Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with PlotX on September 9, 2020. This guest star PlotX Builders. If you were unable to join the live AMA, no worries, here comes our 61th AMA recap!
We are glad to meet here:
Kartic Rakhra, Co-Founder PlotX
Divij, Team PlotX
For taking your time out from busy schedule for the AMA!
Introduction Session
Q1: Can you introduce yourself to the community? What is your background and how did you join PlotX?
Kartic: Here is the 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.
We also recorded this video introduction of each team mate 🙂
http://youtube.com/watch?v=eNuOlkAVKys
Q2: Can you briefly describe what is PlotX?
Divij: 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/
Q3: What companies/projects do you see as competitors, and how does PlotX stand out compared to them?
Divij: 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
Q4. What is the use-case of the The Plotx Tokens?
Divij: The token has 6 use-cases:
- Peer to peer commissions & Token Buybacks
- Referral Mining: Building in virality by design
- Community Mining: Wide distribution in communities
- Play Mining: Stake & Play
- Governance Mining
- Liquidity Mining: Yield Farming
Each of these use-cases are explained in this link http://plotx.gitbook.io/plotx-wiki/token-model
Q5. What are the major milestones PlotX achieved so far & what are in future pipeline?
Kartic: 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
Twitter Session
Q1. Is it possible to use PlotX from my smartphone? Do you have any kind of app or is it necessary to login from the website directly?
Kartic: You can use the mobile version via the browser itself. The app will be out within the next 2 quarters. To make it easy for users to connect their mobile wallets, we’ve integrated with Wallet Connect 🙂
Q2. PlotX has two tokens, PLOT & bPLOT. Can you please explain the usefulness of the two tokens & how does PlotX strike a good balance between technological development and token value enhancement?
Kartic: PLOT is the main token in PlotX. bPLOT is the bonus PLOT tokens that we will be distributing in different communities to incentivise more participation on PlotX. bPLOT cannot be used anywhere but PlotX
The best place to learn about value enhancement of the token is our wiki – http://plotx.gitbook.io/plotx-wiki/token-model
Q3. Why did you decide to use GovBlocks for governing PlotX protocol and to manage all of its decisions? Why GovBlocks?
Kartic: GovBlocks is one of the most advanced governance tooklits for decentralized applications. It is the engine that powers Nexus Mutual ($70m TVL) governance.
It enables the dapp to define its governance structures seamlessly and has a lot of functionality that is useful for governance. In our opinion, it was the best available option
Q4: We all know that DeFi will not replace Traditional finance, so how does PlotX seek to create an ecosystem that will allow both interoperate together?
Kartic: PlotX falls completely in the DeFi space. With time we see both ecosystems merging and new solutions coming in that will help with this transition
Q5. What have been the biggest challenges that PlotX has presented in recent months for the adoption to be successful and what market strategies are you developing for the next year?
Kartic: We’re still fairly early in our journey. We are about to launch a public sale of our token soon, and that’s been a pretty interesting journey so far. Hopefully we’ll be able to do justice to the amazing response we’ve received so far 🙂
Feel free to join our Official Announcement Channel to stay updated – https://t.me/plotx_ann
Kartic: Also, i think the community needs to know about the alpha challenge that we have going on
Divij: Also our Community Group we have a lot of fun competition planned – https://t.me/plotx_official
Kartic: We’re giving away $600 over the next week!
https://t.me/plotx_ann/38
Divij: Thats correct. we have a Guide as well – https://medium.com/@Tryplotx/plotx-guide-how-to-af0419c8048d
Live AMA
Q1. Can you list 1-3 points of PlotX that put you above the competition? What is the competitive advantage of your platform that you feel most confident on?
Divij: 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
Q2. Currently the Ethereum network is constantly congested, I would like to know if this affects the operation of PlotX and what do you expect for ETH 2.0 to improve the project?
Divij: That’s true and PlotX is also looking at L2 scaling solutions to help with scaling. We recently partnered 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
Q3. How does PlotX Dispute Resolution work when users disagree with the outcome of a given market?
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.
You can read more about it in our wiki – 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
Q4: How do you plan to prevent oracles from providing false data? How do you check the received data in PlotX?
Divij: Settlement of futures is critical. And hence, we want to remove any centralization. We are planning to use Chainlink which aggregates data from more than 7 exchanges which are put on-chain from 21 validators. We are in talks with them to post data just before market closure and plan to use that.
We don’t know any other decentralized oracle that has the decentralization levels similar to Chainlink as of now. If in an edge case, ChainLink doesn’t work, then the market enters dispute resolution.
You can read more here – https://docs.plotx.io/faqs#which-oracles-are-used-in-plotx
Q5: One of your strategic Partners is MATIC, so can you tell me what is objetive of that relationship? What you receive from them and what you give back?
Divij: 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
Q6: What is the value and utility of the PLOT token inside the PlotX protocol? What opportunities do token holders have in the short and long term?
Divij: The token has 6 use-cases:
- Peer to peer commissions & Token Buybacks
- Referral Mining: Building in virality by design
- Community Mining: Wide distribution in communities
- Play Mining: Stake & Play
- Governance Mining
- Liquidity Mining: Yield Farming
Each of these use-cases are explained in this link http://plotx.gitbook.io/plotx-wiki/token-model
Q7: 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?
Divij: Hey currently PlotX has Metamask and To make it easy for users to connect their mobile wallets, we’ve integrated with Wallet Connect. The app will be out within the next 2 quarters.
Kartic: i would like to once again invite everyone here to join @plotx_official and participate in the Alpha Challenge to win from a prize pool of $600!! https://t.me/plotx_ann/38
Divij: Thank You for having us. Really enjoyed it. Don’t forget to join our Telegram community, we have a lot of fun things planned for community members. – https://t.me/plotx_official
Kartic: For more information about us, and our journey, you can also listen to this amazing podcast with our CEO Ish Goel:
https://t.me/plotx_ann/40
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about PlotX
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