PLOTX AMA RECAP
Hello Everyone ! Welcome to our first AMA (Ask Me Anything) with PlotX . On 8th of July 2021, CryptoSpartans had a live AMA session with Kartic Rakhra (Co-founder of PlotX). In case you missed it here is the recap.
AMA Summary:
Segment 1: Questions for PlotX Team
Segment 2: Live Q&A
The transcript has been edited for clarity.
Segment 1: Questions for PlotX team
Priyank Gupta |HOST
Can you please introduce PlotX to the community?
Kartic | Plotx.io
Ofcourse!
PlotX is a Prediction Market protocol that enables crypto traders like you and I an opportunity to make money by making the correct price prediction of popular crypto assets.
Due to its simplicity and ease of use, our users often call it the Uniswap of Prediction Markets.
To make a prediction, just head to app.plotx.io
~S~| HOST
What is a prediction market?
Kartic | Plotx.io
Let’s continue with this very important question!
A prediction market is a market where people can bet on the outcomes of unknown future events.
The market prices change based on the interest in a particular option over the others.
These markets can hence indicate what the crowd thinks the probability of the event outcome is.
Prediction markets end up collecting aggregated beliefs about an unknown future outcome.
This information is then used to make key decisions.
The Astronomer | Spartan Warrior
So, these are like puts and calls?
Kartic | Plotx.io
Something on those lines, but not exactly
Let me show you real quick
You can see that the user is able to make a price prediction for $SOL on the right hand side of the screen.
They can choose to predict that the price would be bullish, bearish or neutral in the given candle.
Priyank Gupta |HOST
For example if 5 participants applied and all 5 prediction correct.. then how you distribute the rewards ?
Kartic | Plotx.io
That’s another great question!
Market liquidity is the biggest challenge in prediction markets. We’ve solved that by ensuring every market has base liquidity when it is created.
So even if you’re the only one predicting in the market, there is always base liquidity in the market that you can win if you’re correct.
Lucifer Morningstar | HOST
How is plotx different or lets say better than other options?
Kartic |Plotx.io
Haha. Well, we’re fans of all other prediction markets out there. Everyone is trying their own implementation of the concept and we’re excited to see how they develop as well.
Having said that, the big difference with PlotX is that the markets are a lot shorter and hence, exciting for traders.
All other prediction markets typically run 1–6 month long markets.
That means your funds are locked for so long, With PlotX, the markets are 1 hour, 1 day and 1 week long.
we follow the most updated code security standards in crypto.
Nitika, our CTO has been a contributor to Ethereum. She authored the ERC1132 token standard.
She also served as the lead engineer at Nexus Mutual, which is one of the most important DeFi projects out there right now.
~S~ | HOST
Nexus is gaining good popularity yeah
Priyank Gupta | HOST
How can traders in this community benefit from using PlotX?
Kartic | Plotx.io
Traders on PlotX have been making money on a daily basis.
More than $150k has been won on the platform since its launch in May 2021. That’s over $3k in rewards distributed per day!
If you’re into crypto trading, all you have to do is:
1. Connect your wallet/make an account
2. Choose your market
3. Make a prediction!
Head to app.plotx.io
And for folks who wish to login via email, we also have Magic Link
Since PlotX is deployed on Polygon, there’s no gas fee!
Crypto Jain | HOST
The current market situation isn’t very bullish. Does that affect the amount of money traders can make in the app?
Kartic | Plotx.io
In regular investing, traders buy tokens and have to wait for the token price to go up to make money.
The beauty of PlotX is that traders are making predictions against each other rather than waiting for the price of the token to go up.
That means you can make a bullish, bearish or neutral prediction on the price of a crypto asset and make money for being correct!
Segment 2: Live Q&A
Q1. @TheUnofficialCryptoDog: What kind of returns can traders expect from PlotX?
Ans: As I mentioned before, traders have been able to make more than $150k in just 45 days since the launch of PlotX.
We have seen traders more than 40x their initial investment in just 3 days!
He started with just 300 PLOT. He’s now crossed 100k. That’s more than 300x!
Lucifer Morningstar | HOST
How do we get in? I mean can we deposit INR and buy other assets or we have to transfer assets to plotx?
Ans: You can use Transak to buy USDC on Polygon via your credit/debit cards.
$PLOT, $USDC, $USDT, $MATIC, $DAI, $WETH, You can use any of these currencies on the Polygon network to make predictions in PlotX.
Q2. @katoharu00: Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
Ans: We’re about to introduce Staking within the PlotX app that will really change the game for all PLOT holders. Stay tuned to @plotx_official for more info.
Q3. @Pokerlight: What are the bPLOT tokens and what are its differences regarding the PLOT?
Ans: bPLOT tokens are essentially wrapped PLOT tokens. But they can only be used inside the PlotX app to make predictions .
We want to make sure our giveaways are used for making predictions rather than dumping in the market.
Q4. @Pokerlight: 🟡Which kind of assets can be traded in the prediction markets of PLOTX? Just Cryptocurrencies or also Commodities?
Ans: Currently we’re hosting 7 assets for predictions — BTC, ETH, MATIC, BNB, DOGE, SHIB & SOL (added today!)
You’ll see more assets being listed pretty soon!
Kartic | Plotx.io
All right folks
That’s all the time I have for today
This was really good
Feel free to ask more questions in our telegram (@plotx_official) & discord (https://discord.gg/gN5dvCh)
Thank you everyone once again for participating in this exciting community AMA! It was our pleasure to host AMA with PlotX.io.
