View source for PlotX (PLOT)

== Basics ==
* Founded in: [https://plotus.gitbook.io/plotus-wiki/faqs 2-2020]
* [https://plotus.gitbook.io/plotus-wiki/faqs On] [[Ethereum]] Kovan [[Testnet]] (5-2020)
* [[Mainnet]] release:
* Based in: India
* [[Prediction Market]] for crypto price pairs.
== History ==
* From its [https://drive.google.com/file/d/15LQF1pn_gx8ITvOZ3xnje7iFTXp114Gn/view Product Deck] (8-8-2020)
''"The name & the idea behind Plotus came during a 48-hour hackathon in March 2020. The first prototype of the idea was for the DJI-[[ETH]] pair and was developed by a team of 12 people - a mix of ethereum developers, researchers, analysts, economists and mentors."''
* Changed their name from Plotus to PlotX due to similarities with Plutus, another DeFi project. Community members and investors suggested the name change.

== Token ==
=== Launch ===
=== Token allocation ===
=== Utility ===
* [[Governance]], [[staking]] to [https://plotus.gitbook.io/plotus-wiki/faqs resolve] dispute resolutions.
* Their [https://plotus.gitbook.io/plotus-wiki/faqs FAQ] (10-8-2020) says:
"''The value proposition of the Plotus [[native token]] is as follows:''
# <strong>''Token Utility 1: Peer-to-peer commissions ''</strong>
#* ''Plotus protocol follows an automated market making algo. Markets once initiated are automatically created in internals of 1h, 1d and 1w. To create such markets on the Plotus protocol [[gas]] fee in ETH is required since the protocol runs on the Ethereum blockchain. ''
#* ''For this purpose, the protocol requires a fee to run perpetually - this fee is taken either in ETH or in Plotus token and is either used for token buy back on [[DEXs]] or used for paying gas fee for creation of future markets. ''
#* ''The buy back on DEXs result in more rewards being distributed to the active participants of the Plotus markets. ''
# <strong>''Token Utility 2: Virality by Design''</strong>
#* ''Prediction markets are a way to sum opinions of many and capture what is known as the “wisdom‌ ‌of‌ ‌the‌ ‌crowd‌‌”. To be able to achieve that, it is critical for Plotus to reach the masses. If the community is able to achieve that, a new version of information will be created that is driven by true market opinions. ''
#* ''To reach the masses, the Plotus token provides virality by design via the Referral Bonus program. ''
#* ''The referral program is going to be one of the best out there, designed by mathematicians and game theory experts.''
#* ''The referral program tokens can only be used to participate in the prediction markets, and cannot be dumped on exchanges. ''
# <strong>''Token Utility 3: Wide Distribution  ''</strong>
#* ''Another important factor for the protocol to succeed is to attract relevant communities that would benefit from predictions. For example, the community of [[LINK]] holders or the social impact projects like [[GoodDollar]]. ''
#* ''Plotus token shall be used to provide [[Airdrop]] incentives for communities to start using the protocol.''
#* ''The Airdropped tokens can only be used to participate in the prediction markets, and cannot be dumped on exchanges. ''
# <strong>''Token Utility 4: Liquidity Mining with Staking ''</strong>
#* ''To bootstrap and encourage liquidity on the Plotus prediction markets, the users are incentivized to [[stake]] their Plotus tokens prior to participating in the prediction market. ''
#* ''If they stake and play, then they get 20% extra rewards. Instead if they simply play without staking, then the reward multiplier effect doesn’t kick in. ''
#* ''The good part being, even if the user loses in the prediction market, they will not lose the staked Plotus tokens. ''
# <strong>''Token Utility 5: Governance''</strong>
#* ''The Plotus token also serves as a [[governance]] token. Token holders will have full ownership and decision making of the Plotus [[Dapp]] and protocol. This includes dispute resolution, creation of new markets, implementing emergency pause and any other such decisions which shall result in a change in the [[smart contracts]] of Plotus."''

* An updated version of the above can be read [https://docs.plotx.io/plot-token-1/token-model here] (12-2020). The main points have not changed since.

