Recapitulation of IBETYOU PROJECT AMA event held at AMA LOVERS CLUB.
Date: Tuesday, 11th May, 2021
Time: 14:00 UTC
The IBETYOU PROJECT team was represented by @Edisinovcic who judiciously shared with us detailed knowledge and information about IBETYOU PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on iBetYou?
ANS: 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, so can be considered OG team :D )
From business, marketing but also development
So all in all well rounded team
More on team and advisors here.
Q2: Can you introduce iBetYou, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Sure. I Bet You is a personal betting protocol. It allows you to create personalized bets, challenge friends or particuallry 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
On the flow of IBY itself
If I want to bet against @hon_aim you that Ether price will be 5k$ till the end of the may only thing I have to do is go to ibetyou.xyz
create a bet, stake 1 eth and bets gets deployed on chain
then 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
we take that 2 eth of stake and push it to aave to earn yield on top of it
after the bet is concluded judeges decide on the winner
winner gets 2 eth and yield that was generated in the meantime gets split between judges and IBY protocol
This means that IBY token holders earn passive income by just holding IBY tokens.
Q3: So basically you don't place the bet directly on the platform, it just serves as an intermediary between the two parties?
ANS: no you do
it creates a smart contract
that contains the bet description, who is betting and what's the stake
frontend is just an interface
it's completely permissonless and non custodial
what you see is a frontend that anybody can run :)
Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Sure, we've currently deployed IBY on Polygon (Matic) and it's working now -> you can test it on ibetyou.xyz
In the future we will go multichain, which means that IBY will soon also be deployed on Binance Smart Chain, Avalanche, Moonbeam etc.
Basically all the EVM compatible chains
So users can bet with any tokens they have on any evm compatible networks
and obviously tx costs are much smaller on this l2 then on l1
Also in the parallel we are developing a DAO
one interesting thing to mentioned is what happens when judges don't decide that one party is the winner, but they disagree?
There is a dispute mechanism where IBY DAO kicks in
So when the dispute is opened by one of the parties they have to prove to the judges in the DAO that they are the actual winner.
They will do this on IBY forum where they will upload proofs that they are winners
And who can be a judge in a DAO? Anybody that has IBY tokens, have staked them as a securuity meassure that they will be thrustworthy
and then they can vote on this disputes
and as a reward they will be rewarded a part of the yield
So technically we are developing a professional judges DAO for IBY protocol :)
Also in parallel to this we will work on custodial way of interacting with platform
currently it's completely non custodial, you have to have a wallet (metamask or some other) and you interact with iby
but this doesn't solve and issue when my mother wants to bet with her friends
what we will do is this flow
You login with your social login (facebook/twitter), in the background wallet gets created for you and you top up it with your credit card and create a bet without ever having to actually know this is blockchain in the background
Imagine all the normies that can then use this :D
Also one more thing that we are doing is creating this as a protocol where other teams (non crypto native) integrate with their solutions
currently 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 being fantasy football game and other one beign precreated public bets of sport events that anybody can join.
Q5: Quiet a lot of cool features are embedded in the platform 😄
Yes, there are some other betting blockchain protocol as well but definitely not in this direction!
ANS: Oh yeah, we plan to become the protocol for betting :)
there are prediction markets, augur and simmilar
Do you have competition with them or you take as partners if opportune?
but not this simple to use
and they don't target normal users also
only crypto natives :)
Beauty of blockchain is comoposability
and we see them as natural partners not competition.
Q6: Can you briefly describe your PARTNERSHIPS so far?
ANS: Sure both Polygon and AAVE have supported us from the get go
We were one of the first projects integrating with ma tokens on quickswap
ma tokens are value increasing tokens on polygon
also on top of that
crucial were ferrum and dextforce ventures
that helped us raise this project from what seems like a silly idea a year ago to the fully fledged product
also we've applied for grants on NEAR, Moonbeam
there are a bunch of other supporters and investors
this are just the big names
also we gained support from avalanche
Q7: Can you give an overview of your Tokenomics, and the UTILITY of the $IBY Token?
ANS: Sure, IBY token holders will earn part of the yield from EVERY bet on the platform
also on top of that they will be used for a governance of the DAO
which 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 governaned by community and to be completely decentralized
also reward system is something that IBY token holders with DAO governance will be able to decide on
and just by holding and staking this token you will earn more money from it.
