The team behind the blockchain-based prediction platform Stox has announced that the STX token has been integrated on Bancor as was planned. Stox is being developed by the invest.com group and raised over $30 million in its ICO in July.
The Bancor protocol provides an automated conversion mechanism for blockchain tokens. STX is a Bancor protocol compliant Smart Token, meaning that its ongoing supply is dynamic and will grow as STX is purchased and shrink as STX is sold, via the smart contract (as opposed to on an exchange).
The STX Smart Token holds a single connector balance of BNT (Bancor Network Token) at a weight of 4% of the STX market cap (2% of total STX supply). STX can always be purchased and sold for BNT at its algorithmically calculated price, which will maintain the 4% BNT balance, according to the Bancor protocol formula.
Stox is meant to offer a peer-to-peer trading experience. The developers say that the platform is based on blockchain technology, crowdsourced information, and runs using an algorithm that assesses what the crowd thinks about a specific event. The platform is also said to be dynamic, meaning that prediction patterns and assessments change based on events occurring daily.
Users of Stox’s prediction market platform can purchase STX directly with the BNT smart token using ETH, as well as liquidate STX back to Ethereum, with low slippage and no spread.