We recently had an AMA with AMALoversClub, on May 11th. As some of you might have not participated, we made sure no one missed out on the good stuff! We made an AMA recap of the asked questions and answers provided by Edi Sinovcic, CEO of iBetYou.
Q: Can you please introduce yourself and your background, also introduce the team working on iBetYou?
A: Sure! I started as a blockchain developer back in 2017. First with RChain blockchain, then moved to Ethereum foundation and now fast working implementing all that knowledge into IBY.
We have amazing team with multi year experience in blockchain space. We survived couple of bear markets, and you can consider us OG team! 😄
We are well rounded — business, marketing and development.
You can read more on team and advisors at the following link: https://ibetyou.xyz/about
Q: Can you introduce iBetYou, what critical problems does it solve that existing solutions are not solving and what’s the competitive advantage?
A: iBetYou is a personal betting protocol. It allows you to create personalized bets, challenge friends or particularity anyone on anything.
Currently there are no protocols that let you bet on any bets and this makes for a unique selling point of IBY. On the top of 1 vs 1 bets IBY is building personal bets, community bets etc. So there will be a bunch of different DApps for everybody all built on the top of the same protocol
Onto the flow of IBY:
If I want to bet against someone, that Ether price will be 5k$ till the end of May, I have to:
1. Go to ibetyou.xyz
2. Form the bet conditions
3. Stake 1 ETH
4. Invite a judge
When you get a invite for a bet you also have to stake 1 ETH and invite a judge of your own. Once the bet stake is locked, 2 ETH of stake are pushed to AAVE to earn yield. When the bet is concluded, judges decide on the winner and the winner gets 2 ETH. The yield that was generated in time the bet was locked for, gets split between the judges and IBY protocol.
This means IBY token holders can earn passive income just by holding. 😉
Q: So basically you don’t place the bet directly on the platform, it just serves as an intermediary between the two parties?
You do! Once you place the bet on the platform, a smart contract with information on the bet is created. It contains bet description, information on the bettors and what’s the stake.
We are completely permission-less and non-custodial. Our frontend is just an interfaces that allows anyone to place a bet.
Q: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
We deployed IBY on Polygon (Matic) and it’s working! You can test it on ibetyou.xyz. In the future we‘ll deploy on more chain. This means that IBY will soon be deployed on Binance Smart Chain, Avalanche, Moonbeam. Basically all the EVM compatible chains.
This will allow users to bet with any tokens they have on any EVM compatible networks. Obviously, the transaction costs are much smaller on L2 solutions than on L1! 😃 We are developing DAO in parallel.
Q:What happens when judges don’t decide that one party is the winner, but they disagree?
When the dispute is opened, IBY DAO kicks in. The involved parties have to prove to the judges in DAO that they won the bet. They will do this on IBY forum where they will upload proofs of them winning.
Q:Who can be a judge in a DAO?
Anyone who has IBY tokens and has them staked can be a judge. This is a security measure. This proves they are trustworthy which allows them to ote on the disputes. As a compensation for their activities, they’ll be rewarded a part of the yield. Technically we are developing a professional judges DAO for IBY protocol :)
In parallel to this, we will work on creating a custodial way of interacting with the platform. Currently it’s completely non-custodial. You have to have a wallet (MetaMask or some other) and then you proceed to interact with IBY.
This doesn’t solve an issue of my mother betting with her friends.😂
We plan to simplify the process. You login with your social media (Facebook/Twitter), and in the background wallet gets created for you. You top up with a credit card and create a bet without ever knowing we are on blockchain. Imagine all the normies using our platform! 😄
We are creating a protocol where other non-crypto native teams integrate their solutions. We already have 2 teams that are going to use IBY protocol for their DApps and IBY protocol will earn part of the yield.
One of them is a fantasy football game and other one has pre-created public bets of sport events that anybody can join.
Q: Do you see other betting blockchain protocols as a competition or potential partners?
As you said, we plan to become the protocol for betting. There are prediction markets, such as Augur. However, they are complicated to use and don’t target your everyday users. We see them as natural partners. Beauty of blockchain is composability.
