As cyptocurrencies reach fever pitch, Stox chief commercial officer Tamir Berler describes where a blockchain markets prediction platform fits into the igaming space
iGaming Business: What’s your role at Stox?
My role is to drive business development and partnerships to grow the Stox network ecosystem. I also lead the strategic go-to-market initiatives for igaming as well as regulatory and compliance activities for the company.
iGB: Tell us more about Stox?
Stox is a blockchain prediction markets platform, which recently completed one of the most successful ICOs this year, raising more than $30m.
Prediction markets are essentially a type of betting exchange where you can buy and sell predictions on the outcome of any future event — sports, entertainment, politics, you name it. For example, one could buy ‘Liverpool to qualify UEFA’s semi-finals’ at 0.13 per-unit and later on sell it for 0.55 after they reach the quarter-finals.
We use ethereum smart-contracts, the latest decentralised blockchain technology, to build the platform. Our STX crypto-tokens fuel all the activities and transactions on the platform, forming a single-token economy.
End users will be invited to profit by using their skills and knowledge to make predictions and trade on the outcomes of events. They will also be able to create their own markets and invite the world to trade on it, using the global wisdom of the crowd.
The platform has a strong B2B element, as it will incentivise operators with existing customer bases to join the Stox network, drive traffic, operate markets, serve as market makers and eventually generate incremental revenues.
We are still in the early stages of development, but we already have thousands of active users on our demo platform.
iGB: What motivated the creation of Stox?
Blockchain is increasingly being adopted by Fintech and cryptocurrencies are gaining traction.
While trading certain markets requires special skills and experience, prediction markets give everyone the chance to tap into their own area of expertise and wager using this knowledge in a simple and user-friendly way.
By creating a token for Stox and making it central to the network, users around the world will be able to use the same token to make transactions in a safe, transparent and secure way.
iGB: Who are the people behind Stox?
We’ve got a strong team with diverse skillsets including Fintech, online marketing, product development, blockchain technologies and igaming. Following the successful ICO, we hit the ground running and are constantly growing by attracting the best talent. We have offices in Gibraltar, Malta, Cyprus and Tel Aviv.
iGB: What does Stox bring to the igaming market and ecosystem?
We would like to position Stox as a leading brand in bridging the gap between blockchain and cryptocurrency world and igaming industry. Stox will seek open discussions with igaming regulators regarding blockchain technologies, crypto-tokens and decentralised gaming platforms.
For B2C operators, we can offer partnerships to reach new audiences in the crypto community.
We also look for design partners to work closely with Stox developing the future of decentralised prediction markets platforms and products. Stox also welcomes other B2B providers in the igaming industry to partner and join the ecosystem.
iGB: Who are your main competitors in the blockchain world and how are you different?
There are a few other decentralised prediction markets ventures, and we see ourselves in the same league as Augur and Gnosis; with the one major difference being that Stox is the only platform which relies on a single token. It is also the only platform with a full-blown B2B model that will incentivise companies with existing user bases to partner with us. Furthermore, the acquisition of igaming supplier Commologic has put us in a clearer position in regulated markets.
iGB: Who can use Stox?
Absolutely anyone (where regulation and the law permit). That’s the beauty of prediction markets, they don’t require any specific skills to use and anyone can use it to gain from their knowledge and analytical skills.
iGB: How does Stox see the future of the blockchain and cryptocurrencies?
Blockchain technology looks set to revolutionise the finance industry. But we don’t think it will end there. Other industries including igaming will be profoundly different as a result of blockchain technology and protocols. Blockchain has the potential to change many aspects of our day to day lives.
iGB: What is the next important milestone for Stox?
We have many plans ahead detailed in our roadmap, which is available for everyone to see. Our immediate focus is hitting our Q4 targets for this year and kicking off 2018 in a great space.
iGB: How do you see Stox in 1 year? Or 10 years?
In the next year, I definitely see us continuing rapid growth, expansion and richer development of our technological capabilities and on target for our roadmap goals for 2018. Ten years is a long forecast, but I see Stox positioning itself to be pioneers in the rapidly evolving world of blockchain-based igaming market.