Let’s start with the basics. What is PlotX?
PlotX is a skill-based game where crypto-enthusiasts can leverage their knowledge of relevant crypto markets and earn rewards by correctly predicting future prices of digital assets like BTC, ETH, etc.
The working Alpha of PlotX has been live on the Kovan Test Network since August 4th 2020. But, whether you’re one of the people who have been predicting on the Alpha for a long time, or just getting started with PlotX, this guide will serve you.
Before we get into the main stuff, we need to take care of a few things first. These are:
You need to have a crypto-wallet set-up in order to start making predictions on PlotX. Right now, there are two ways through which you can connect your wallet with the PlotX dApp:
WalletConnect - If you already have a crypto-wallet set-up, then, you can also use that, provided it is supported by WalletConnect. To check your wallet’s compatibility with WalletConnect click here.
PlotX is a decentralized prediction market platform that is based on the Ethereum blockchain. This means that in order to interact with PlotX, you need to have an Ethereum wallet with either ETH, PLOT, or bPLOT in it.
You might already know what PLOT is, but if you don’t, PLOT is an ERC-20 token that is native to the PlotX protocol. It serves as a utility token for the protocol with various use-cases like placing predictions, staking, governance, etc. You can know everything there is to know about PLOT here.
bPLOT (bonus-PLOT) is a wrapped PLOT token that can only be used to participate in PlotX prediction markets as it is non-tradeable. The value of bPLOT is equal to that of PLOT at all times. And by using bPLOT tokens, users can predict and mine PLOT tokens for themselves.
One of the main goals of PlotX is to simplify the DeFi experience for an average person. And to deliver on that goal, the PlotX UI is kept as simple as possible without compromising on functionality.
When you visit plotx.io this is the first screen you’re greeted with:
This is the homepage of PlotX, where you can access all the necessary information about the product; from the whitepaper to news coverage to social media, everything about PlotX can be accessed through this page.
To start making predictions, click on the ‘Start Now’ button on the top right corner and you’ll be redirected to the ‘MARKETS’ page of the dApp. This is where our journey of making predictions on PlotX begins.
This is the page where the action takes place. So, starting with the very top, in the navigation bar, you can see all the sections that you can switch between on the dApp to do things like:
Making predictions on the ‘MARKETS’ page;
Check out each market’s status in the ‘LEADERBOARD’ page; and
Check out your predictions’ history, performance and other important metrics in the ‘MY ACCOUNT’ page.
To the right of the navigation bar, you can see the ‘Connect Wallet’ button which you can use for...
To start making predictions, you need to connect your crypto-wallet with the PlotX dApp first. When you click on the ‘Connect Wallet’ button, you’re prompted with this window:
Depending on which wallet you are using, you can click on one of the two buttons inside the prompt to connect your wallet with PlotX. For the purposes of this guide, we’ll be moving forward with the assumption that you’re using MetaMask.
So, when you click on the ‘MetaMask’ button, the MetaMask extension on your browser will prompt a window asking for your confirmation to make the connection of your wallet with PlotX. Here’s an example:
Select the account you want to connect with PlotX then click on ‘Next’.
Then click on ‘Connect’, and you’re done! After you’ve successfully connected your wallet with PlotX, the text inside the ‘Connect Wallet’ button will change to showing a shortened version of your account address.
After the wallet connection is successful, we come down to the market selector drop-down.
When you click on the drop-down, a menu of all the markets available on the platform is displayed. You can choose the asset whose value you want to predict using this menu. At the time of launch, PlotX has two market options - ETH-USDT and BTC-USDT.
One of the unique features of PlotX is that it allows its users to select the time frame of the market in which they want to make their predictions.
At the time of launch, PlotX offers three distinct time frames, namely Hourly, Daily, and Weekly. This means that for each asset on the platform (eg - BTC, ETH), users can choose whether they want to predict the value of that asset on an hourly, daily or weekly basis.
