BlockTalks x IBetYou AMA Transcript!

Hello! BlockTalkers & Blockchain Enthusiastic!

We recently hosted an AMA with IBetYou, on May 9th at 12.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Edi Sinovcic , CEO of IBetYou. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.

Introduction Questions Asked By Team BlockTalks!

Q1. Could you please introduce IBetYou to our community in layman’s term?

Ans — IBY is a decentralized betting protocol. It allows you to create personalized bets, challenge friends or particularry anyone on anything. You stake your reputation against someone elses. You think you are correct and other side is wrong? Put your money where your mouth is. You go to ibetyou.xyz create a bet, share it with counter bettor and if you are correct you win an NFT which proves that you are correct and other side was wrong. No more forgotten bets, blockchain remembers.

So once you have created a bet both bettor and counter bettor have to put stake into it.

Once they do that and choose judges we move matic tokens (case of using IBY on Polygon) to USDC and then maUSDC tokens (which increase in value during time). After the bet is conluded judges decide who the winner is. Winner get stake of both bettor and counter bettor and yield gets splitted between judges and IBY protocol.

It’s as simple as that and everybody gets rewarded.

Q2. What are the advantages of IBetYou to other alternatives in the Blockchain field?

Ans — With IBY you can bet on anything, no oracles, no limits. Bet can be anything you want and on top of that it ears yield while the stake is locked in a bet. So it’s simple, normies friendly and anybody can use it and interact with it in just couple of steps.

We don’t really have competition (Augur being the closest). Closest competition are prediction markets but they are much more complex to use.

IBY Is a fun protocol that anybody can use and have fun in the meantime.

Because we always like to have fun and earn money and win bets.

Q3. What are the major milestones IBetYou achieved so far & what are in the future pipeline?

Ans — Currently we have a fully working dapp on ibetyou.xyz which is deployed on Polygon and working with Matic tokens. In the future we are going to deploy it on BSC, Avalanche, Moonbeam, xDAI and most of the l2 solutions that have EVM.

Currentl IBY is completely non custodial and in the future we will have both custodial and non custodial modes.

So any user, even those non crypty natives can use it without problems.

With custodial way of using the dapp user will be able to login with social logn (facebook, twitter etc.), wallets gets created for you in the background. You top up wallet with your credit card and create a bet, it’s as simple as that.

And in the custodial way user doesn’t see crypto at all, it’s all shown in dollars so even my mother can use it without issues.

In the parallel with this we are developing multiple advance yield generating strategies on different l2 solutions and users will be able to choose from set of different strategies if they so want.

Also we are also developing a DAO which will decide on disputes and decide on governance of the protocol.

Once we have IBY deployed on multiple chains we will also provide liquidity as a service between multiple chains (let’s say you want to move from matic to bsc) you will be able to do this through IBY protocol liqudiity and token holders will also earn fees from this.

And last we are planning to become yearn partner so we can become part of that amazing ecosystem.

Also on top of everything we are already integarting with other teams that are building on top of IBY and we see IBY as a protocol layer for the betting industry on the blockchain.

Whaetever it is, sport events, personal betting, or anything else IBY is the integration you need to integrate with.

Questions Asked on Twitter For IBetYou Team!

Q1. Could online bets be carried out with unknown people? It would be great to go one step further and get to participate in sports betting events. Maybe, betting orders could be issued for any user who wants to participate in it.

Ans — Actually this is a part of the public bets that our community asked for and we listened.

Thing with public bets is that anybody can create a bet and just with sharing static link to anybody they can join the bet.

Also there will be a dashboard where users will be able to create a public bets and anybody else will be able to join.

As I mentioned we already have teams building on top of IBY protocol. One of the projects is fantasy football and other one is building a set of precreated sport betting events that anybody can join.

Also if anybody is interested or has some other idea can contact as and we are going to help with integration and potentially reward the grant if idea is good.

IBY is all about community.

Q2. Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Are you planning to launch your mainet or switch to other blockchains in the future?

Ans — Yes, we will have IBY deployed on BSC soon (2 weeks ETA) and also other l2 solutions that are EVM compatible.

We will always be multichain so users will be able to choose which chain they want to create bets on, including Polygon, BSC, Avalacnhe, xDAI etc.

Q3. Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?

Ans — Yes. We are developing a DAO which will decide on a direction of the developmnet of the project.

Token holders will earn part of the yield that protocl generates by staking IBY tokens and will also be able to decide on disputes and be rewarded for that.

Also all the governance decisions related to the direction of the project, grants to other projects that will develop on IBY protocol will be decided by the IBY token holders which will be part of the DAO.

Q4. How does the platform really benefit or sustain being free? I have not found any information about any own token as the main currency of these bets, do you mean that you could connect your wallet and use any type of cryptocurrency?