=== Token Details ===
== Tech ==
* [[Whitepaper]] can be found [insert here].
* Code can be viewed [https://github.com/somish/plotus-smart-contracts here] (7-8-2020).
* Built on: [[Ethereum]]

=== How it works ===
* Their [https://plotus.gitbook.io/plotus-wiki/faqs FAQ] (10-8-2020) says:
"''The entire protocol, and it’s functioning is completely [[on-chain]] and the [[Oracles]] used for odds calculation and market settlement is publicly declared with each market. Plotus protocol follows an [[Automated Market Makers (AMM)|Automated Market Making]] algorithm. There’s no manual / [[off-chain]] market making. The logic to determine the value of a particular market option is in the smart contracts.''"

=== Staking ===

* Total 6.7mil $PLOT (20% of the circ. supply) [https://twitter.com/TryPlotX/status/1364238617770483717?s=20 now] [[Proof-of-Stake (PoS)|staked]] (23-2-2021).

=== Liquidity Mining ===
* [https://plotus.gitbook.io/plotus-wiki/faqs Will have] (10-8-2020) ''"Liquidity Mining with Staking. The aim is to release this feature alongside the v1 release."''

=== Interoperability ===
* From its [https://drive.google.com/file/d/15LQF1pn_gx8ITvOZ3xnje7iFTXp114Gn/view Product Deck] (8-8-2020)
"''Evaluate launching on multiple [[blockchain]] infra beyond Ethereum."''
* Is looking into [https://elrond.com/blog/plotx-prototype-elrond-blockchain/ launching] a prediction market on [[Elrond Gold (eGLD)|Elrond]] (29-10-2020).

=== Other Details ===
* Will use [[ETH]] or the native token as collateral for users to bet with.

* Their [https://plotus.gitbook.io/plotus-wiki/faqs FAQ] (10-8-2020) says:
''"[[Matic Network (MATIC)|MATIC]] & [[FUSE]] networks are being explored as potential [[Layer 2|L2]] scaling solutions for Plotus. Here’s the loose idea on how it will be implemented: ''
# ''[[Stake]] assets on [[mainnet]], and then transfer assets to L2 [[sidechain|side-chain]]. ''
# ''All markets are opened and settled on the L2 side-chain. ''
# ''When a user wishes to exit, they convert L2 side-chain assets to mainnet assets."''

== Privacy Method being used ==
=== Compliance ===
* Their [https://plotus.gitbook.io/plotus-wiki/faqs FAQ] (10-8-2020) says:
''"The Plotus community upholds the [[DeFi]] ethos of autonomy, however the community is also cognizant of the regulatory concerns around [[KYC]] / [[AML]]. Watch this space for more announcements on how these challenges are solved."''

== Oracle Method being used ==
* Their [https://plotus.gitbook.io/plotus-wiki/faqs FAQ] (10-8-2020) says:
"[[Chainlink|''Chainlink'']]'' & [[Provable]] are the two oracles being used in Plotus at the moment."''

Read the link for more details.
* Their [https://plotus.gitbook.io/plotus-wiki/faqs FAQ] (10-8-2020) says:
''"Plotus, at the moment, provides the ability to create only those markets for which there can be a mathematical settlement. The rare chance of a dispute is when an [[Oracle]] fails to post the price of crypto assets at the time of market settlement. In such a dispute scenario, the following workflow shall be followed by the protocol. This feature is still under development. Here’s the wireframe of the idea:''
# ''Allow a dispute raising time (cooling period) after the market closes  ''
# ''Any user raising a dispute needs to deposit a fee, in Plotus tokens''
# ''There shall be a role called "Dispute Resolution Panel" in the Plotus [[on-chain governance]] with a majority of 70%. ''
# ''All Dispute Resolution Panel members will need to lock minimum [[stake]] in [[Native token|native tokens]] to act fair in the decision making process and the panel shall be chosen by the community and can be changed via governance as well''
# ''The decision of the panel shall be treated as final''
# ''Disciplinary action can be taken on a Dispute Resolution Panel member via governance''
''Plotus leverages the [[GovBlocks|Govblocks]] [[smart contracts]] that allows the Plotus community to follow a pragmatic approach to on-chain governance. The community can create multiple member roles and manage decision points pragmatically."''
* [https://discordapp.com/channels/709795840583270511/709796078878457860/741520134501302323 From] their [[Discord]] (8-8-2020):
"''We’ve initiated conversations with [[Chainlink]] to get an on-chain oracle rather than rely on the [[Binance]] [[API]].''

