PlotX To Prototype an Iteration Of Their Prediction Markets Using The Elrond Blockchain
We’re excited to announce that PlotX & Elrond are exploring the deployment of PlotX DeFi Prediction Markets on Elrond! PlotX is a non-custodial prediction protocol that enables users to earn rewards on high-yield prediction markets.
Our new partner has already built a working product using the Ethereum blockchain as backend. Our collaboration will initially focus on supporting PlotX to finalize the use case around the deployment of their protocol on the Elrond mainnet and then move to actual deployment once the necessary research is conclusive.
“PlotX is a great example of a DeFi project with a working product that is ready for broader adoption. Accelerated growth requires a faster and inexpensive infrastructure, as well as a powerful devkit, all of which we are happy to provide for our partner” said Beniamin Mincu, Elrond CEO.
Pending deployment on the Elrond mainnet, PlotX users will be able to easily switch between networks and take advantage of Elrond’s higher throughput and inexpensive operations. The PLOT and bPLOT tokens will also exist in ESDT (Elrond Standard Digital Token) form and will be swappable with their ERC20 counterparts via a token bridge.
In the future, our unique Smart Contract features such as low fees, upgradability, ownership transfer or 30% royalties, as well as inexpensive token transfers, will be used to further enhance the PlotX product suite.
“Elrond’s smart contract innovations and devkit toolset could be promising for the PlotX ecosystem in the long term. It would also enhance the experience for PlotX users. We’re happy to join this vibrant new ecosystem.” said Satheesh Ananthasubramanian, PlotX Co-Founder & CGO.
Through the collaboration, the Elrond ecosystem stands to gain a new DeFi project that will generate additional usage for our mainnet, showcase our capabilities to its customers and further grow the available DeFi opportunities for eGold holders.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
PlotX is a non-custodial protocol that can allow predictions for any price feed, with the ability to create markets, settle markets through third-party oracles, and distribute rewards peer-to-peer using blockchain technology. Markets once initiated are automatically created in intervals of 1h, 1d and 1w. The PlotX smart contracts eradicate the counterparty risk in market creation & settlements. It also aims to solve the liquidity problem that has marred the growth of prediction market protocols in the past.
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