Introducing new features coming this February

Here’s a look at some of the new features and functionality of our upcoming version which will be released in February. As you know, Stox is based on decentralized concepts of the blockchain and the transparency it allows. Our open source, ethereum based platform is designed for ease of use and adaptability to emerging uses for prediction markets.

Our main goal is to expose the STOX prediction market platform to the masses. We plan to cultivate our users base and increase it significantly as part of the development process, while providing meaningful content for both customers and operators will create real usage for the STX token.

Our Operating and Development Strategy

Here are some of the guiding principles of our operating and developing strategy:

Taking a lean and practical approach, which means short deliveries with deployment to production then receiving feedback and subsequently fixing any issues.

2. Allows for real usage of the Stox product more quickly than expected in the Roadmap.

3. UI/UX as high priority — Ease of use for all communities requires proper UI/UX standards to be followed and implemented.

4. Quickly releasing centralized flow while working on blockchain.

As Blockchain technology is still in its early stages, technology is in progress rapidly, and in some of the premature areas, we prefer not to ‘’reinvent the wheel’’. Rather, we use ‘’existing wheels’’ to approach our integrations. We wanted to spread STX uses to more available cases as well.

This allows us, working on an agility based model, to do the following:

Find different business models that can use current implementation thus showing real value quickly.

2. Refine our approach to blockchain development:

a. First ensuring the logic is correct and has business value — centralized first then replicated on the blockchain.

b. Implement Blockchain logic as shadow of the centralized logic, yet without disrupting user flow.

c. Check behavior and cost and update if required.

Our development teams are building products to support the above initiatives. We have dedicated teams focused in the centralized logic and others focused on the Blockchain side and integration.

Our Upcoming Product Release

The last important update comes in the form of our pre-beta version that will launch just before the Chinese New Year. Our new version will feature real STX usage via real wallets created with smart contracts. Our goal in releasing this wallet was to help our non-cryptocurrency community members become more familiar with the general way in which crypto works, by providing an experience where they can use their STX tokens. This update focuses on smart contract based wallets, versus LMSR protocol for smart contracts. We found the best method was to put the LMSR contracts on hold for a while longer, and develop them with further testing in a pre-beta environment.

Real STX usage gives two main benefits at this stage:

Reduce the concern of being treated as a security. Move towards real use of STX tokens alongside with the development of the Stox prediction platform.

How do we accomplish this? By migrating from using Demo STX to use of Real STX:

Upon registration user will get 5 tokens to start making predictions even allowing new users a chance to try out our product.

The wallet is created on the Blockchain and assigned to the user

In order to participate in predictions and win prizes, the user needs to transfer STX tokens from the personal wallet created for them. The more STX placed on a correct prediction will have a higher payout than lower amounts of STX placed on a correct prediction.

The Wallet is a Smart Contract that will be used to receive STX, distribute profit or allow the user to withdraw STX to their personal wallet

This means there will be changes to our tournament rules. In addition, these specific elements will undergo changes from their current use or application:

Balance

Now shows the balance used for placing predictions, visible and located on the blockchain

User can’t withdraw the amount currently placed on a prediction

The prediction winnings will be calculated in relation to the number of STX placed on the prediction

2. Brain Power Points

These points will be gathered in what we call the Brain Power balance, and can be converted in the future to prizes or Real STX coins, depending on the case or promotion

Profit is distributed in Brain Points instead of to overall balance

Leader board is based on Brain Power balance

3. Deposits and Withdrawals of real STX tokens

Users open a wallet and deposit and withdraw real STX in order to make predictions.

In today’s presentation, we’re going to introduce some new features as part of our upcoming version release due in February.

The first thing we are going to show you is how to set up your STX wallet. This is a smart contract that allows you to store and move STX tokens to and from our platform. The purpose of this wallet is if you win real STX tokens, they will be granted to you here. Once your STX wallet is created, you’ll be able to view what’s in it, via the My Account page.

Last, you can get an overall view of the page features, including the amount of STX you have locked and on which predictions, your transaction history and your STX balance and your Brain Power balance. Brain Power points are points that will now be given for predicting correctly.

Here’s a presentation with a step by step guide on how to use the new pre-beta version platform: