Blockchain-based predictions market platform Stox is now one of the highest ranked dApp in the world. A recent surge in users has also translated into a corresponding rise in the number of transactions over the platform. It has risen to be included in the top rankings at stateofthedapps.com. The website ranks dApps based on their Daily Active Users (DAU) and volumes.
On October 10, 2018, Morgan Creek founder and digital currency evangelist Anthony Pompliano tweeted a list of the four most popular dApps. With 1254 users over the last 24 hours Stox was placed number three in the list. Users can use their STX tokens to place bets over the likelihood or occurrence of a real-world event on the platform.
Stox CEO, Mr. Yossi Peretz credited this achievement to his team and users. He said, “We are delighted with this significant milestone of becoming the most popular dApp in the world. It is a testament to our team and platform users, who have been a part of our journey ever since the beginning.” Speaking about the growth in users over the platform he said, “With a community of over 200,000 users, we are proving that there is a demand for high-quality predictions globally. Since our ICO, we have delivered on our promises, and are excited about what we have upcoming in the future.”
Stox is an open source Ethereum based prediction market platform. Users can place predictions on the biggest events in the world of finance, sports, politics and more. Users are rewarded by combining the wisdom of the crowd with their own individual skills and knowledge. The STX token is the native digital currency of the platform and is primarily used for paying fees, collateral or as rewards. The Stox platform “handles the creation and participation of predictive marketing events, provides tools for growing the platform using event discovery features as well as helps incentivise providers, operators and potential users using market standard tools such as affiliate, syndication programs, promotional credit mechanisms and more. The platform also enables the Oracles operations by running collateral and dispute programs.”
The platform had a successful ICO in 2017 where it raised 148,000 Ether tokens worth $33 million within 34 hours. Since then the team has worked hard to develop, test and then release the prediction platform. The platform has hosted more than half a million predictions and grown by an average of 550 users per day. Stox has also partnered with 50 ICOs and traded predictions worth 210 million STX.
Unlike traditional applications built on platforms like iOS and Android, dApps connect users and developers directly without the need for a centralised authority to host and manage the code and user data. Users can win STX tokens by correctly predicting markets and events. Users need to have a Metamask or MyEtherWallet installed on their devices. The wallet will connect to the Stox platform and generate a smart contract wallet in the system. This wallet is connected to the Metamask or MyEtherWallet and all earnings will be deposited in STX tokens to that wallet.