The lack of transparency and accountability could quickly attach themselves to the undermining credibility, viability and value — Anonymous.
This article will show what Stox has brought to the table in way of eliminating or tackling the existing problems in the prediction markets industry:
- The use of smart contracts on the Ethereum-blockchain network guarantees the payout to the users and the absolute transparency.
- Stox dramatically simplifies a better registration and cross-border operations. The blockchain technology eliminates the infrastructure risks associated with equipment failures and disruptions to Internet access providing players with the ability to monitor and control account constantly.
- Smart contract functions as an arbitrator, autonomously and completely independently fulfilling the terms of the agreement. In other words, if a prediction is being placed with the help of a smart contract, the conditions prescribed in it will be fulfilled to the last letter regardless of the parties’ preferences in the matter.
- A significant advantage of a decentralised system as presented by Stox app is freedom and flexibility because it is a prediction markets platform that is conducted through smart contracts rather than on a centralized network of computers. It helps eliminate the trust in a potentially corrupt system. Flexibility and security are major advantages that come with the use of a decentralized system. Users location doesn’t matter with the use of blockchain technology. The blockchain system of financial transactions is more independent and decentralized to give users total freedom over their predictions.
- Blockchain technology and the emergent cryptocurrency industry is championing a bold and exciting reinvention of prediction markets, built on transparency, security, and anonymity. Blockchain has the potential to disrupt the prediction markets industry by providing transparency to all transactions, drastically lowering transaction costs, ensuring anonymity of participants and security of all exchanges.
- One of the major reasons for the popularity of Bitcoin since it was offered is because of its inherent privacy. The Bitcoin cryptocurrency allows participants to participate in online transactions anonymously without leaving a trace of information of either party in the transaction. Decentralized nature of STX token makes exchange similar to cash exchanges so using the platform through a decentralized protocol is one way in which no participant can be cheated. Every user, plays simply with their level of expertise and not as a result of prior knowledge of the markets. This is different from other platform, e.g; using other wallet providers where users need to fund their account with a fiat-based credit card or registration procedures that would reveal their private details.
The end goal for Stox is to create the leading decentralized prediction market used by mainstream audiences by maintaining a thriving ecosystem of users looking to invest in event outcomes and providers looking to create events and be compensated for operating them. The main role of Stox is to develop the open source technology required for running the decentralized Stox platform and network and create a successful model incentivizing both users and providers to join the network.
