A Blockchain Platform Stox Raises 30 Mln USD In The ICO

The worldwide online financial group, invest.com is here with its new blockchain venture called Stox. Even before the launch, the latter has created quite a buzz across the global market. Stox is a blockchain based decentralized Prediction Market just like Augur and Gnosis which allows its users to make predictions of the future events and trade on the probable outcome. The predictions can be on sports matches, election results, celebrity marriages and even the weather reports.

In an ICO (Initial Coin Offerings) that began on August 2, Stox has already raised more than $30 million. Within 24 hours, the company raised this whopping sum of money by collecting roughly 134,000 ETH as revealed by Etherscan. The ICO is still running and will go on untill it reaches its 148,000 ETH cap. Seeing the current demographics, it’s turning out to be the most successful ICO in the blockchain history. The Stox platform will be the third major decentralized prediction market and just like Augur and Gnosis, it is built on top of the Ethereum blockchain.

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The Initial Coin Offerings (ICO)

The ICO is turning out to be the most sought after method for raising money through token sales. It’s a great way to kickstart a business by raising funds especially for a blockchain or cryptocurrency venture.

The Initial Coin Offering is an unregulated way of raising funds by gaining public interest and allowing them to purchase crypto tokens in exchange of fiat currency. Post the completion of the projects, the investors get returns on their investment in form of the newly generated coins. Each of these coins will have a certain value in the market which very much depends on many factors like the potential market trends and popularity of the Cryptocurrency at any given time.

The Concept of Stox

Stox is a spin-off of the online trading group invest.com which targets mainstream audiences, allowing them to trade on the outcome of the forthcoming events. Three types of people will be there in the Stox ecosystem. Providers, Operators and the Users. Providers are basically the service providers who will be responsible for the system upgrades and creating new DAPPs. Operators are the ones who will be creating and managing all sorts of events where the users can take part and place bids. The users can make predictions about the future events and those who predict right will be rewarded in ‘STX’ tokens. As a matter of fact, STX is the fuel that will power the Stox ecosystem. It will be used for all the financial transactions in the Stox network when it goes mainstream.