Recap AMA PlotX x ZTH Crypto
Thank you Plot X for ask Me Anything (AMA) On ZTHCrypto 6th Speaker 2020. Best speaker Ish Goel (Co-Founder ) , Kartic Rakhra ( Co-Founder ) and Satheesh Ananth ( Co-Founder )
Segment 1 : Introduction
Q1 : Let’s ZTH x PlotX AMA get started❗️ ⚠️ Don’t Panic! You are not in Ban. CHAT is muted for AMA! ⚠️ 📣We will host AMA with (Ish Goel,Kartic Rakhra,Satheesh Ananth) ✨During the AMA, we will often close the chat feature to smooth the question and answer session.
A1 : Kartic :
Hey everyone 👋
Q2 : Welcome to the ZTH community, thanks for taking the time for today’s AMA session!
We are glad to meet here !
A2 : Glad to be here from the PlotX team along with Hardik
Q3 : How are you feel today ?
A3 : We’re doing great! Let’s get started!
Q4 : Very nice! I’m happy to hear it, our community hopes to talk and learn more with the PlotX ! So let’s move to segment 1 .
Could you please introduce yourself and (PlotX) to us at the first sesion.
A4 : 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. Our journey: http://youtube.com/watch?v=eNuOlkAVKys
Segment 2 : Question Twitter
Best Question on twitter
Q1 : How Plot X and Matic/Govblock/Venrai partnership effect to achive future goals?
A1 : All our partnerships have been made in a way to help provide the best experience to the user. Matic helps us with L2 scaling. Govblocks helps us with on-chain governance & finally, Venrai ensures that the entire system is compliant with global and local legal structures. There are some more partnerships that we will also be announced soon enough! Together each of these helps PlotX grow faster and scale new heights.
Q2 : What features has Plot X that are ahead of the competition and how does Plot X intend to open up the technology to the community and to researchers so it can be continuously improved on?
A2 : We have a detailed document that captures the differences that PlotX holds from some of the other prediction markets out there (link below). 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. https://plotx.gitbook.io/plotx-wiki/faqs#how-is-plotx-different-from-projects-like-augur-synthetix-binary-options-and-hxro . The code is open source so anyone may contribute from a tech angle
Q3 : It is built on ETH blockchain which is annoyingly slow and cannot scale, why have you chosen the ETH blockchain over other Comparatively faster and Scalable chains and do you have plans for mainnet to Migrate and will there be staking opportunity with PlotX, how will the staking work?
A3 : Ethereum blockchain has the largest community of developers out there. The entire crypto ecosystem has been powered by Ethereum. Other chains may claim better features, but they seldom come close to the network effect that Ethereum poses. 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
Q4 : Do transactions on Plotx take place automatically or is it necessary to authorize them via MetaMask? After having the funds on PlotX is it possible to make several trades without the need to pay so many gas commissions?
A4 : Kartic :
Currently, users need to make transactions via metamask. We are working on improving that experience and are contemplating adding a wallet for the users on the app as well. However, that’s not the most decentralized way to go about it
Also Transaction on Plotx are always verified via the non custodial wallet, metamask, as it allows to protect the security of the transactions happening on the platform.
Q5 : Could you please tell, How $PLOT to increase the value, liquidity and utility of the token. So that it can result in a natural increase in the price of the token?
A5 : The $PLOT token utility has been carefully designed to ensure it serves in the best interest of both, the token holders as well as the growth of the project. It has 6 use-cases:
The token has 6 use-cases:
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 http://plotx.gitbook.io/plotx-wiki/token-model
As people start recognising the utility of $PLOT, and the amount of benefits they achieve with it
The demand for it will increase organically and hence the liquidity of the token will also improve
Segment 3 : Live AMA
Best AMA 500 Question 30 second and here 5 Best Question
wow awesome! Thank you everyone for your questions, it was fast So we have around (500+) messages
How do we choose out of so many questions?!!
Q1 : What competitive advantages does PlotX have over similar projects like Augur? Can you name 1-3 PlotX functions that are ahead of the competition?
A1 : We have a detailed document that captures the differences that PlotX holds from some of the other prediction markets out there (link below). 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.
Q2 : How are you going to handle your systems if unforeseen problems happen in the future, particularly hacking issues that affect your platform have some of your users personal data? Would be your platform prepared to deal with that sort of situation?
A2 : Absolutely. Security is critical. We’re getting an audit done from one of the most renowned auditors in the same. Also, the platform is non-custodial. Users directly connect via non-custodial wallets and that eases out the security concerns as well. The team working on the protocol also has significant experience in the "security" space and have been auditors themselves. So yes, we take security seriously . Also, our sole motive is to make the platform glitch free, that’s why we are very much open for feedback
I request everyone to try out alpha.plotx.io and provide a candid feedback on what you think
Q3 : Is PlotX secured against smart contract vulnerabilities? Have you carried out multiple audits with third parties?
A3: We take security very seriously. We’ve gone through 1 interim security audit and are currently in the final security audit. After that we’ll be launching the dapp on the mainnet along with the public sale of the token
Q4 : Can you list 1 or 2 of the #PlotX deadly features that make it stand out from its competitors? What competitive advantage does your platform have that make you feel the most confident in yourself?
A4 : Features like ,Risk Spread Mechanism
Plotx allows you to utilise leverage, to spread your risk from 1x to 5x, allowing you to manage your risk smartly, Ternary Options
Plotx has not just 2 but 3 options to stake on for every market i.e.
3. A range bound neutral option
This provides more options for the users to choose from And there are countless more unique platform features and UI features, which makes it a bombshell in decentralised prediction markets
Q5 : How are Automatic Calculations done and how does the algorithm used for calculations work? How does it confirm the forecast rates in the chain for each market?
A5 : 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.
Q6 : What is your stragety to marketing and for Mass Adoption ? How do you evaluate the support from community?
A6 : We’re adopting the 2ED principle - Educate, Engage and Drive Adoption. Honestly need help from the community in spreading the word. PlotX has the potential to attract the wisdom of the crowd. We need to do this together or else it won’t work :)
Q7 : What are your views about DeFi (Decentralised Finance)? Are PlotX interested in it? What are the future Scopes?
Do you have any future plans to work in DeFi with PlotX Technology?
A7 : It is true that the Crypto industry is ever evolving and very dynamic in nature and what makes it so fast paced, is the decentralised governance model, which most of the dApps deploy and use for their governance. Same is the case with PlotX. PlotX, leverages, GovBlocks, a decentralised governance protocol, developed by the founding team itself. Govblocks allows token holders to contribute by voting on community proposals and affecting change in the dapp. Also, our recent partnerships with the most advanced blockchain solutions providers like Chainlink for Oracle and MATIC for L2 scaling, shows the strong commitment of the team to keep the project up to date in terms of technology and user experience. We believe in the DeFi movement and want to make it more accessible to the larger masses.
Q8 : How does PlotX Dispute Resolution work when users disagree with the outcome of a given market?
A8 : PlotX at the moment only provides the ability to create markets for which there can be a mathematical settlement via oracles. The only rare chances of a dispute when an Oracle fails to post the price of crypto assets at the time of market settlement correctly.
In such a dispute scenario, the following workflow shall be followed by the protocol.
The Dispute Resolution mechanism works as follows:
There will be a dispute raising time after the market closes known as the Market Cool Time
Any user raising a dispute will need to deposit a fee, in native tokens
There shall be a role called “Dispute Resolution Panel” in the PlotX on-chain governance with a quorum of 70%.
All Dispute Resolution Panel members will need to lock minimum stake in native tokens.
Disciplinary action can be taken on a Dispute Resolution Panel member via governance in case the community wants to flag any bad actors in the dispute resolution board.
Once the dispute is resolved, the winners in the updated options are rewarded.
In order to discourage unnecessary disputes, if the dispute is rejected, the stake deposited by the initiator is burned. In case the dispute is considered valid, the stake is returned.
Question that HardikMittal,Kartic like is already answered. Great AMA Thanks to PlotX for taking the time to join AMA today.!!
Awesome! Loved the AMA, ZTH Host I would like to inform everyone about the PlotX Alpha Challenge where there is a prize pool of $500 to win!