims to follow a decentralized and pragmatic approach to governance with the community being involved in all governance decisions such as dispute resolution, addition of new types of markets, vertical expansion etc. Community members will be able to raise proposals and vote, with decisions being implemented automatically via smart contracts, all on the Ethereum blockchain.
PlotX (dubbed as the Uniswap of Prediction Markets) is a non-custodial protocol written using the Solidity language that can allow predictions for any price feed, with the ability to create markets, settle markets through third-party oracles and distribute rewards peer-to-peer on the Ethereum Blockchain. Markets once initiated are automatically created in intervals of 1h, 1d and 1w.
The PlotX smart contracts eradicate the counterparty risk in market creation & settlements. It also aims to solve the liquidity problem that has marred the growth of prediction market protocols in the past. Built on the foundation of strong on-chain governance and risk spread mechanism, PlotX provides an opportunity for users to use their skills in predicting the future value of any asset and develop the protocol to suit their prediction market ideas.
Founded by former Nexus Mutual & GovBlocks developers, PlotX has the potential to disrupt the prediction market space in the DeFI ecosystem, winning on its simplicity and fun factor.
For more information see https://www.plotx.io/