We had an AMA in CryptoScreen Telegram group, on May 10th. 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 and Luka Sucic, the advisor of iBetYou.
Q: Can you tell the members a little about iBetYou?
Luka: IBY is a decentralized personal betting protocol. It allows you to create personalized bets, challenge friends or particularly anyone on anything. Lets say say I bet Edi on something and we lock 1 ETH each. While we wait for the bet to be concluded, the 2 ETH (each of our stakes) is being farmed in different yield farming opportunities. If I won, I receive 2 ETH and the yield is divided between my judge, his judge and IBY DAO.
The first version of IBY is already live on ibetyou.xyz 🚀
We received a grants from Polygon and AAVE and launched at the end of March. You can now bet someone on Polygon using MATIC tokens and the stake that is locked is being farmed using maTokens (AAVE interest accruing tokens on Polygon).
Q: Can you explain how iBetYou and what kind of services it offers to users?
Luka: The following article gives more details on iBetYou: 👇https://ibetyouxyz.medium.com/iby-what-happens-in-the-background-and-why-do-we-defi-7c5325dc0bb9
Q: What products does iBetYou have and in the future, will you add more products?
Edi: iBetYou is personal betting protocol, in the future we will have public bets, community bets and you will be able to bet on sport events.
Q: How do you solve liquidity issues and how to ensure user asset security?
Luka: Well security is obviously very important, especially once we deploy on multiple chains. We will be auditing the smart contracts on each of the chains deployed and will open source the code, so they can be also audited by anyone in the public.
Liquidity is a separate issue. It got solved on Polygon and we expect things to follow suit very fast on other chains we will be launching. Polygon understood this issue very well and provided incentives for users, supported QuickSwap and many others.
Q: Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Edi: We’ve already deployed IBY on Polygon and have a fully working prototype. Go check it out at https://ibetyou.xyz 🌱
We have been building this in collaboration with Polygon and Aave teams which helped us a lot with grants and advice on how to integrate more closely. There were couple of hiccups, but nothing major or nothing that couldn’t be fixed fast, so overall, it was a smooth ride.
Q: Can you share your revenue and income generating strategies with us? How do you ensure investing in your project is a win win for both the project and investors?
Luka: This is a great question. We have many revenue strategies for each of the phases of development. We are currently in phase 1, and we target mostly crypto users. They are people who know how to use MetaMask and in general are well versed with it.
In this phase the IBY protocol gets a percentage from all the yields generated from the bets. Once the DAO launches we will share that part with all IBY token holders.
We have more modes of play in IBY, for example community bets. These are large bets where projects lock large amounts of tokens and bet that they will achieve the milestones set in that bet. Again, IBY as a protocol will share the interest generated on the principal locked amount.
Self bets is another game mode we’ll introduce. You can for example bet against yourself to stay motivated. Let’s say you decide to stop smoking and decide to lock $500. You select your judges, i.e. friends who care about you and want you to succeed. If you don’t stop smoking by the set date, your $500 is donated to charity. Those $500 generated for example, $100 in yield. That amount is split between the IBY DAO and your judges.
The 2nd phase of the project is where we start focusing on non-crypto users and introduce social logins, with Facebook or Twitter for example and introduce fiat to crypto top up with credit card. Same as in phase 1, we get % of the yield plus a fee on the fiat onramp. There’ll be many more additions, but I shared enough for now.
Q: What is the role of token in the ecosystem? Where can users buy it?
Edi : The IBY token holders get part of the yield from each bet and also decide on a governance of the IBY ecosystem, more on it here: 👇 https://ibetyouxyz.medium.com/the-importance-of-decentralized-governance-and-judges-in-iby-894b1333abac
Currently token is still not public. TGE will be announced soon.
Q: How does iBetYou team deal with regulations laws and regulations of currencies in certain countries?
Luka: IBY is not about gambling or betting, this is about peer to peer challenges. P2P is not regulated in majority of jurisdictions. Even if they were, add crypto and decentralized finance into the whole mix and regulating IBY becomes impossible. This stands for phase 1, while in other phases we will be ready to properly align with any regulations.
Q: How many partners are there in IBY? What are the benefits that these partners bring to IBY and vice versa?
Luka: This project really kicked off when we started talking to guys and girls from Polygon (MATIC). They helped us a LOT. Besides the grant, they are wonderful to work with and they played an essential role in early phases of IBY development. We wrote a blog post to explain it in details. 👇https://ibetyouxyz.medium.com/why-we-chose-polygon-matic-to-launch-i-bet-you-501e3c91176d
Then there is AAVE, that we also received grant from. They helped us not only with grant, but they showed us the way on how to generate yield on our locked bets, showed us Aavegotchi, QuickSwap bridge, maTokens and a thousand of other small things.
This is how we started. We have a very nice pipeline of other chains we are talking to and interacting with. We consider IBY to be “consumer DeFi” app. We want it to be so simple, that everyone understands it instantly. We will do this with many other ecosystems. Here is a bit more on that: 👇https://ibetyouxyz.medium.com/i-bet-you-transforming-passive-investors-into-community-champions-4302d32699d1
Q: Tell us little bit about the importance of holding iBetYou native token. How does it benefit me to become a long term holder?
Luka: Well IBY is a governance token. That means the token holders get to decide what happens with the protocol itself. E.g. you can decide on how large the % does the DAO receive, what is allowed and what is not and very importantly the token holders can become judges in the system.
The bets have many potential disputes. When 2 self appointed judges are not enough to resolve the issue, the DAO steps in. Lets say there is a bet of $50,000 and judges are arguing who won. The DAO decides who is right. IBY token holders will lock their tokens as a way to signal they want to become a judge for that bet. The system randomly selects 9 judges (e.g.) and they vote on who is right. After the bet is concluded, winner is given $50,000.
That amount will generate $5000 in interest through yield farming strategies and that amount is divided between those 9 judges, everyone who locked their tokens to signal they want to become a judge and IBY DAO.
The yield generated by the lock bet amounts will be split between the IBY community judges who were selected to give the ruling (33%), everyone who staked their tokens to signal their willingness to become a judge (11%), the DAO treasury (23%) and the winning side appointed judge (33%).
Q: I saw that the judges are fundamental part of your betting mechanism. Can you tell us how are they chosen? What about the reputation? How does this mechanism work?
Luka: It’s simple. We selected Polygon because of their support. We strongly believe Polygon is a great L2 scaling solution and it seems we were right. The gas cost for making a bet is very very small (less than 0.1$) and the transactions are super fast.
Q: Could you please tell me how much transparency and safety does iBetYou promise to the user experience? How can i know that my bets are not being traced by suspicious sources or parties? Is there any way to ensure that my personal data will not be harmed?
Luka: We don’t track any data about you. IBY is entirely self custodial. You connect your wallet and interact with the smart contract directly. There is no profile or email that we monitor or require, so there is no way your data leaks.
Q: What is the longest and shortest time before an event happens that we can put a bet on it?
Luka: The shortest test we did is something really short, around 1 day and long… well we don’t have a limit. In theory you can bet on something that will happen in 10 years. That’s the beauty of decentralized protocols. 🙂
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!
Social 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
