Decentralized prediction market PlotX has moved a step closer to launching its mainnet after having its smart contract audit conducted by CertiK. The audit team found the project’s code to “abide by the highest security standards” and gave some optimization advice to the PlotX team.
CertiK Clears PlotX Code and Smart Contract
It is standard practice for projects in the blockchain space to subject their code to extensive third-party review prior to mainnet launch. The PlotX team chose reputable U.S.-based blockchain security company CertiK for testing its product. Founded by Computer Science professors from Yale University and Columbia University, CertiK has inspected the code of leading blockchain projects including Binance’s BGBP, Paxos Gold, and Band Protocol.
The CertiK Professional Services team thoroughly tested the PlotX code from both a static and dynamic perspective looking for common and uncommon vulnerabilities. They “were unable to identify any severely exposed attack vectors subject to exploitment while reviewing and testing the smart-contracts in question, as well as their response to a variety of potential scenarios.”
Enabling Defi Users to Easily Predict Crypto Asset Prices
PlotX is a decentralized application and protocol enabling users to participate in algorithmic prediction markets. Unlike Augur and Gnosis’ Omen, PlotX focuses exclusively on crypto asset prices. It ultimately relies on the Ethereum blockchain but utilizes Matic Network’s layer-two solution to ensure higher scalability. It also recruited GovBlocks for streamlining the on-chain governance of the protocol.
According to the project’s whitepaper, the motivation behind PlotX is to create a defi-native crypto asset price prediction tool that will form a Uniswap analogue for prediction markets. PlotX claims to be superior to its decentralized competitors in this niche thanks to its tight focus on crypto traders’ needs and the algorithmic market creation functionality as opposed to relying on people to launch markets. The markets on PlotX settle mathematically based on price feeds and do not require the services of specially designated reporters. PlotX allows users to predict the future prices of crypto assets on hourly, daily, weekly, monthly or any other time window.
PlotX Keeps Plotting Its Defi Takeover
The last two months have been busy for PlotX and brought the project considerable success. It closed a $2.7 million fundraise for its PLOT token powered by MakerDAO which received a 15-fold oversubscription. The alpha version of PlotX’s software, launched on August 20, has already seen nearly 10,000 predictions made by 2,400 unique addresses.
The PlotX protocol is currently available to users interested in trying it out in alpha. The dApp runs on Ethereum’s Kovan testnet, which means that no real tokens are staked on crypto asset predictions. However, to incentivize testers to participate, the PlotX team sets daily alpha challenges through handling which users can try to earn from the $350 weekly price pools.
By successfully passing CertiK’s audit, the PlotX team has made a crucial step towards launching the protocol on the Ethereum mainnet. The release is planned for this month and will be accompanied by the launch of a PLOT/ETH liquidity pool on Uniswap and associated staking program.