Stox, the ICO promoted by undefeated boxing champ Floyd Mayweather, successfully raised $33 Million in 34 hours this week, making the ICO the seventh biggest of 2017. The token sale for the cryptocurrency STX ended after participants contributed roughly 148,000 ETH.
The prediction market platforms allows STX holders to predict and trade the outcome of events in almost any imaginable category: Finance, sports, politics and even the weather. Using smart contracts, users who correctly predict the result are given STX coins based on the probability of that outcome, the size of the crowd participating in that event, and the initial pledge.
invest.com was founded in 2014, employs a team of 200 across five countries, has 3M registered clients, and generated $50M in annual revenue for 2016,
Stox will be issued as a smart token using the Bancor protocol, which the team has evaluated to be the best blockchain based liquidity solution.
STX will hold BNT in its reserve which would guarantee continuous and high liquidity, enabling anyone to purchase STX directly through the smart token with Ether, as well as liquidate STX back to Ether — notably, with low slippage and no spread.
“We are excited to see Stox.com launch the first user-generated smart token, and become a pioneer member of the Bancor protocol. We believe the continuous liquidity and increased stability of STX will benefit token holders and the Stox project at large,” said Eyal Hertzog, Chief of Product, Bancor.
This token generation event will allow Stox to develop a prediction market trading platform that allows STX holders to use crowdsourced information and their own predictions to forecast the outcome of any event, across a wide range of categories. Smart contracts will manage the reconciliation based on the probability of outcomes, crowd sizes participating in the prediction events, as well as initial pledges.
Among its features, the blockchain-based platform will be fluid, meaning, prediction patterns and assessments will change upon daily occurring events. Users will also be able to create prediction polls, allowing them to take positions on specific events at any time. Entry prices, for example, for any specific poll, will be able to change and fluctuate based on the predicted values.
“Stox is a transformative step in our journey, as it allows us to combine the power of blockchain with the array of infrastructure, technical, sales and marketing assets that are currently powering invest.com,” said Ophir Gertner, Founder of The invest.com Group.
For further information and the official Stox whitepaper, go to: http://www.stox.com