One of the great things about the Ethereum ecosystem currently is how there’s such a wealth of resources available, the result of which is the constant arrival of new projects in the space.
PlotX is among those new projects, and it comes as an entrant to the young but promising sector of decentralized prediction marketplaces. These applications allow users to permissionlessly make bets on any manner of subjects, with the prize for correct bets being — you guessed it — profit.
Thus with PlotX being the newest protocol on the block, let’s dive deeper into this novel project and what it brings to the table.
What Is PlotX?
So we already know PlotX is a decentralized predictions protocol. Yet as opposed to some other projects in the predictions space, PlotX makes use of an automated market maker (AMM) model, a la the popular trading protocol Uniswap, as opposed to an order book system.
This means that for every prediction marketplace that’s opened atop PlotX, a liquidity pool of tokens is created to underpin trading in that market.
Zooming in, PlotX is non-custodial, meaning you keep complete control of your funds while you use the protocol. Out of the gate, the project lets users create 1-hour, 1-day, or 1-month markets based on crypto pairs, e.g. will the BTC-USDT ratio be higher in one month’s time. Reward payouts are instantaneous, so there’s no fiddling around with any claims process through a third-party.
While the project is still young and in its alpha phase, it exists on Ethereum’s Kovan testnet. This is to ensure that everything checks out with PlotX’s protocol before it goes live and handles serious capital. But dozens of users have already flocked to open up their own test markets, so things have been moving according to plan so far.
If you’re interested in picking up some testnet ETH to give PlotX an early spin, you can request some KETH from the Kovan Faucet.
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