''The issue is that Plotus needs a high frequency price feed at the time of market settlement, however ChainLink by default only updates the price feed with some lags. And hence we are talking to the team to reach a conclusion. FWIW, we are already using ChainLink for the prediction odds calculation but want to extend it to the prediction settlement also."''

== Their Other Projects ==
=== Plotus Position Exchange ===
== Governance ==
=== DAO ===
* [https://t.me/messaricrypto/13040 From] the [[Messari]] [[telegram]] chat, where the founder said (7-8-2020):
"''I was the Founder at [[GovBlocks|GovBlocks.io]] which is an [[on-chain governance]] toolkit that also powers [[Nexus Mutual]]’s governance. We are integrating GovBlocks along with a native token of Plotus that will also incentive participation via Pool Mining and also governance."''
* Their [https://plotus.gitbook.io/plotus-wiki/faqs FAQ] (10-8-2020) says:
''"Plotus is following a pragmatic on-chain governance approach. As such an Advisory Board will be set-up to facilitate decisions requiring interaction with the non-[[blockchain]] world as well as govern some of the more extreme scenarios. ''

''Importantly, the Advisory Board has no custodial rights over the fund pool and cannot release funds to any particular person, with each Board member liable to be replaced at any time via the member voting process. On that path, at the time of launch on the [[mainnet]], the community shall choose 5 advisory board members. These advisory board members shall have equal powers to begin with. ''

''As the community grows, the role of the advisory board shall diminish with a vision to provide full autonomy. The 5 members can be replaced via on-chain governance at any time.'' 

=== Self Funding Mechanism ===
== Upgrades ==
== Roadmap ==
* Can be found [https://drive.google.com/file/d/15LQF1pn_gx8ITvOZ3xnje7iFTXp114Gn/view here] (8-8-2020).
== Audits ==
* [[Bug bounty]] program can be found [insert here].
* [https://t.me/messaricrypto/13036 Yet] to be audited (7-8-2020).
* PlotX has [https://medium.com/plotx/zk-labs-to-perform-a-security-audit-for-plotx-ahead-of-mainnet-launch-1baffba4b6e chosen] (10-9-2020) [[ZK Labs]] as its lead security auditor ahead of the [[mainnet]] launch.
* [https://defisafety.com/2020/11/16/plotx-predictions/ Scored] a 88% on [[DeFi Safety]] (17-11-2020); ''"2 Audits have been preformed. [[CertiK]] [https://medium.com/certik/certik-audits-plotx-protocol-to-ensure-integrity-of-token-smart-contracts-ed68915072ee audit] preformed Oct 9 2020. [[Mudit Gupta]] [https://github.com/maxsam4/plotx-audit-september-20 audit] preformed Sept 20 2020."'' With the [https://t.me/c/1453353094/1915 comment]: ''"Their software docs are weak but strong otherwise."''
=== Bugs ===
== Usage ==
=== Projects that use or built on it ===
== Competition ==
* [[Synthetix]] and its Binary Options
* [[Augur]], [[Omen]], [[Polymarket]]
* For a comparison check out their [https://plotus.gitbook.io/plotus-wiki/faqs FAQ] (10-8-2020).

== Coin Distribution ==
== Pros and Cons ==
=== Pros ===
=== Cons ===
== Team, Funding, Partnerships, etc. ==
=== Team ===
* Full team can be found [https://drive.google.com/file/d/15LQF1pn_gx8ITvOZ3xnje7iFTXp114Gn/view here] (8-8-2020). The team says they have ''"Active participation in developer community of [[DeFi]] projects: [[Nexus Mutual]], [[Maker DAO]], [[Uniswap]], [[0x]], [[Bancor]], [[Compound]], [[dydx]]. Launched 3 projects on Ethereum Mainnet: Nexus Mutual, [[GovBlocks]] & [[Certy]]" ''There is especially a link with Nexus Mutual, since both Goel's worked there and GovBlocks, which Ish Goel is the founder of, [https://t.me/messaricrypto/13040 is used] in Nexus Mutual its governance. 
* [[Ish Goel]]
* [[Nikitak Goel]]
* [[Kartic Rakhra]] 
=== Funding ===
=== Partners ===
[[Category:Coins/Tokens]]