Stox Platform Accurately Predicts InsurePal ICO Sell-out Using Wisdom of Crowds
Wisdom of the crowds accurately predicted InsurePal ICO's under 2-hour sell-off on Stox prediction markets platform.
Stox, the blockchain powered prediction market platform aims to tap into the wisdom of crowds, and has proven its effectiveness yet again with a majority of people having successfully predicted InsurePal ICO’s under 2-hour sell-out.
InsurePal, which aims to focus on social proof and utilize blockchain technology to change how insurance works, managed to sell 201 million IPL tokens and reach its $18 million hard cap in less than 2 minutes.
On the Stox prediction market for the same event, over 43% people (the majority) voted for the ICO to sell-out within 2 hours. This is just one example though, and a lot of different predictions are open right now, such as the one for whether Bitcoin will drop to $8,000 by January 24, 2018, with 55% voting for ‘No’.
Wisdom of crowds is an idea that goes back to Aristotle’s writings, where he explains how collective judgment can yield better results compared to individuals. Not only can a collective prediction market reach a more accurate estimation of an event, it also manages to avoid small-group biases by involving participants from around the globe with varying interests and frames of reference.
While the Stox platform currently operates on Demo STX tokens, testing towards the use of real STX is underway and some of the new updates include the deployment of smart contracts on a private Ethereum node. Once the trials are completed, the platform will migrate to the public blockchain, allowing global users to participate in prediction markets with the native STX tokens.
If you’re interested in predicting events available on the platform, you can create an account on Stox.com and start participating with demo tokens.
Real STX tokens are currently trading on several exchanges, including HitBTC, Liqui, Kucoin, Gate.io and EtherDelta, and are priced at $0.685, down 20% since the recent Bitcoin slide. Since STX are ERC20 tokens, you can store them in a compatible Ethereum wallet, such as MEW (MyEtherWallet).