TOP 11 Q&A QUESTIONS ANSWERED
by Lukas Jonaitis, CEO of Marginless
Yesterday Marginless CEO Lukas Jonaitis was participating in Q&A session with our community and we hand-picked 11 most interesting questions and answers for you.
Q : @LukasJonaitis please answer, will there be a possibility to play games like poker, dices and etc. in your platform? usually betting sites provides it, but I didn’t find anything about it in your website/ whitepaper.
A: We won’t be developing games like poker, dices etc. by ourselves. I think there’s plenty of different ICO’s that are specializing in these kind of games, however we are open to implement solutions of these projects into our website if there’s a demand.
Q: Hello. Why did the platform team suddenly decide to pay attention to eSports?
A: Decision to pay extra attention to eSports wasn’t a sudden decision. It was one of the first things that were written in our first draft of our first roadmap. eSports is one of the fastest growing segments of betting market, with around 40% growth in 2017. As most of eSports players and fans are also quite young who, in general, are also way more interested in blockchain and cryptocurrencies, I think it’s perfect match.
Q: Hello. I need to know, how will you maintain the demamd of your token?
A: I think that’s the first question everyone needs to be asking themselves before contributing to an ICO, will the token have use cases. In our case — we will have 2 main uses. First one — bets on the betting exchange will be accepted only with MRS Tokens. There won’t be a possibility to use fiat or other cryptocurrencies. The more regular bettors are introduced to extra possibilities that are brought by the use of cryptocurrencies, the bigger the demand will be.
Second one — our “Marginland”. In other words — possibility for anyone, holding X amount of Tokens, to be able to buy out a fully ready system and organize betting themselves in form of exchange or sportsbook that will be ran on MRS Tokens (with a possibility to add extra cryptocurrencies in process).
Q: What if i want to create a bet who will die first in mid ( i’m talking about dota 2 ). Who will verify the results? It’s an impossible task to do something like that using blockchain. Makes no sense. There must be some normal system just like regular betting sites. I don’t see any use of blockchain. In my opinion this project is just trying to gather some money and run away afterwards. I hope all buyers are cautious and realise that.
A: For the markets that are allowed on the system we will need a Hybrid Oracle to confirm the results. Hybrid Oracle connects different API’s and official sources of results to verify them. As long as we have official source to confirm the results (tournament API, official website etc) — market can be created and bets can be placed on it.
Q: When will the alpha version appear?
A: Alpha version is planned for this quarter, Q2 of 2018. We’re currently developing it and we are hoping to not run into any unexpected problems and be able to release alpha version within next few weeks. The main objective is to make it as secure and user-friendly as possible, we do not want to rush the process and throw any version live as it may cost us your trust. We want alpha version as complete as possible and you can expect it to be up and running within next 45 days or so.
Q: How many licenses does Marginless plan to receive?
A: As for alpha — we won’t take any commissions and the only usable betting unit will be our MRS Utility Tokens. For these kind of bets, currently, we are not required to have licences in most of countries and exchange will be accessible worldwide unless it’s decided otherwise by some authorities.
However we understand that the rulings of cryptocurrencies in general are subject to change and we have most of countries covered with possibilities to access lended licences and possibilities to work under different names in different countries.
Q: When will we be able to bet with MRS Tokens?
A: MRS Tokens are planned to be used already in the alpha version of betting exchange which is due to come out at this quarter.
Q: What features will alpha version have?
A: You will have the possibility to use all main functions from regular betting exchanges with 0% commissions. Also, you’ll be able to create different markets and access some unique markets from our providers. Face to face betting, social network functions and mobile versions are planned to be added later this year.
Q: How Marginless idea came up to you? What was a road to the stage there you’re now?
A: I think we’d need a whole full video just to explain how the idea of Marginless was born. :) In short — I’ve been working in betting industry for several years now and for the past few years I’ve been working with communities and projects that were aimed to help people who are being treated unfairly by regular bookmakers. Current betting system allows bookmakers not to pay out you on time, not to pay out you at all due to non-logical reasonings while also charging insanely high margins or commissions. One thing led to another and when I’ve started looking into possible solutions to these problems, I’ve quickly noticed that cryptocurrencies can actually solve all main problems bettors face every day in the current system.
Q: How you will fight with competitors? Im sure that they will spread fud or will try to take you down
A: It depends who we call the competitors. If we call regular bookmakers as our competitors — of course they will try to disprove blockchain based companies and will try to bring us down, however I think we’re living in times where people can access information and actually recognize what’s better for them way easier than anywhen before. This leads me to believe that it’s only matter of time before masses can see all the benefits blockchain bases gambling projects have over regular gambling projects.
As for other blockchain gambling products — we still haven’t seen blockchain and cryptocurrencies reach mass adoption stage and in order for us to succeed we need other projects to be successful too. The betting industry is huge, it’s a trillion $ market that is currently ran by companies who don’t care about bettors.
The more good projects, the more good competitors in this market, the better it is for bettors, blockchain technology and cryptocurrencies in general.
Q: I have been wondering about the idea where people could create individual betting events and of course — bet on odds. However, I got two questions in mind: 1) How this Marginless platform going to set odds, or its somehow set by person who creates an event. 2) Lets say two users want to create an unconventional events where its hard to determine the results. Who is going to investigate that?
A: Main principle of betting exchange is that odds are always set by people. You have the chance to either accept odds that are already placed or choose your own and hope someone accepts them. If you make the odds unrealistic — it’s possible it won’t get matched and your stake will be returned to you.
As for determination of events — only markets that have official source to verify the outcomes will be available. Events that might have different results from different sources won’t be available to bet on. For example you won’t be able to bet on whether it’s going to rain in London tomorrow, because at one part of city it might rain and at other — it won’t, which would lead to different outcomes from different parties. However, for example, presidential elections, prices of cryptocurrencies at X time on Y exchange, these kind of markets can be confirmed by official sources and their API’s.
We will also have extra security measures to fight against possibility to influence results and outcomes, you can find more details about how our Hybrid Oracles will work in our whitepaper.
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