The time frame of a market is also known as the ‘Market Duration’ within the platform. Each Market Duration has a few similar characteristics. These are: -
Market Start Time - This is the time when a market becomes live on PlotX, and users can start making predictions in it.
Market End Time - This is the time when a market stops accepting predictions from the users, and is awaiting results.
Market Closing Time - This is the time when the results and the winners (along with their respective rewards) are decided. This time is also referred to as market settlement time.
Hourly markets have a gap of 2 hours between the Market Start Time and the Market Closing Time. Daily markets have a gap of 2 days and weekly markets have a gap of 2 weeks between the Market Start Time and the Market Closing Time.
Hence, in every market duration, we have one iteration of the same duration between the Market Start Time (when the market becomes live) and the Market End Time (when the market stops accepting predictions). And then, one more iteration between the Market End Time and the Market Closing Time (when the winners of the market are decided).
To understand all this better, please read this FAQ - What are Market Durations?
Market Cycle is something that captures the duration between the various time-stamps (eg - Market Start Time) for every market.
There are 5 Market Cycles/Stages in total that apply to each and every market on the platform. And in order to make it easier for the users to navigate through the platform, PlotX allows its users to see each market in various stages of its lifecycle. These stages/cycles are: -
The aim is to allow the player to have better visibility on their predictions and results. So, for example - if you’re in an hourly market of ETH-USDT that is accepting predictions, then you can say that you’re in the live hourly market of ETH-USDT. (Live < Hourly < ETH-USDT). For more clarity around the subject, mentioned below are all the Market Cycles/Stages in a little more detail:
Duration: Market Start Time to Market End Time.
The very first stage for a market after creation is the ‘Live’ stage. This is when you can make predictions.
Duration: Market End Time to Market Closing Time.
This is when the market has stopped accepting predictions and is waiting for the results to come in.
Duration: Market Closing Time + 1/4th of the Market Duration you’re currently in.
This is when the results have arrived and the winners are decided. But, to ensure that everyone is on the same page and there’s no disagreement on the results, the market enters this stage for 1/4th the duration of the Market Duration you’re in.
So, for hourly markets, the ‘In Cooling’ stage lasts for 15 minutes, for daily markets — 6 hours, and for weekly markets — 1 day and 18 hours.
During this time, anyone who disagrees with the results can raise a dispute and that’ll push the market into the ‘In Dispute’ stage.
If someone raises a dispute during the ‘In Cooling’ time period, the market enters the ‘In Dispute’ stage.
When the market is in this stage, the Dispute Resolution Governance Mechanism kicks in; the Dispute is reviewed and after following the due procedure of reviewing and voting, the dispute is resolved.
Duration: until the time on-chain governance vote passes on the dispute proposal. The maximum time to reach a conclusion on a dispute is 7 days, post which the dispute is rejected (more on governance later).
The final destination of every market is the ‘Settled’ stage. If any disputes are raised while the market is cooling then the extra step of 'In Dispute' stage is added between the ‘In Cooling’ and the ‘Settled’ stage, otherwise, the market is settled right after the cooling period.
The ‘Settled’ stage is when the rewards are distributed to the market winners.
Below the Market Cycles, you can see the Market Question and the Market Stats of the selected market.
As you can see in the screenshot above, the Market Question of the selected market is:
“What will be the value of ETH/USDT at 10:30 pm?”
Moreover, you can see other stats about the market such as the time remaining for you to make predictions in the market, total number of participants in the market, etc, below the Market Question as seen in the screenshot above.
Below the Market Stats, you can see a detailed price feed chart of the selected asset. You can refer to it for applying technical analysis before deciding on your prediction.
And that's it! These were all the basics that you should know before making predictions on PlotX. Next, if you wish to learn things like the process of making predictions, analysing the 'LEADERBOARD' and the 'MY ACCOUNT' page, please read the 'How to make predictions on PlotX' guide.