Crypto Royals AMA Recap
Along with a few positive blasts we left behind us this week, the IBY team has shared some additional news with the community and our hosts for today — Crypto Royals!
As some of you might not have participated, we made sure no one missed out on the good stuff! All the answers were provided by our own Edi Sinovčić (the CEO of iBetYou), along with Luka Sučić, the iBetYou advisor.
Let’s dive into the Qs and As!
GENERAL, COMMUNITY, AND BUSINESS DEVELOPMENT:
Q: Can you please introduce yourself as well as iBetYou?
Edi: I joined blockchain space back in 2017 first as a part of Rchain blockchain, then I have moved to Ethereum. Since then I have worked on multiple projects, and collaborated with different ecosystems and foundations, including Polkadot, Polygon, etc.
I consider myself a crypto OG as I’ve built a lot of different projects and solutions during that time, and as a crown project, we have IBY that we are building today. All the knowledge we have has been integrated into this.
Luka: As one of the team’s advisors, I am helping since the initial idea was born. With a mixed background of years in the startup scene, as well as having corporate experience, I got infected by crypto a long time ago. It turned out that I have become a huge DeFi enthusiast and just love this industry.
The idea of iBetYou was born ages ago, as we used to bet on everything. I was constantly losing bets from my wife, but she pretended nothing happened the first time I won. Since we were all in crypto for a while, we said to ourselves — Well, this needs some work.
Of course, with a DeFi summer happening last year, we jumped with both feet into all of it.
Basically, IBY is a personal betting protocol that allows you to challenge anyone on any topic for any amount. Whenever there is an argument, and each side is standing their ground and refusing to give up, you call IBY to help!
It uses smart contracts to lock the stake you are challenging someone on (let’s say, a 100 Matic).
When they accept, IBY locks the tokens in a smart contract for the duration of the bet and puts them in different yield farming options until someone wins the bet. The yield that is generated by the bet is then split between the judges and IBY Treasury (& later with the DAO).
IBY is now live on Polygon and you can make your first bet by going to https://ibetyou.xyz if you want! Actually, you really should! :)
Q: In my opinion, a project needs to deal with solving a real-world issue or problem. What is the problem that your project primarily focuses on?
Luka: Correct, we solve the issue of accountability. When someone says something you need to know they stand behind their words. And what best way to check if they do or they don’t but to ask them to lock some real value behind those words.
For instance: “I can’t even count how many times I promised to myself and others to stop smoking. But with IBY I will challenge myself to stop this year and lock 1000$ in IBY, if I fail, I will lose them.”
There are many more examples like this that we will launch in incremental steps.
Q: An experienced team is the most vital thing in building company growth. So, does your team have good experience in the cryptocurrency world?
Luka: I would say that the IBY team is exceptionally experienced. They have been in crypto for a long time and have worked on many, many things. We collectively helped a lot of teams to launch their projects in the past 5 years.
Different team members worked on many crypto projects and worked on Web3 Foundation, Ethereum Foundation, æternity blockchain, and many others.
Not only that, but we have real-life experience from the corporate and startup space. We also onboarded a few advisors from this space who will help IBY go to the mainstream, so I would say that we have a perfect blend of dev experience, business experience in the crypto industry and outside of it.
Q: You mention that the community ultimately governs IBY. What do you expect from the community? Tell us how the community can help the project? Will you have a reward program to join us?
Edi: The community should and will be involved! There will be a multi-chain DAO, with part of that DAO being professional judges which will decide on disputes on bets if they happen.
We currently have a feedback form that community members will be able to provide feedback with, and we will reward those early adopters. Only constructive feedback will be rewarded, but also any ideas and proposals that you may have.
We are building a grants program (already have 2 teams that applied) that will build on top of the IBY protocol. Ultimately we will build an ecosystem (potentially a special chain for IBY related dapps) that will run on Polygon SDK (discussing this with the Polygon team) -> alpha!
