{"id":2056,"date":"2020-10-04T09:36:35","date_gmt":"2020-10-04T06:36:35","guid":{"rendered":"https:\/\/esatoshi.club\/?p=2056"},"modified":"2020-10-04T09:36:40","modified_gmt":"2020-10-04T06:36:40","slug":"plotx-x-satoshi-club-ama-recap-from-25th-of-september","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/10\/04\/plotx-x-satoshi-club-ama-recap-from-25th-of-september\/","title":{"rendered":"PlotX x Satoshi Club AMA Recap from 25th of September"},"content":{"rendered":"\n

The world is constantly evolving,\nsocieties, the economy, everything changes and systems must adapt to it, around\nspeculative markets have been born multiple ways of making money as well as\ndifferent types of traders. So, today we would like to tell you about the AMA\nsession with our friends from PlotX<\/a>. The AMA took place on September 28 and our\nguests were Kartic (Founding\nMember) and Divij (Community leader).<\/p>\n\n\n\n

The total reward fund was $ 500 and\nwas divided into three parts. In this AMA Recap we will try to summarize some\nof the most interesting points for you.<\/p>\n\n\n\n

\n\n\n\n

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS<\/strong><\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Hello, Satoshi Club 😀 Today we are happy to announce that today we have\nPlotX project as our guest. Welcome to Satoshi Club!<\/p>\n\n\n\n

Divij: <\/strong>Hello Everyone. Glad to be here. 😄<\/strong><\/p>\n\n\n\n

Kartic: <\/strong>Hey hey! Glad to be here and pumped\nfor the AMA 🔥<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> So, let’s start with intro.<\/p>\n\n\n\n

Kartic: <\/strong>My name is Kartic and I’m part of the\nfounding team behind PlotX. Divij, here, leads our community efforts. I’ll\nshare a quick overview of each founding member of the team as well.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Where are your guys from?<\/p>\n\n\n\n

Kartic: <\/strong>The team is primarily based in India.<\/p>\n\n\n\n

Ish Goel,\nFounding Member of PlotX.io entered the Ethereum ecosystem back in 2016. Along\nwith Nitika, Ish won the London Blockchain Week Hackathon in 2017 and joined\nNexus Mutual as the CTO. <\/p>\n\n\n\n

Nitika Goel,\nFounding Member of PlotX.io entered the Ethereum ecosystem in 2016 and has\nserved as the Lead Developer of Nexus Mutual. She also co-founded GovBlocks, an\non-chain governance toolkit. She was also the author of the ERC1132 lockable\ntoken standard on Ethereum. <\/p>\n\n\n\n

Kartic\nRakhra, Founding Member of PlotX.io entered the Ethereum ecosystem in 2017 and\nco-founded GovBlocks along with Ish & Nitika. He also set up India’s\nlargest blockchain community via the India Blockchain Week in partnership with\nFintech Worldwide. <\/p>\n\n\n\n

Satheesh A,\nFounding Member of PlotX.io entered the crypto ecosystem in 2019. He comes with\n25 years of experience working on CXO positions in the IT sector across marquee\norganizations like Cognizant, BORN and various others. <\/p>\n\n\n\n

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<\/a> <\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Great! i’m happy that team is not a\ngroup of anonymous.<\/p>\n\n\n\n

Kartic: <\/strong>The team has been in the Blockchain\nand Ethereum space since 2016. 😄<\/p>\n\n\n\n

Q1 from bitcointalk user tolgaozek<\/strong><\/p>\n\n\n\n

The first round of the PlotX\nCommunity Offering ended hours ago. Did whole process meet your expectations?\nWill this process be done again?<\/em><\/p>\n\n\n\n

Kartic: <\/strong>The community offering has been\nreally good. The response has been humbling for us.  It has given us an opportunity to build a\nsolid community of actual users from day 1. The offering was specifically for\nthe community of PLOT Heads who have been testing the alpha since its launch in\nAugust<\/p>\n\n\n\n

Divij: <\/strong>We have a lot of offerings for our\ncommunity members going on from time to time in our communities. We have a\nDaily Alpha Challenge going on where community members can win daily rewards in\nUSDC.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Please, tell us a bit about those\nrewards.<\/p>\n\n\n\n

Divij: <\/strong>You can find all the details about\nthe Daily Alpha Challenge here – https:\/\/t.me\/plotx_ann\/47<\/a>. <\/strong>Pretty good opportunity to test and\nimprove your skills while earning some rewards as well.<\/p>\n\n\n\n

