What is PlotX (PLOT) | What is PlotX token | What is PLOT token

PlotX is a non-custodial prediction protocol that enables users to earn rewards on high-yield prediction markets.

Dubbed as the Uniswap of Prediction Markets, PlotX uses an Automated Market Making algorithm to create, settle markets and distribute rewards on the Ethereum Blockchain without any counter-party risk. Markets are focused on crypto-pairs like BTC, ETH, YFI etc and are automatically created in intervals of 4 hour, 1 day and 1 week.

PlotX also uses on-chain governance powered by GovBlocks.

PlotX with the new, simpler & safer login flow!

As you might already know, PlotX is going to be moving to Layer 2 soon. But, going on L2 can be a little harder than what meets the eye. During any L2 transition, developers need to strike a balance between the delicately placed trilemma of security, scalability, and user experience.

It’s essential that none of the above-stated characteristics is compromised while transitioning to L2, as it would severely impact the adoption of the Dapp you’re building.

In such a scenario, every feature of your Dapp needs to be vetted for the impact it might have on the user experience, and how well it will fit in with the rest of the Dapp.

If you don’t already know what moving to layer 2 means, here’s a quick background.

Transactions on L2

Since layer 2 doesn’t exist on the Ethereum blockchain, the cryptocurrencies that exist on them also can’t be directly used on Ethereum (and vice versa). If you want to make a transaction on layer 2, you need to use what’s known as a bridge that connects the main Ethereum blockchain (where your crypto assets are) to the layer 2 networks.

It wouldn’t have been a problem if using this bridge was super easy to understand and use. Don’t get me wrong, for a tech-savvy person (who most DeFi participants are), it is not that difficult to do this. But, for an average joe, this might be a deal-breaker.

To understand this better, let’s take a look at how a project like PlotX might work on layer 2 with MetaMask (the current go-to non-custodial DeFi wallet).

To place a prediction on PlotX using $PLOT on layer 2, one will first need to transfer their $PLOT sitting in their Ethereum wallet to a layer 2 network (let’s say MATIC).

This process requires users to:

1. Connect their MetaMask to the Ethereum mainnet and deposit their $PLOT to the MATIC smart contracts;
2. Once the funds migrate (this generally takes around 7–8 mins), one can start using them on the MATIC network.
3. To make any transaction on MATIC via MetaMask, for example, place a prediction on PlotX; firstly, users will need to change their RPC connection on the MetaMask plugin.

4. Since this is not a default option available in the dropdown, users will need to go via custom RPC and enter the Network Name, New RPC URL, Chain ID, Token Symbol, and Block Explorer link for the MATIC network. Any incorrect data entered here may lead to confusion later on, for example, pointing to the wrong explorer.

While this process may not seem daunting to DeFi veterans, this compromises the user experience for an average/new trader, affecting adoption.

A Better Alternative — Magic Link

MetaMask/WalletConnect are excellent wallet providers for the main Ethereum chain but when talking about L2 solutions like MATIC, the number of manual steps that need to be taken along with their technical complexity stands in the way of user experience. To maintain the balance between security, scalability and user experience, we will be baking Magic Link’s services into the PlotX Beta on L2.

This move will improve the user experience on PlotX and contribute towards increasing the security for users. Magic Link doesn’t require users to create or use a password to log into their accounts or get access to their funds.

Instead, they employ many techniques like Decentralized IDs, Zero-Knowledge Proofs, and Delegated Key Management to give users the ability to log into their accounts by clicking a link delivered to them via email. No password means no chance of data leak, all the while improving the user experience.

How Will It Work?

• When a user comes on PlotX to predict, they will sign up on PlotX using just their email ID and nothing else.
• Once they enter their email and hit “Sign Up”, they’ll receive an email with a link, which when clicked will log them into their account.

A couple of things to note about this process are:

• The login button that the users will receive on their email will expire after 10 minutes.
• Though the email that the users will receive will have the name of PlotX, the email will be generated by Magic Link.
• Whenever a user signs up on PlotX by following the above-stated procedure, a public-and-private key-pair is generated on the client-side for the user inside an iframe, inaccessible by the integrated app.
• The public key to this wallet will be available on the PlotX UI, but the private keys are encrypted by dedicated master keys accessible only by the user. These dedicated user master keys are stored on Hardware Security Modules provided by AWS KMS.

