We recently had an AMA with VenusQueen, on May 5th. 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.
Here’s the chat transcript:
Q: What is iBetYou and what problem does it solve?
IBY is a decentralized personal betting protocol. It allows you to create personalized bets, challenge friends, or particularly anyone on anything.
Q: How can I create a bet and set the rules without coding?
That’s why we precoded everything. Our smart contracts do the heavy lifting for you.
Let’s say I’m 100% sure that BTC will reach 100k this year. My friend doesn’t believe me and is making fun of me. I challenge him to a bet and we both bet 1ETH on the outcome. I select my judge, he selects his judge, and smart contract does its magic. While we wait for 01/01/2022, these 2 ETH are put to farm and generate yield in various DeFi protocols.
The bet ends on 01/01/2022 and since I’m right, I receive 2ETH. My judge, my friends judge and IBY DAO get a share of the 0.5 ETH that was farmed during that period.
What I just described is live. We deployed on Polygon (MATIC) and are generating stake in AAVE.
Q: What is the criteria to be the judge?
Since it’s the bettors themselves who chose the judges, it’s anyone you can trust.
In case of the dispute or when the judges don’t agree on the outcome of the bet, every token holder has a chance to be the judge.
Q: How complex can the bets get?
Currently there’s a bettor and a counter-bettor, where the bettor bets on something happening and the counter-bettor bets against it. We want to make the betting process as simple as possible for the newcomers. We’ll have different communities and self-bets in the future.
Q: How about making up one’s mind? If you change your mind and stop believing in the bet. What are the cancelling conditions?
Well if you changed your mind you lost your bet.
Q: Will you have some kind of marketing campaign to attract people who don’t trade with cryptocurrencies? Let’s say I want to bet against a friend, how can I convince him to invest in crypto? These people are conservative and usually don’t trust “virtual money”.
Yeah sure, this is why we call IBY consumer DeFilution. We understand the barriers of entry. That’s why in V2 we plan to put a lot of emphasis on non crypto users and abstract the blockchain from it a much as possible. We’ll have two modes of play. One being crypto mode fully sefl custodial where you connect with metamask or some other wallet and use crypto. The other being a “normal” mode where you create a profile with your Facebook or Twitter login, and a credit card fiat onramp to cater to mainstream users.
Q: That is awesome. Why did you choose Polygon? I also read somewhere that IBY got a grant from Polygon and Aave. Is that true?
Yes, both of the sides have been instrumental in helping us grow a product from what was a small idea back then. They helped us with grants but also their time. We woudn’t be near where we are now without them. We love those guys and they have been super helpful: https://twitter.com/0xPolygon/status/1386998925052112896
Q: Would you have a mobile app as well?
We are already mobile first. Down the road we plan to develop native mobile apps for even better UX.
Q: How does it benefit me to become a long term holder of IBY token?
IBY is a governance token. It will give you a vote on important decisions for the project and it allows token holders to earn part of the revenues of the platform. We have 11% of all revenues generated from the platform shared with the token holders if they participate either in governance or as selected judges to vote on disputes.
Here’s an article on how it works: https://ibetyouxyz.medium.com/the-importance-of-decentralized-governance-and-judges-in-iby-894b1333abac
TLDR: The yield generated by locked 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: Any plans about making a YouTube video with explanation how to you your app or platform?
We are working on that as we speak.
Q: Do you have any competitors out there? How is IBY different from them?
Competitors — always. They are mostly betting solutions and prediction markets, and we like to think we are very different from them. Our angle is to keep it on the gaming and fun side vs hard cold gambling. We will have many modes of play like Edi mentioned. One will be a community bet where communities can bet against communities. For example, AAVE guys can bet against COMPOUND guys or a specific project that just launched can lock in 50.000$ and put milestones from their whitepaper as conditions to win the bet. The community members do not have to believe them and in this case they can bet against them. This can serve to keep the team in check.
Q: Do you plan betting events linked to sports events? Football world cup, Roland Garros, etc …? Maybe linked to Chiliz fan tokens?