Kartic: <\/strong>It was launched via our partners DAO\nMaker. Only members who had made atleast 1 transaction on the alpha were\nconsidered qualified for the lottery. There were a total of 250 slots for\n$125k. Members who were active on the alpha for a longer time were given a\npreference in the lottery.<\/p>\n\n\n\n

Kartic: <\/strong>Details – https:\/\/medium.com\/daomaker\/2d4bcbfe0135<\/a>\n<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Do i need to have special technical\nknowledges to participate? Is it on Kovan Testnet?<\/p>\n\n\n\n

Divij: <\/strong>Not at all, PlotX has been made\nkeeping all the users in mind. Its pretty simple to use. Yes, it is on the\nKovan Test Network. Please follow this quick user guide for using PlotX Alpha https:\/\/medium.com\/@Tryplotx\/plotx-guide-how-to<\/a><\/p>\n\n\n\n

Kartic: <\/strong>It’s on the kovan testnet, so pretty\nmuch free to participate! As for technical knowledge, we have shared a number\nof resources on our wiki to help users get a better understanding of the\nproduct before they actually buy positions https:\/\/docs.plotx.io<\/a>\n<\/p>\n\n\n\n

Q2 from bitcointalk user k.muller<\/strong><\/p>\n\n\n\n

There were a lot of projects trying\nto predict the market using different algos. Some of them were using\npredictions from thousands of people to make an estimation, some of the were\nusing AI and so on. What is your model for this? are you using both those\nmodels or have you added something else?<\/em><\/p>\n\n\n\n

Kartic:<\/strong> PlotX doesn’t make any predictions\nitself. It’s the users who make predictions by choosing from the three availble\noptions. These options are typically bullish, bearish or neutral in nature. The\nAMM algo generates the question as well as the options for the associated\nmarket. Users simply come on to the platform and predict.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mary | Satoshi Club:<\/strong> That is, in simple words, you are a\nplatform that allows users to earn on their predictions. You will predict only\nfinancial assets?) May be Oscar winners in the future? <\/p>\n\n\n\n

Divij: <\/strong>Overview of the market with the 3\nprediction options.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Kartic: <\/strong>Currently we see predictions on\ncrypto assets as a huge, untapped opportunity. Our community decides which\ntrading pairs to add next. We ran a few signal polls in the community and found\nthat there was a lot of interest in the community to predict on the ETH-USDT\npair as well. Hence, we added that in the mainnet version of the alpha.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>How many competitors do you have? i’m\nnot sure about “a lot of projects” i’m personally know only about\nAugur.<\/p>\n\n\n\n

Divij: <\/strong>There are a number of prediction\nmarkets out there already, like HXRO, Augur, Synthetix Options etc. <\/p>\n\n\n\n

We have a\ndetailed document that captures the differences that PlotX holds from some of\nthe others mentioned above. We have a lot of respect for what those platforms\nhave done and how they are evolving. We believe there\u2019s still a fair bit of\nroom to innovate in the space for PlotX to capitalize and grow.<\/p>\n\n\n\n

You can\naccess that document here: https:\/\/docs.plotx.io\/faqs#how-is-plotx-different-from-projects-like-augur-synthetix-binary-options-and-hxro<\/a>\n<\/p>\n\n\n\n

Kartic: <\/strong>Yes, Augue has been around for a while\nand innovating a lot lately. We’ve actually done a comparison of the different\ncompetitors out there.<\/p>\n\n\n\n

Q3 from Telegram user @trustmywallet<\/strong><\/p>\n\n\n\n

I have read that the rewards are not\nreleased instantly. Why it is so? Or you are checking manually if everything is\nok and you need some time for this?<\/em><\/p>\n\n\n\n

Divij: <\/strong>Market after the participation time\nis over, gets in the settlement period. The period for which is equivalent to\nthe market maturity length and then enters the cooling period, in which market\nparticipants can raise dispute over the result. So for example in case of an\nhourly market, the market after closing will remain in settlement period for\nanother hour and then enter a cooling stage of 15 mins, after which the market\nwill be fully settled.  There is no\nmanual interference. Everything is done on-chain.<\/p>\n\n\n\n

For more\ndetails refer to https:\/\/docs.plotx.io\/<\/a> <\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>For me everything is clear) btw, what\nabout fees on PlotX?<\/p>\n\n\n\n

Kartic: <\/strong>That platform charges a fee of 0.1%\nfor each position that is bought using ETH. This fee reduces to 0.05% if the\nuser makes the purchase via PLOT.<\/p>\n\n\n\n

The smart\ncontracts that we’ve created are highly optimised for gas consumption, so that\nchecks off something that’s in our hands. Apart from that we’ve partnered with\nMatic to explore L2 scaling as well.<\/p>\n\n\n\n

