What is Stox (STX)?
Future of STX Cryptocurrency and know how to buy STX

#1 - What is Stox?

Stox: The Basics

  1. Stox is a cryptocurrency based on the Ethereum blockchain, while it makes use of the Bancor protocol. It is intended to be used for forecasting the financial markets.
  2. The users of this cryptocurrency vote on the possible output events and later trade on the possible scenarios.
  3. Stox aims at turning the prediction markets entirely decentralized.

Stox Development

  1. A group of sixteen industry experts developed the Stox cryptocurrency. The CEO and founder of Invest.com, Ophir Gertner, who is also the founder of Stox, serves as an advisor to the company. Yossi Peretz is serving as CEO of Stox.
  2. The company has been backed by an advisory board of 9 members in addition to the partnerships with major companies like Sirin Labs, Blockchain Capital and Cointree.
  3. Stox minted a total supply of 57,101,267 STX tokens. The company launched its ICO (initial coin offering) on August 02, 2017, with a hard cap of 148,000 Ethers. The hard cap goal was achieved with 48 hours, effectively ending the token sale on August 04, 2017. At the end of the ICO, the company managed to raise $33 million.

 

#2 - What are the benefits of Stox?

Stox Technology & Features

Stox Prediction Web App

  1. Ethereum Client: The Stox platform has implemented its STX token as an ERC-20 token based on the Ethereum blockchain. The Ethereum blockchain allows Stox to take advantage of an ecosystem of development tools, exchanges, and wallets. Additionally, by leveraging the Ethereum’s infrastructure, Stox can deploy decentralized smart contracts that can be customized to meet use case specific requirements. The entire Stox platform is made up of several elements that play critical roles in a prediction market.
  2. IPFS Content Discovery: IPFS or InterPlanetary File System is a decentralized file storage solution that is not limited by political and geographical restrictions. Since, The entire platform is decentralized to facilitate data discovery by client apps. The data from each market is stored as a JSON file on the IFFS. Each saved file contains information about the category and metadata of each event, such as name, description, images etc. Client apps can use a canonical URL to locate the file stored on the IPFS.
  3. Electron Framework: The Stox protocol runs as a standalone app on multiple platforms, such as Windows, Linux, and macOS, and mobile operating systems. The Stox platform uses the Electron framework to facilitate a seamless integration of the Stox protocol’s code with different programming languages. This also enables easier customizations of the Stox app by using HTML and CSS.
  4. Events: Events are perhaps the most basic yet most crucial element of a prediction market. The entire ecosystem of a prediction market revolves around the events. Similar to any other prediction platform, events in the Stox ecosystem are also required to have some possible outcomes associated with them. Events are to be structured as speculative questions with well defined and discrete number of their outcomes. Events that have continuous outcomes should have their outcomes defined in discrete ranges, e.g. speculations on monthly or weekly revenues of a movie that is still playing in theatres.
  5. Event Smart Contracts: The Stox platform is decentralized in nature, which means anyone can create and publish events. Users or event creators are required to customize smart contracts and post them on the blockchain. Every creator must define certain parameters in the smart contracts to create an event. These parameters include:
    1. Formal description: Event creators need to define the predictive event as a proper speculative question.
    2. List of potential outcomes: The smart contract must contain a discrete list of all possible outcomes of the event.
    3. Oracle: Description, which includes the identity and nature of the person or entity, responsible for declaring the outcome of the event.
    4. Participation fee: The amount of charges required by participants to predict the outcomes. Even creators have the liberty to set the fee as they deem necessary.
    5. Collateral: To protect the interest of participants, in case of false declaration of outcomes, event operators are required to put up some collateral in the form of STX tokens. The collateral must be higher than the total amount invested on the outcomes by the participants.
    6. Market maker reserve: Event creator becomes a market maker for the event by acting as a counterparty for the first investments and providing a market reserve in Stox tokens.
  6. Event Participation: Users who intend to participate in an event can join by calling to the Event Smart Contract with a “buyOption” action. A “buyOption” consists of four parameters:
    1. Amount of Stox tokens needed to be spent on the outcomes.
    2. The outcome that the participants need to invest on.
    3. Provider address
    4. Optionally, a maximum price for outcome options
  7. An investment on a potential outcome makes the participant a shareholder of the outcome’s shares. After the “buyOption” call has been made on the blockchain, The invested STX tokens are locked in a smart contract for resolution of the event. Users can either sell their outcome shares before the declaration of results (by calling the “sellOption” on the blockchain) or wait until the result is declared by the oracle to collect the gained amount (by calling the “collect” action).