That’s just one example! Down the road we’ll develop serious Dapps on the IBY protocol. One of them has to do with sport betting. It can fall under MMA fights, something organized by you, the platform and not only individual users. The possibilities are endless. We have some teams already interested in building on top of IBY protocol. We are revamping the but the protocol and token and whole DeFi part is reused. Soon we will announce IBY grants program for other teams to build on top of IBY. If you have ideas and want to build, let us know!
Q: Well how would you tackle the problems as far as regulations are concerned?
Multiple ways to tackle this issue. One is the fact that we are P2P betting, which is not regulated. The other being that we are a decentralized protocol, in time governed and ruled by a DAO.
We do however have a team of lawyers to help us with these issues if they arise.
Q: Which protocols will precisely be used to farm yield on the locked tokens ?
We use maTokens (a collaboration AAVE & Polygon and Quickswap). They are a variant of AAVE aTokens (interest accruing tokens). We have multiple strategies in our roadmap, them being COMPOUND, Alpha Finance, Sushi, BentoBox and even some of the farms you see with wild APYs!
Q: Are there any limits on minimum and maximum bet? Also if the smart contracts have been audited by any third party?
Smart contracts don’t have any limits. Just that both sides have to deposit the same stake. Our smart contracts have been unofficially audited by 2 parties. We’ll have multiple official audits by the time we launch as a stable version. We are still changing the code frequently as users are giving us feedback.
Q: Can you tell us about the launch date and tokenomics?
We are targeting the 2nd part of May for the launch. We are negotiating with a few launchpads and keeping a close eye on the market. It’s crazy out there!
We wanted to make tokenomics fresh and interesting:
Q: So the market cap at launch will be merely 244K?
Yes it will be a small market cap at launch.
Q: I have seen the community lose interest in the project post TGE. How would you make sure that the community stays active and promotion/marketing will be the continuous events?
We have a very elaborate strategy. Edi mentioned a small part of it. The rest has to do with continuous improvements of the UX and plethora of news coming out. We have a few sexy collaborations in place. We plan to challenge some folks in the wider DeFi community to some juicy bets and we’ll introduce more play modes! Long term bets, self bets, where you bet against yourself. You can decide to lose weight before the summer. If you lose, your locked amount goes to the charity or someone you hate. We are a bunch of creative folks so ideas are something we don’t lack and we are pretty good on executing!
Q: Are planning to expose APIs for easy access for folks to leverage your platform?
Definitely! Both apis and the source code will be open-sourced at launch. We want to set a standard for IBY so others can build on top of it. Especially non crypto native teams. Speaking of, we have the first team that will be using it and making the processes of integrating with DeFi seamless.
we want to set a standard for this in the space so others can build on top of it
Q: Can we put a bet using stable coins? The crypto market is very volatile and I do not want to bet my ETH in a bull market and lose value on it by the end of the bet.
You will be able to use any ERC20 or BEP20 token and betting in stable coins is coming in a few weeks.
Q: Many of the gamblers/ people that like making bets tend to dwell into this world as a form of addiction — Are you planning to have some sort of risk management or protection against great loss/ extreme risk taking?
If there is no limit whatsoever — wouldn’t that be dangerous for certain types of people?
This is a decentralized protocol where anybody can use it in any form or shape they want. We’ll have a warning and counter value in USD for users to see. They’ll serve to explain what’s going on, but we won’t behave like regulators, limiting users from anything.
Q: Are you targeting any other markets outside of betting/sport? Technically you are supporting the contract framework that can be used across any assets.
We have set our eyes on many! We are starting with sports and we plan on expanding in the future. IBY is an accountability tool. If you promised something ,you can add value to your words by putting money behind them. That’s something we can work with.
Q: Can we bet in pools?
That’s coming in community bets. You can find an example in the following Medium article: https://ibetyouxyz.medium.com/community-bets-rinnegan-of-communities-538ae5833a4b
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