With the\nAutomated Market Making algo, it becomes very easy to run perpetual prediction\nmarkets but that also means that the underlying infra needs to scale. <\/p>\n\n\n\n

So on that –\nwe’ve been looking at various L2 solutions and MATIC has been one of our\npreferred choices so far. Being on L2, it will allow PlotX to run shorter time\nframe markets as well. For example 5 mins, 15 mins – which are interesting from\na retail perspective. It will also solve the Gas issues that Eth faces at the\nmoment.<\/p>\n\n\n\n

Divij: <\/strong>PlotX YouTube link – https:\/\/www.youtube.com\/channel\/UCiUd_PC6uUdsavWk3vYbtgA<\/a>\n<\/p>\n\n\n\n

Q4 from Telegram Username @Lorax14<\/strong><\/p>\n\n\n\n

Can you explain more about the\nmechanism of prediction in your platform? What is the structure of this feature\nin your platform? Do you plan to expand another entity like staking or lending\nin PlotX?<\/em><\/p>\n\n\n\n

Kartic: <\/strong>We recently started a series on our\nmedium blog talking about the these features as well https:\/\/medium.com\/plotx\/towards-mainnet-1-56bfcde168f2?source=collection_home—4——2———————–<\/a><\/p>\n\n\n\n

Q5 from Telegram Username @JesusFre1tes<\/strong><\/p>\n\n\n\n

The main problems of traditional\nforecasting markets are: counterparty risk, high cost, inability to show proven\nfair deals and liquidity. How does PlotX address this issue on its platform?\nWhat do you do to solve it?<\/em><\/p>\n\n\n\n

Kartic: <\/strong>This is a great question, more so, a\ngreat observation. PlotX is a non-custodial platform so there’s no counterparty\nrisk, since the entire platform runs on chain via smart contracts, there is no\nrunning cost. Lastly, all smart contracts are easily available on GitHub and\ncan be verified for authenticity so users never get cheated.<\/p>\n\n\n\n

Divij: <\/strong>To add to that, security is a very\nimportant consideration for the team. We have already gone through 1 audit from\na hacker friend of ours who has been researching security issues in Ethereum\nDapps. The other, more comprehensive security audit is already under way via ZK\nLabs, we recently announced a partnership with them. You can read more about it\nhere – https:\/\/bit.ly\/2DNCowt<\/a><\/p>\n\n\n\n

Q6 from Telegram Username @Jonahapagu<\/strong><\/p>\n\n\n\n

PlotX is built by and for the\nEthereum community… Does this rule out the possibility of PlotX using other\nplatforms and Tokens other than ERC-20 Tokens? If No what plans do you have in\nthis regards<\/em><\/p>\n\n\n\n

Kartic: <\/strong>We’ve been building on Ethereum since\n2016. It has one of the largest developer communities in the world. Our goal,\nfor now is to bulid a more stable product on the Ethereum chain. WE may explore\nother chains going forward, however, that would be a community driven decision.\nAlso, to clarify, PlotX platform can host trading pairs other than ERC-20 for\npredictions.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>You are right, Ethereum is huge) and\nhow your community will take decisions? Voting?<\/p>\n\n\n\n

Kartic: <\/strong>Yes. It’s very casual right now –\nover Telegram and discord polls. It\u2019s more of a signal vote than anything, however,\nwe’re integrating with GovBlocks for bringing on-chain voting for the community\nas well.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Do you have plans to work on the\ncross-chain bridges to other blockchains? in the future?<\/p>\n\n\n\n

Kartic: <\/strong>Yes. That’s something we will explore\nonce the need arises. We’re builders, so always excited to solve problems by\nwriting code.<\/p>\n\n\n\n

\n\n\n\n

PART 2, TELEGRAM COMMUNITY LIVE\nQUESTIONS<\/strong><\/p>\n\n\n\n

The\nchat was open for 80 seconds; a lot of questions were posted by Satoshi Club\ncommunity. Our guests chose some of them. <\/p>\n\n\n\n

Q1 from Telegram User @JoxesXIII<\/strong><\/p>\n\n\n\n

Recently a centralized forecasting\nmarket had to take a case to the KLEROS decentralized court due to a\ndiscrepancy of the results. This made me wonder what mechanisms your Prediction\nProtocol has to resolve disputes?<\/em><\/p>\n\n\n\n

Divij: <\/strong>Dispute resolution is an important\naspect of prediction markets but is also a complicated feature. There have been\nmultiple attempts at creating decentralized judicial systems on Ethereum – and\nwhile the early contributors are cognizant of the importance of dispute\nresolution, the idea with PlotX was to stay away from markets that require\nsubjective opinions at the time of market settlement, reducing the chances of\ndispute.<\/p>\n\n\n\n