Some of the details mentioned above are quite technical so that we won’t list every detail about the whole procedure. But, if you want to learn more about passwordless login and its benefits over the traditional approach, you can head on over to Magic Link’s docs.

How to stake $PLOT and earn $ORO, $ROYA, $PAID, $RAZOR and $OM

PlotX is delighted to partner with UniFarm by OpenDeFi to introduce group farming, where participants can stake $PLOT to farm five different project tokens.

What is UniFarm?

UniFarm is a staking pool protocol where users can stake one of the available assets and start farming all the participating assets over the staking period. The longer one stays in the pool, the more tokens they can farm.

PlotX is participating in UniFarm’s cohort 3, which will be active for 90 days. Other than PlotX following are the projects taking part

• OpenDeFi ( $ORO)
• Razor ($RAZOR)
• PAID Network ($PAID)
• Royale ($ROYA)
• MANTRA DAO ($OM)

Users will have the option to stake as many different kinds of tokens as they want from the above list of partnering projects with $PLOT

How does a UniFarm pool work?

An example can well illustrate the mechanics of the UniFarm pool. Let’s say that X staked some $PLOT in the UniFarm pool. Now, X will be able to start farming:

• $PLOT from the first week (90 days)
• $ROYA from the second week (83 days)
• $ORO from the third week (76 days)
• $PAID from the fourth week (69 days)
• $RAZOR from the fifth week (62 days)
• $OM from the sixth week (55 days)

The fantastic thing is that X’s earnings will also get auto-staked, resulting in compound rewards. X can un-stake their tokens anytime from the UniFarm pool. Whenever X withdraws their stake, they will get all the tokens accrued until that point, along with his initial deposit. It should be noted that every time X withdraws his deposit, the clock resets to zero.

How to Get Started

Step 1

Unlock your MetaMask Wallet.

Step 2

Open  https://unifarm.co/ and tap on the launch app. Connect wallet and select MetaMask. You will be able to select ‘Trust wallet’ or ‘CoinBase’ wallet as well, as per your preference.

Once your wallet is connected, you will be able to see your wallet address on the website itself.

Your wallet address will show up in the top right corner.

Step 3

Select the $PLOT token from the drop-down menu, you can also check the maximum $PLOT you can stake with the help of the alongside option.

Step 4

Click on “Show me available pools”

After entering the $PLOT tokens, you can see which pools are available for $PLOT tokens

Step 5

Here you will be able to view all the active pools for Plot tokens along-with reward token information, APY, Lock-in etc (the pool list will be displayed in descending order of APY).

Step 6

Click on the ‘Stake Now’ button to view the expected return of 90-days duration for your staking.

Step 7

Click on Approve to proceed further

Step 8

MetaMask will prompt you to approve the token. Please note that the approval of the $PLOTtoken will require gas fees. Click confirm to proceed or you can click on reject to cancel the transaction.

Step 9

Once “Approved”, click on the ‘Stake’ button to stake your $PLOT

Step 10

You would be prompted again to confirm your transaction. Click confirm.

Congratulations! You have successfully staked $PLOT on UniFarm!.

The Farm goes live on 3rd March 2021 and will continue for 90 days.

Stake your $PLOT on Unifarm:  https://unifarm.co/

How and Where to Buy PlotX (PLOT)?

PLOT has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy PLOT

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)

☞ SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step - Transfer your cryptos to an Altcoin Exchange

Since PLOT is an altcoin we need to transfer our coins to an exchange that PLOT can be traded. Below is a list of exchanges that offers to trade PLOT in various market pairs, head to their websites and register for an account.

Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase PLOT from the exchange.

Exchange: Hoo, Uniswap (V2), and BitMax

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once PLOT gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Top exchanges for token-coin trading. Follow instructions and make unlimited money

☞ Binance ☞ Bittrex ☞ Poloniex ☞ Bitfinex ☞ Huobi ☞ MXC ☞ ProBIT ☞ Gate.io ☞ Coinbase

Find more information PLOT

☞ Website
☞ Announcement
☞ Explorer
☞ Source Code
☞ Social Channel
☞ Documentation
☞ Coinmarketcap

Would you like to earn many tokens and cryptocurrencies right now! ☞ CLICK HERE

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