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The community questions

We recently had an AMA in official Polygon Telegram group, on May 13th. 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.

Q: Could you please tell us a little about yourself and how iBetYou came into being?

Edi: I joined blockchain space in 2017. I worked as a developer for RChain back then, then moved to Ethereum Foundation to work on multiple projects and now as a crown of the work we are building IBY.

Luka: Hello everyone! Pleasure to be here. Let me introduce myself, I am one of the main advisors of IBY. I am helping since the initial idea was born. My background is a mix of startups and corporate. I have been in crypto very early but it took me a while to go full time. I am a huge DeFi enthusiast and of course Polygon fan 😃

The idea itself was born quite some time ago . We had a habit of betting each other on small things whenever there was an argument. I was constantly loosing bets from my wife but the first time I won she pretended nothing happened. Since we were all in crypto for a while, we said to ourselves well this needs fixing! 🤣 Then the DeFi summer happened. We got drawn into DeFi, yield farming, LPing and all of that shabang. We combined the raw idea into what we have now. So now if I win a bet against her, besides $ I also get an NFT that proves I won . She can’t wiggle out anymore. 🤣

Q: Can you tell us a bit more about iBetYou and its features?

Edi: IBY is a personal betting protocol that allows you to challenge anyone on any topic for any amount.
It uses smart contracts to lock the stake you are challenging someone on (lets say 100 Matic). After they accept it locks them in a smart contract for the duration of the bet and puts them to different yield farming options until someone wins the bet.

Currently we use maTokens (interest accruing AAVE tokens on MATIC) but we are actively expanding to other options too.
Each of the parties choose their own judges to keep things fair that vote on the outcome of the bet. The yield that is generated by the bet is then split between them and IBY Treasury (& later with the DAO).

Q: What are the major milestones iBetYou has achieved so far and what can we expect from you guys in the future?

Luka: The biggest milestone we reached was to deploy IBY on Polygon and integrate with AAVE and go live. We went public with the alpha version in February. Now we have a stable version that is using AAVE (maTokens) and QuickSwap and we are preparing the first major UX update to make things smoother and easier for users.

We summarized our current progress AND the way things work in the background — including an explanation on how we use maTokens, QuickSwap and Polygon here👇
https://ibetyouxyz.medium.com/iby-what-happens-in-the-background-and-why-do-we-defi-7c5325dc0bb9

Edi: We are going to implement custodial support so that any user (even my mother) can use IBY without knowing that blockchain is underneath.
Image login with facebook/twitter or some other social network, wallet gets created for you in the background, you top up with your credit card and create a bet. Also in parallel with that we are developing a DAO which will decide on governance proposals and will earn part of the yield from the bet.

Down the road we also want to create a special betting chain using Polygon SDK that multiple parties can use to built their own DApps on top of the IBY protocol.

Q: What kind of bets can be placed on the platform, who will the judges be and how are the judges incentivized?

Luka: Well it can be basically anything. We consider IBY more of a social and gaming thing than betting itself. We use IBY internally constantly, either to challenge someone or challenge ourselves. I.e I bet you that Marko will not deploy by Friday. 🤣
We are observing how our users are playing with IBY and are implementing improvements as we speak. We got amazing ideas on how to develop it further.

Q: Is that similar to how we bet our friends?

Luka: Yes! It’s personal betting. That also means I can challenge myself. Let’s say I want to lose 10KG, but you know… KFC 🤣
I will bet myself for 1000 MATIC that I will loose 10KG by end of July. My judges will be someone who will make sure I don’t cheat.
If I successfully drop 10 KG I get the money back, my judges get the yield generated from that and I have accomplished my goal! But… If I lose, my money gets donated to A) Charity B) Someone I hate.
You don’t want your arch-nemesis to get your 1000 MATIC 🤣🤣🤣That’ll serve as the ultimate motivation!