Q2 from Telegram User @BlancaSdF<\/strong><\/p>\n\n\n\n

On Twitter I read that in PlotX I can\nrefer for mining. Can you explain how it works?<\/em><\/p>\n\n\n\n

Kartic: <\/strong>Yes, one of the key utilities for\n$PLOT is referral mining. PlotX believes that prediction markets are a way to\nsum opinions of many and capture what is known as the \u201cwisdom of the crowd\u201d. To\nbe able to achieve that, it is critical for PlotX to reach the masses. If the\ncommunity is able to achieve that, a new version of information will be created\nthat is driven by true market opinions.<\/p>\n\n\n\n

Thus, To\nreach the masses, the PlotX token provides virality by design via the Referral\nBonus program. Users can refer other users, and mine referral rewards. Referral\nrewards are implemented by using a non-transferable bPLOT token that is equal\nto PLOT at all times, but only usable within the PlotX markets. You can read\nmore about the other utilities here:\nhttps:\/\/docs.plotx.io\/plot-token\/token-model and hope to see you mine some\n$PLOTs for yourself soon. 💪<\/p>\n\n\n\n

Q3 from Telegram User @DiegoRME<\/strong><\/p>\n\n\n\n

What plan do you have to increase\nliquidity in the coming years?  How do\nyou plan to attract users to use PLOTX? \nWhat benefits does PLOTX bring that its competitors do not offer to\nusers?<\/em><\/p>\n\n\n\n

Divij:<\/strong> <\/em>We have a detailed roadmap that lists\nour Go to market strategy for the coming months, I’ll share our roadmap below.<\/p>\n\n\n\n

 PlotX follows a very different approach\ntowards prediction markets. Ability for Automated Market Making, Risk Spread\nMechanism, Liquidity Mining and Reward Schema are some areas that differentiate\nPlotX from both new and old incumbents in this space.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Q4 from Telegram User @doithay1617<\/strong><\/p>\n\n\n\n

Where can I buy or earn $PLOT?<\/em><\/p>\n\n\n\n

Kartic: <\/strong>The PLOT token generation event has\nnot yet happened (the announcement will be made in the next couple of days).<\/p>\n\n\n\n

However,\npost the TGE, PLOT will be trading on multiple DEXs including Uniswap, for\npeople to easily buy and sell. Earning PLOT can happen in multiple ways –\nliquidity mining is one that most folks are aware of.<\/p>\n\n\n\n

Apart from\nthat, users may also earn PLOT by referring others to the platform,\nparticipating in the governance of the platform and ofcourse, winning in the\nprediction markets!<\/p>\n\n\n\n

Q5 from Telegram User @ndbetting<\/strong><\/p>\n\n\n\n

How does the PlotX platform solve the\noccurring problem with manipulation? Can you with your smart contract completely\nexclude the influence of humans?<\/em><\/p>\n\n\n\n

Divij: <\/strong>PlotX protocol follows a pragmatic\napproach for predictions, whereby results can settle with mathematical\nequations that are based on price-feeds of any asset. This focussed approach\nprovides opportunity for bootstrapping liquidity, enhanced participation in\neach market (hence, better rewards) and opportunities for people to create\nPrediction DAOs that are better targeted in terms of audience. <\/p>\n\n\n\n

Market\nSettlement is performed on-chain to compute the winning option and allow\ndistribution of rewards. The markets are settled using external oracles and are\nsettled using smart contracts to ensure zero manual intervention and automated,\ntransparent and provable settlements. <\/p>\n\n\n\n

Provably\nfair algos go hand in hand with the autonomous nature of markets created using\nthe PlotX protocol, which are not dependent on settlement and dispute\nresolution by a counterparty (at times also called as the \u201coptions writer\u201d,\n\u201chouse\u201d). All disputes are governed uniformly by the community of users.<\/p>\n\n\n\n

All the\ndetails regarding every market are accessible by everyone. Details like how\nmany participants staked how much with what leverage are publicly available.\nMoreover, the formulas used for rewards calculation and distribution can also\nbe seen in the whitepaper. Using all this information, everyone can verify the\nresults of every market.<\/p>\n\n\n\n

Q6 from Telegram User @NickOxa<\/strong><\/p>\n\n\n\n

What are the benefits of using PlotX?<\/em><\/p>\n\n\n\n

Kartic: <\/strong>$PLOT has 6 utilities:<\/p>\n\n\n\n

On the off\nchance that there are any disputes, a Dispute Resolution Panel will kick into\naction. 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<\/a>\n<\/p>\n\n\n\n