Prediction markets are making their mark on the blockchain and cryptocurrency industries as we speak. Stox, one of the ICOs promoted by Floyd Mayweather, aims to do so as well. Its goal is to build the blockchain prediction market of the future using Ethereum technology.
The Concept of Stox
Although the name would suggest Stox has something to do with stock markets, that is not the case. Instead, the platform will serve as a global open-source prediction market where users can make their own predictions. Doing so will earn them a portion of a stake in a specific event. Moreover, Stox maintains a single token economy, which will play a big role in the process of harnessing the wisdom of the crowd.
How Does it all Work?
As is the case with all prediction markets, Stox is designed to let everyone create markets, categories, and predictions. It is powered by blockchain technology, which is mainly provided by the underlying Ethereum ecosystem. This means Stox will benefit from all of the features provided by Ethereum itself, including smart contracts.
With an “unparalleled peer-to-peer trading experience”, Stox wants to serve as a fully functional prediction market first and foremost. It is an open-source application which implements the user side of the model to provide on-chain access to its users. There are also native smart contracts which play a big role in the Stox ecosystem. With the app providing access to content, listings, and event metadata, users have a lot to look forward to.
Stox’s decentralized marketplace will focus on the prediction aspect as well. This will allow mainstream audiences to access all of the features which the platform has to offer. With users able to participate in all of the event outcomes they are interested in, there’s a bright future ahead for prediction markets in general.
The STX Currency
Any self-respecting blockchain ecosystem needs its own currency. The STX currency will be used for all prediction market-related activities on the platform. Its real use cases will not become apparent until the prediction market and its associated app is released to the public, though. Until then, STX is valuable as an investment vehicle and for speculation.
The Road Ahead
With a strong focus on marketing and improving the overall platform, there is much to look forward to where Stox is concerned. A beta version of the prediction platform will be released in Q2, prior to integrating the Invest.com platform. Later this year, we will see the launch of the first version of the live product, as well as the second phase rollout.