Q: What unique features did your project make to set it apart from its tough competitors, and can you provide some roadmaps for 2021 into the future?
Edi: We don’t use oracles in a classic sense of that word. Our judges are our “oracles,” which makes us much more flexible (you can bet on anything).
Also, we are developing a multi-chain DAO (which still hasn’t been developed by anybody else).
IBY protocol holders earn part of the yield from every bet. So more bets, the more the yield protocol generates. Currently, we don’t have official ios and android apps, but we have a mobile-first dapp that can be used as easily on mobile as it can be on the desktop.
Q: iBetYou has many use cases. Can you tell us what you focus on most and what brings the highest revenue for iBetYou?
Luka: Indeed, there are many use cases, and we are very excited to build them all. Our focus is on 1-on-1 bets, self bets, and community bets (where many people bet against many people). Our focus will be on increasing the TLV (locked value in the bets) to present the best yield farming opportunities to reward the judges and the token holders. We see our main focus there for the foreseeable future. Then after we are happy with the situation, we plan to focus on bringing IBY to mainstream users (simplifying the whole process, introducing custodial wallets to reduce barriers, and introducing fiat/credit cards to crypto onramps).
Q: Can you tell us about your current partners, plans for partnerships, and what everybody stands to gain from these partnerships?
Edi: At first we partnered with Polygon and Aave which were crucial in making IBY a reality, we got in their incubators and they helped us both with grants and support.
The newest partnership is with Moonbeam guys, which we believe will be one of our main partners in the Polkadot ecosystem.
We have multiple other solutions that we will be deploying on soon and partnering with, but what’s most important we have our community as our partners which have helped us in building a product, already implemented a bunch of improvements they proposed as an idea of IBY to be the protocol for all the reputation related projects.
We want to democratize access to IBY as much as possible by deploying on less congested networks (l2’s) than mainnet, and we try to be inclusive as much as possible with it.
Wherever there is an EVM compatible chain with users we will go there, so whatever tokens users have they will be able to use them on IBY.
Q: How do you intend to restore the confidence level of investors? How can we trust you?
Edi: We have a track record of building through both bear and bull markets. Since this isn’t our first project, and we know that reputation is everything, and ruining hard-earned reputation on scams is something we can only lose from and not win in any kind of sense.
Q: Can you say that the IBY is ultimately a community-driven project and is community-driven on everything? Have you started a DAO to ensure community governance?
Luka: Yes, that is the whole point. After TGE, this is the top priority for us — launching a DAO. But not any kind of DAO. We want to launch a multi-chain DAO, so token holders on different chains can vote and govern from their chains. Here is the summary.
Q: Asia, Africa, and other communities are non-English speaking communities. How will your project create global adoption to more local communities?
Edi: We are building a community reward system (active now) where users from different countries will be rewarded for their translations to local languages. Support in any kind that is productive will be rewarded. Join our telegram for more info.
Q: We are so curious about your token — $IBY. Could you please tell us about it, its total supply, some of its features?
Luka: $IBY is a governance token, which means that every holder of $IBY gets to decide what happens with the protocol. You can vote on how much % goes to the treasury, etc.
What brings more interest is that IBY token holders will earn part of the yield from every bet on 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.
In this blog, you can see how exactly it works.
Edi: We are going to deploy a multiple chains DAO where users will be able to stake IBY tokens on any chain that they have IBY tokens on (wrapped version) and will be able to participate in governance. But also earn yield from all those chains, so multichain strategy from day one.
Currently, we have a working, first version on Polygon(Matic) and Moonbeam that you can test on http://ibetyou.xyz.
Q: If the bear market comes, will your token probably dump? Do you have any plan to prepare for this bear market? How will you handle the panic sale?
Edi: This project is building its whole own economy, which is sustainable during the bear market. Those who dump now will have to buy later at increased prices (the number of partnerships and collaborations and knowledge we have makes me sure that this will be a new AAVE style success).
