NFT.Rage.Fan AMA Recap: 29 July
What a better way to cool down a bit in these hellish-hot summer days — than to talk to you, guys!
Hosted by dear friends NFT.Rage.Fan, our own Edi and Jakov have made sure all of you get your answers straight!
Let’s take a look at what you were most interested in, what we’ve been up to in the past couple of weeks, and what lies ahead of us!
Q: What is IBY? Tell us your story about iBetYou.
J: iBetYou is a decentralized personal betting protocol. It allows users to create personalized bets, challenge friends, or particularly anyone on anything. There is no need for oracles. You can bet on anything anywhere. Currently, you are able to try it out on Polygon, BSC, and Moonbase Alpha!
E: Check https://ibetyou.xyz/, connect a wallet, create a bet, put a stake into it, invite a friend, and a counter bettor. After that counter bettor invites its own judge and the bet is set, the era of “forgotten” bets ends, as the blockchain never forgets — neither forgives.
J: Here is an example:
Let’s say I’m 100% sure that BTC will reach 100k this year. My friend doesn’t believe me and is makes fun of me. I challenge him to a bet and we both stake 1ETH on the outcome. I select my judge, he selects his judge, and the smart contract does its magic. While we wait for 01/01/2022, these 2 ETH are placed 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 are getting a share of the 0.5 ETH that got farmed during the bet period.
E: We like to call it reputation staking protocol. When someone claims he knows better than you, just point them to IBetYou and tell them: Put your money where your mouth is!
Q: What’s $IBY token used for and where can we get it?
J: $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.
E: Scenario no.2 is connected to dispute when the DAO judge kicks in and deciding on a winner and wins part of the yield.
Here is an article on how it works
In both cases, IBY token holders earn part of the yield that was generated from all bets.
Q: iBetYou has an ongoing staking program with us (Rage.Fan)! What’s the incentive for members to stake their $IBY tokens and how can they do that?
J: You can stake IBY tokens to earn points that can be later on used to mint awesome NFTs of your favorite Olympic team or player. Every time your team wins you get rewarded too!
Referring to how to stake part we have provided a detailed guide, you can find it here.
Q: Going back to the platform itself. What protocols and tokens are supported at the moment?
J: Currently we are using Aave for our yield earning strategy. To be precise, we are using maTokens — (Polygon, ex-Matic tokens) on Polygon. They are a variant of AAVE aTokens (interest accruing tokens).
To initiate the bet you just need to have a native currency of the supported chain. So for BinanceSmartChain, you need BNB tokens, for Polygon you need MATIC, and for Moonbase Alpha, you need DEV tokens.
We are currently testing out other possible strategies for advanced users that could give a better yield. In short — a combination of betting and yield strategies!
Q: Would you tell us about your plans for forming partnerships and their merit?
E: We are absolutely open to all the partners that share our spirit of decentralization and have a good bet to make with us. With true “builders passion” and willingness to continue building for the time to come.
Q: What form of support are you receiving with Chainlink integration?
J: We see Chainlink integration as an amazing opportunity to build on top of the iBetYou betting protocol. It will open up new opportunities to create bets that do not require human judges — e.g., sports bets, crypto price bets, etc.
E: Also if there is a dispute we will need VRF for choosing which DAO judges will decide on the winner. Those would be the two modes where judges kick in, but for the current iBetYou there is no need!
More about Chainlink you can find on this link.
Q: One of the protocols that grab our attention is Near. As you received a grant from them, our assumption is you’ll be developing on top of their protocol, what are we looking forward to in the future?
J: NEAR protocol is still young but we want to be among the first dapps there! NEAR is not EVM compatible by itself, which means that we cannot just deploy these contracts written in Solidity.
Fortunately, there is an amazing project built on NEAR that allows us to do exactly that! It is called Aurora and it is a NEAR native contract that allows execution and deployment of EVM compatible contracts written in Solidity!
There are already some dapps deployed on Aurora which we can integrate into iBetYou for yield farming strategies.
Q: What are you hoping to get from working on SDK and where do you think iBetYou will stand in two years from now?
E: Good one. We believe it will create a bunch of work for professional judges (the whole economy potentially).
Also, a bunch of parallel products inside the iBetYou ecosystem that we are working on like personal bets, community bets, sports bets, etc. are promising products on themselves all on top of iBetYou SDK.
J: We think that our SDK will serve as an easy way to integrate with IBY protocol for other dapps and apps. Developers are going to have a friendly and well-documented interface to interact with. The entire IBY complex logic can be as a black box.
Q: Other projects comparable to IBY exist. The AUGUR platform and a few other prediction markets are examples of this. However, these platforms are far more difficult to utilize. What degree of experience do I need to use IBY and how easy is it to use?
E: iBetYou is seamless when it comes to use cases. Enter the dapp on https://ibetyou.xyz/, connect a wallet, create a bet, deposit a stake and send a link to a friend, it’s as easy as that.
Q: At the moment, all tokens go down in price even with great partnerships, hype, marketing, and working products, etc. So, what challenges do you have and the plan to make your project strong popular? Are you see it as an opportunity while the current market decline?
E: We are builders and will continue to build. After we reach the production-ready version we will push this product to non-crypto native users and on CT so the more general public can use it. It’s a fun get that even my mother likes.
Q: User experience is a very important issue in most projects. Does iBetYou focus on this? What has iBetYou done to bring the best user experience, especially to new users?
J: Well of course! We are already on our v2 version of the web app. We got lots of feedback from our community and users about v1 and potential improvements that we have already implemented for the latest version that is currently deployed.
We are always happy to hear new suggestions!