Q: Can you briefly describe your PARTNERSHIPS so far?
Both Polygon and AAVE have supported us from the get go. We were one of the first projects integrating with maTokens on QuickSwap. The value of maTokens increase over time and they are on Polygon. On top of that, Ferrum and DextForce ventures helped us raise this project from what seemed like a silly idea to a fully fledged product! Within a year! We’ve applied for grants on NEAR, Moonbeam and gained support from Avalanche. These are just big names while we have a lot of supporters and investors.
Q:Can you give an overview of your tokenomics, and the UTILITY of the $IBY token?
IBY token holders will earn part of the yield from EVERY bet on the platform. On top of that they will be used for a governance of the DAO, that will decide on development of the protocol, which projects and teams building on IBY to support with grants etc. Basically IBY is created to be governed by community and to be completely decentralized. The reward system is something that IBY token holders with DAO governance can decide on and just by holding and staking this token you will make money from it.
The community questions
Q: What kind of bets can be placed on the platform and how will judges decide the winner?
Anything goes! Judges are replacement for oracles, so any kind of bets can be created. Bets against yourself, against your friends or community bets. There are no limitations.
Q: Since IBY is a betting platform, bettors will have to lock in bet amounts in different sirens. So, how do you intend to earn a return on locked funds in bets and to which rankings do you distribute that return?
We will integrate different yield generating strategies on different chains and in the later development stage, users will be able to choose which strategy they want to use. Currently the default strategy is maTokens on Polygon.
Q: Can we bet NTFs or only cryptocurrencies would be supported in iBetYou?
In the future we’ll support betting of NFTs.
Q:Many projects are currently choosing the BSC network as a starting point. Why did you choose Polygon (MATIC) to launch iBetYou instead of the popular BSC network? What are the advantages of this choice?
We will support BSC in the incoming weeks, so you don’t need to choose BSC vs Polygon.
Q: Do users get incentives for being active on the betting platform? What these incentives look like? Does the betting always have to involve just 2 people or can more than 2 people bet in a particular pool?
We’ll introduce community bets in the future. For example, ETH maxies can bet against BSC maxies, each in their own token. This system would allow whole communities to bet against each other.
Q: There are other projects similar to IBY. Like the AUGUR platform and some other prediction markets. But these platforms are much more complex to use. How easy to use is IBY and what level of experience do I need to have to use IBY?
You can create a bet in three clicks. If you want to bet, let’s do it on https://ibetyou.xyz. You can send an invite to es@ibetyou.xyz 😉
Q: What tools will you use to motivate community members and a larger audience to bet, will you give them ideas and advice on betting?
We will create set of templates for bets so it’s one click deployment of bets. People want to have fun, and we want to make it as simple as possible. We’ll make use of Twitter, Telegram and other social networks. They are a perfect tool for having fun, and betting on stuff that really matters. The bet’s winner will get a NFT that will forever remind him of their victory.
Q: Are there any plans on expansion? What are your plans on taking this project international? Will you be able to meet different countries requirements in the betting industry?
This is completely permission-less protocol that anybody can use anywhere in the world.
Q: Is it possible to cancel the bet if both parties parties reach a mutual agreement, and a consensual decision is fair?
It is possible to cancel the bet, if both parties agree. This is called a cancel flow.
Q: I saw on your website that the judges are a basic part of your betting mechanism. Can you tell us how they are picked? What about the reputation? How does this mechanism work?
Currently each side chooses its own judge and if the dispute is opened the DAO comes in. The DAO judges have to stake IBY, to provide judging of the protocol and while doing so on multiple bets, their reputation will change.
That would be all for this AMA recap! Thank you for reading this far. Make sure to check out the “important links” section down below and stay tuned for more updates!
Important links 👇
🌎 Website: https://ibetyou.xyz
📱 Twitter: https://twitter.com/ibetyouxyz
📢 Telegram group: https://t.me/IBYXYZ
🔔 Telegram announcements: https://t.me/IBYAnnouncements
✨ Telegram marketing: https://t.me/IBYBeyound
📚 Medium: https://medium.com/@ibetyouxyz