We are not here only for the bull market but will continue building in the years to come, no matter the market.
Q: Are you considering getting listed on the new Exchange soon? Are there any top-tier exchanges on your list? Also, are there exchanges that you are currently negotiating?
Edi: First, we will do DEXes later on CEXes (we are talking with some current, but I can’t disclose it still).
Q: What blockchains is your team planning to connect to in the near future to unlock more features and provide customers with access to vital DeFi protocols and innovative applications in the blockchain space?
Luka: We have a large pipeline for all of this. Our initial version was developed on Polygon and AAVE, and we can thank them enough for all they have done for us.
We use AAVE maTokens on Polygon to generate yield (circa 11% APY) for now and Quickswap to transfer them. Still, we have many plans to expand that not only in the Polygon ecosystem but others.
We started building on other chains and started integrating other yield farming opportunities, and we’ll launch them steadily in the following weeks and months. Today we announced the partnership with Moonbeam, and this shows our commitment to the Polkadot community too.
We are relentless in our pursuit. We will partner up and work on and deploy multiple other chains and integrate many other yield aggregators and DEX-es in this process.
As we said, we are extremely excited about DeFi as a movement, We have been since 2018, and we will continue playing and building in the years to come.
We have many more collaborations in development, but we can’t share all of them now, but you can expect big things!
Q: How does your dispute system work?
Edi: The basic flow is: I, as a bettor, create a bet and put 1 eth into a bet), invite a counter bettor, and my judge (a person that I trust) that will vote on the winner of the bet.
Once the counter — bettor accepts the bet (and also stakes the same amount 1 eth), that party will also invite their own judge.
That 2 eth will then be pushed to yield generating farms which will generate yield, and once the bet is concluded, judges will vote on the bet. If they vote for the same party and dispute is not opened then 2 eth (base stake) gets rewarded to the winner, and yield generated in the meantime will be split between judges and IBY protocol. In case a dispute arises, IBY DAO judges kick in. With randomly verifiable functions, those judges are chosen, and they vote on disputes and earn rewards from them.
To become a DAO judge, you will need to stake IBY tokens. But you will be able to work as a judge and earn that way ( we are creating potential employment for the judges with this part).
Q: What are the ways to prove that I am right? Can I claim my money back and not run the risk of getting into a dispute? Can you bet on any subject to anyone, or is there an algorithm for this?
Luka: This is a great question. You introduce your friend as a judge to ensure that things are fair and the truth is the truth. The guy you challenged for the bet does the same — they vote on the outcome, and if they agree, everything is fine. If they don’t agree, the bet goes into dispute, and we call upon the “council”.
Council members are $IBY token holders who lock their tokens for 30 days, and they vote on the outcome. Their decision is final. Because they were doing that, they will get a large part of the yield that your bet has farmed during the locked period. This is how we keep the system fair.
Q: There are other projects similar to IBY. Like the AUGUR platform and some other prediction markets. But the use of these platforms is much more complicated. What level of experience is required to use IBY?
Luka: We are huge fans of prediction markets. They were the original inspiration for IBY — such as Augur, Polymarket, etc. However, as you pointed out, using them requires a lot of experience from the users. IBY wants to be a simple tool for regular people… we just launched our 3rd UX improvement in the last 2 months. Ultimately, our goal is to be the smoothest experience anyone can use — even your grandmother. Check our “freshly baked” UX!
Q: 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? Also, how positive is this mechanism for transparency of the dispute?
Luka: The whole system is explained in our whitepaper and here: https://ibetyouxyz.medium.com/the-importance-of-decentralized-governance-and-judges-in-iby-894b1333abac
A lot of news is coming your way, and we’re dying to let you know about them. The best way to keep you updated with all the iBetYou-related stuff is to give us some love on our social media.
Thank you so much for your questions, many thanks to our hosts Crypto Royals — and we’ll be talking to you again soon!
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