Usage:

The Stox ecosystem can be used to predict outcomes in a variety of fields such as sports, politics, the world cups and cryptocurrencies. As a user, you can choose the field of your choice and the amount of STX tokens you want to invest.

 

#3 - How to buy and store Stox?

Once you study what is stox and understand the technology behind stox mining, the question is how to buy stox? Being ERC-20 compliant, STX tokens can be easily bought using MyEtherWallet. Follow the steps below to buy STX tokens. You can research about Stox wallet at great length and identify the best way for you to store your STX coin.

  1. Go to MyEtherWallet. Create your wallet using a password. Keep the Keystore file and the wallet address stored in a safe place.
  2. Using crypto exchanges like CoinBase, you need to purchase Ethereum coins.
  3. Once the Ethereum coins are deposited in your wallet, you can use them to buy STX tokens online!

You can also get the best deal for buying STX coins at CoinSwitch, an online cryptocurrency trading platform. Here, you can compare the prices of STX tokens on various cryptocurrency exchanges and then choose the best.

Once you know how to buy STX, you need to learn how to store them safely. Following are the options you can use for storing the STX tokens securely.

  1. MyEtherWallet
  2. Trezor
  3. Ledger S
  4. Jaxx

 

#4 - What is the future of Stox?

Trends so far

As of June 2018, Stox has a market capitalization of $8.2 million. While the total supply is capped at 57,275,976 STX tokens, the tokens in circulation as of June 2018 are 42,453,207 STX. The ICO for STX was launched in August 2017 and raised nearly $33,000,000.

Also Read: Complete Analysis of Stox | Live Stox (STX) Price Charts And Predictions

Price (USD) History

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

0.462178

0.475611

0.455729

0.465482

1,403,060

19,900,300

May 01, 2018

0.375405

0.377573

0.361345

0.374516

1,923,280

15,953,000

Apr 01, 2018

0.199941

0.204582

0.189055

0.191941

604,554

8,431,080

Mar 01, 2018

0.408155

0.408155

0.372931

0.392688

1,161,970

17,195,300

Feb 01, 2018

0.718556

0.720638

0.598478

0.614996

1,126,800

30,390,000

Jan 01, 2018

0.955428

0.964552

0.837019

0.955013

2,096,210

40,732,700

Dec 01, 2017

0.465644

0.494771

0.439221

0.488803

1,123,060

19,885,900

Future Trends

  1. Stox is an open source platform where prediction of outcomes in various fields is executed. It is a very new concept, and so there is a lot of potential for development.
  2. The predictions, at least of now, are considered a fun way of earning STX tokens but are nevertheless helping STX in gaining increasing popularity.
  3. As of June 2018, the price of 1 STX token is $0.2.
  4. Stox is also planning to conduct major marketing campaigns in 2018 to boost adoption and visibility.

 

#5 - How is Stox different from other cryptocurrencies?

Stox has plenty to offer that makes it stands out from other cryptos. Sample these:

  1. Risk-free mode: The platform requires you to predict and invest some STX tokens during the process to predict future outcomes. Any implementation like this on other blockchains would require complex smart contracts. The best thing is that the platform is risk-free i.e. you will never end up losing STX tokens.
  2. Build a crypto profile: While predicting on Stox platform using STX, you get to earn new crypto coins with real time market price predictions.
  3. Mobile app: As there is a mobile app for Stox, you will never miss any important updates about Stox as well. The technology has the adoption problem solved right from the start.

 

#6 - Should you Invest in Stox?

  1. Stox is a unique platform where you can predict and earn STX tokens by betting on outcomes.
  2. This integration of blockchain technology with prediction markets seems interesting at the outset and is naturally gaining popularity. With popularity, the token price, as well as the market capitalization, are likely to increase.
  3. Thought it is in its nascent stage, it would be interesting to see STX grow and become one of the top cryptocurrencies in the world.
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