2nd Segment: LIVE Questions
Q1: IBY is a good development but what kind of bets can be placed on the platform and how will the judge decided the winner.
ANS: Any kind of bets, judges are replacment for oracles so any kind of bet can be created, even bets against yourself, personal ones.
Q2: 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?
ANS: We will integrated different yield generating strategies on different chains and in the later stage users will be able to choose which strategy they want to use, currently it's ma tokens on Polygon.
Q3: Can we bet NTFs or only cryptocurrencies would be supported in IBetYou? Could this apply for the rewards also?
ANS: In the future we will support also NFT's for both sides.
Q4: You mention that IBY is ultimately governed by the community. What do you expect from the community, tell us what you need from the community to help the project? Will you have a reward program to join us?
ANS: Early adopters and testers will be rewarded for using IBY protocol and providing quality feedback to us.
Q5: Many projects are currently choosing the BSC network as a starting point. Why did you choose Polygon (MATIC) to launch I Bet instead of the popular BSC network? What are the advantages of this choice?
ANS: We are deploying it also on BSC and we will have support for BSC in the incoming weeks so you don't need to choose BSC vs Polygon, but use any you want.
Q6: With Ibetyou, do users get incentives for being active on the betting platform?? If yes, do you mind telling us how these incentives will look like? Also, does the betting always have to involve just 2 people or can more than 2 people bet in a particular pool?
ANS: In the future there will be community bets, so for example Eth maxis can bet against BSC maxies each in their own token (and whole communities)
Q7: 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?
ANS: It's 3 click bet creation, if you want to bet let's do it on ibetyou.xyz, just send an invite to firstname.lastname@example.org :)
Q8: What tools will you use to motivate community members and a larger audience to bet, will you give them ideas and advice on betting?
ANS: Yes and we will create set of templates for bets so it's one click deployment of bets, people like to have fun, so we will make it as simple as possible to do so :)
Q9: 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?
ANS: This is completely permissonless protocol that anybody can use anywhere in the world.
Q10: It mentions that once a commission has started, neither party can withdraw from it, and it is not possible to cancel it even though both parties agree. Why? If the two parties reach a mutual agreement, and a consensual decision is fair. They do not believe?
ANS: It is possible to cancel if both parties agree, this is called a cancel flow.
Q11: I saw on your website that the judges are a basic part of your betting mechanism. Can you tell us how they chose? What about reputation? How does this mechanism work?
ANS: Currently each side chooses it's own judge and if the dispute is opened then there comes the DAO and those judges. DAO judges have to stake IBY to provide judging of the protocol and while doing so on multiple bets their reputation will change.
Q12: What tools will you use to motivate community members and a larger audience to bet, will you give them ideas and advice on betting?
ANS: From twitter, telegram etc. we use them all
This is a perfect tool for having fun but still bet on stuff that really matters
and I didn't mentioned that winner of the bet gets and NFT that proves he is a winne.
Follow Us On Our Various Social Media Communities For More Update;
Dear community members, we are glad to have you on board! 🎉
Welcome to IBetYou! 💫
IBY is a permissionless blockchain protocol that allows you to bet any amount of tokens with anyone on anything.
No limits, no rules, just your imagination. 🌈
The first version of the DApp is LIVE: https://ibetyou.xyz
Do not make a bet unless you mean it. 🎯
You are playing with live contracts. 🔥
📖 Read this
1. How was IBetYou created?👶
2. How to use IBetYou?🤔
3. Gamify your investment!👾
4. What role does DeFi have in the IBetYou protocol?🤓
5. Information on the judges and dispute resolution process.👩⚖️
6. Rinnegan of communities! 🕺
7. Why we used POLYGON (MATIC) to launch IBY? 🚀
IBY has been developed on Matic (now Polygon) and AAVE. 💻
We were the lucky receivers of two small grants (Matic and AAVE). 🍀
Without them, this would take forever. 🕙
Sending much love! ❤️
Your feedback is essential.😇
Use the feedback form provided down below if you have an inconsistency or a bug to report or you believe things can be done better 👇
Feedback form: https://forms.gle/Z1mDoS5xsU426N7f6
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