Stox, a prediction market platform, which announced an ICO last month, also promoted by 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 platform will allow STX holders to predict and trade the outcome of events in almost any category including finance, sports, politics, and even the weather. Using smart contracts, users who correctly predict the result are awarded STX based on the probability of that outcome, the size of the crowd participating in that event, and the initial pledge.
Stox, as noted last month, is using the Bancor protocol to guarantee liquidity for the STX token. The invest.com Group, the owner of Stox, is issuing the STX token while holding BNT in reserve. Having the Bancor token in reserve guarantees continuous and high liquidity for Stox users on Ethereum, an incentive for invest.com in choosing Bancor as the foundation for their platform. What this means is that users of Stox can purchase STX directly with the BNT smart token using Ether, as well as easily liquidate STX back to Ether, with low slippage and no spread.
Some more details according to Stox:
How is Stox different from Gnosis and Augur?
Stox has three distinctly different characteristics:
1. A single token economy which is likely to boost token value.
2. A unique business model which incentivizes growth through business providers, starting with invest.com which will utilize its marketing and regulation know-how and open the platform to its large database.
3. Designed for mainstream users who will be able to easily access their funds. Will attract a critical mass of upon launch via invest.com.
In terms of the technical work, the key milestones are development of the decentralized platform, the open source p2p prediction market application and the ecosystem member SDK.
Once the application is ready, Stox is planning to launch with invest.com, as its debut prediction market provider. In addition, as soon as the technology is available, Stox plans to shift a major part of their efforts towards growing its ecosystem in order to encourage potential partners to join.