Ans — It’s not only free, it also earn yield on top of being free.

Currently in our testing phase only matic tokens on Polyon are supported.

In the future as we add more advanced yield strategies users will be able to stake any ERC20 tokens including IBY.

Basically all the tokens are already supported but not all of those earn yield. We are supporting more and more pairs that earn yield and are just publishing them as a supported currencies.

Q5. By researching their platform, I was able to see that users who act as judges get incentives from bets. Could you explain to me what those incentives would be like? How positive is this mechanism for transparency of the dispute?

Ans — Yes, if there is a dispute in the current stage Kleros court kicks in.

We are develping a DAO which will have judges as part of it.

Judge can be anybody who has IBY token and who have staked them so they are used as a stake that that judge will be thrustworthy.

Once some party opens a dispute, there will be IBY forum where they will have to give proofs that they are the actual winners.

The set of randomly selected judges (that have staked IBY tokens) then decide on the dispute and get rewarded from the yield once the dispute is resolved.

All the disputes will be public on IBY forum so anybody can review the dispute process and see that dispute has been properly resolved.

All the disputes will be public on IBY forum so anybody can review the dispute process and see that dispute has been properly resolved.

Also there will be a mechainsm of reputation for judges that depends on their dispute resolutions.

Questions Asked by our BlockTalks Community Members during live Session to IBetYou Team!!

Q1. Is there a reason to choose Polygon?

Ans — Yes, multiple, they have a booming ecosystem and with log gas fees and good UX they are a great starting solution for us.

Q2. What are your plans for the global expansion of IBetYou ? is IBetYou only focused on the current market? Or focus on building & acquiring users or partnerships? Can IBetYou tell us?

Ans — IBY is working hard on new partnerships as we see ourselves as protocol for betting that multiple solutions can be built on top of.

Q3. As a betting provider, do players have to buy / exchange your tokens to start bets or can they use the fiat currency in their wallets?

Ans — There will be fiat onramp so they will be able to exchange fiat to crypto more easily.

Q4. The vast majority of crypto users do not have sufficient knowledge of crypto-related technical issues. How will you affect this large audience that does not have enough knowledge about cryptocurrencies, how will you add them to your project?

Ans — We will have custodial way of using the dapp which abstracts all the complexities of blockchain.

Q5. At this point, do you think you need exchanges as Binance to keep growing? Or is it better to forget those things and focus on other activities?

Ans — We will focus on DEXes for the start but will definitelly work with the CEXes also in the future.

Q6. Defi trend is evolving and IBetYou is great. Entrepreneurs and investors are getting more and more busy and they work on smartphones regularly, does IBetYou have plans for these gadgets yet?

Ans — Yes, IBY is build to be mobile friendly.

Q7. Do we as investors of your tokens have the right to participate in the governance of the project? On what kind of decisions can they vote on about the project?

Ans — Yes, DAO is been built for that.

Q8. There is an opinion on projects with utility tokens, often called that these tokens only exist to raise money! What do you think? Does $IBY have real values that dismiss this opinion?

Ans — IBY has multiple utilities, one of them being governance token, other generating revenue for token holders.

Q9. Is the $IBY supply limited? Do you have a mechanism that ensures inflation does not occur?

Ans — It is and we have multiple buyback strategies to keep buy preassure on the tokens so our early supporters and investors gets the best deal.

Q10. Experts believes Defi is still at its infancy stage despite the exponential growth in recent times. What are your opinions? How can IBetYou help simplify Defi for users and usher Defi into mainstream adoption?

Ans — IBY is cosumer defi, which means it also targets normal users, not just crypto natives. When we see how much potential there is with integration normal users than we can see that we are just starting.

Q11. Now a days we are seeing so many scams even when after listing at big exchange like binance,so how we can trust IBetYou? Do your project have a reputable team member?

Ans — Our multiple year experience in the space and working for Ethereum foundation and similar high tier foundations give us the knowledge and reputation to build IBY properly. Also we’ve survived multiple bear markets and know what awaits us. We are budlers all the way.

Q12. If we talk about cryptocurrencies- there are IBetYou regulations- how does IBetYou team deal with regulations where too IBetYou laws and regulations are used by the currency system in certain countries?

Ans — We are providing decentralized protocol that anybody can use. Beauty of IBY that it’s a smart contract that is unrestricted to anybody.

Q13. What is your project IBetYou developing security systems today? How do I know my wallet on your project is safe?

Ans — It’s completely non custodial.

Here are some important links of IBetYou👇

🌎 Website: ibetyou.xyz

📱 Twitter: twitter.com/ibetyouxyz

📢 Telegram: t.me/IBYXYZ

📚 Medium: medium.com/@ibetyouxyz

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Block Talks

BlockTalks is all about Blockchains & Crypto. We do discussions about new Blockchain projects, the innovations & such more.