We also have community bets. We are working really hard on them! They are interesting. Let’s say IBY as a team post launch decides to commit to specific milestones to be met.

We will issue a bet that has these milestones as the winning conditions. We win, as long as we meet them. If we miss any of them, whoever betted against us, gets the money. Still, the yield is shared with the judges and the DAO. We have full arsenal of these challenges and bets we’ll be deploying along the way. One of the ideas is to transform passive users to community champions with this. We have a Medium article on this:
https://ibetyouxyz.medium.com/i-bet-you-transforming-passive-investors-into-community-champions-4302d32699d1

When it comes to judges, since these are personal bets, you’ll chose a person you trust and so will the other side. If everything is fair, there is unanimous vote on who won, the bet amount gets unlocked and allocated to the winner.

If for some reason judges don’t agree on the outcome, the issue is brought to our community forum in form of a dispute. The IBY DAO will cast a vote on the issue. Because of that, the judges will share the generated yield.

Q: Can you tell us a little bit about how your experience was building on Polygon and what are the advantages of iBetYou working with a scaling solution like Polygon?

Edi: From the day one experience was amazing. The Polygon team has helped us with yield generating strategies and their integration with IBY even before it was public, guided us and connected with AAVE and the rest is history. Basically you guys helped us grow this to another level.

On the development side integration was as smooth as it gets. All the support and stuff both technical and non-technical worked like charm. Nothing works from the get go in the blockchain development, however the integration with Polygon did! We were pretty amazed! 😁
We have so many collaboration opportunities, with the all other DAPPs and protocols building on Polygon! It’s real thriving DeFi ecosystem.

Q: What’s the future of iBetYou in the decentralized finance revolution look like? Can you talk to us about your roadmap?

Edi: We will have multiple modes of using IBY. There will be basic (custodial) and advanced non-custodial with different yield generating strategies that an advanced user will be able to choose from.

The IBY DAO is one thing and we are building a separate chain with Polygon SDK for the IBY protocol that’s L3 on top of Matic. We will have multichain DAO governance on our chain and Matic.
Improving the UX is quite important and we’ll add different play modes, public free to join bets, community bets, personal bets and a lot more! 😆

Q: 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?

Luka: Good fundamental question. We actually brainstormed and tested this a lot. Since these are personal bets you choose your own judge (the person you trust to be on your side but also someone who will be fair). Your judge needs to confirm the bet with his wallet and the outcome of this will be recorded in the NFT of the winner. If there is a dispute and your judge intentionally voted against the “truth” the dispute system will notice this and his reputation will be lowered for everyone to see.

We have a full write up on how does the judging mechanism work in our DAO here: https://ibetyouxyz.medium.com/the-importance-of-decentralized-governance-and-judges-in-iby-894b1333abac

Q: Are you a community based project? How can I work for the success of your project? Do you have a global ambassador program or a referral rewards system?

Q: On your initial phases you’ve implemented the use of Matic tokens on Polygon, I wonder why? Why haven’t you created a native token? What benefits does it bring to your platform?

Edi: The IBY token will be governance token and also will be used for staking, The users that stake it will earn part of the yield of each bet. You will be able to use IBY tokens as stake in the bet with any other ERC20 token you have. We didn’t want to restrict users just to IBY tokens as they have multiple use cases not just as a collateral.

Q: How easy to use is IBY and what level of experience do I need to have to use IBY?

Luka: It’s fairly simple if you are a crypto user. All you need to know is how to use MetaMask. For the non-crypto users it would be a bit more difficult but we are working on that. We will be integrating social logins using Arkane Network (you log in with your twitter profile i.e). and Biconomy to abstract the gas cost completely for them. So non-crypto users will ultimately have a mobile experience similar to anything you can find on the app store.

Q: I saw on your website that the judges are a basic part of your betting mechanism. Can you tell us how they are chosen? What about reputation? How does this mechanism work?

Edi: The judges are chosen from each of the betting parties. In case of a dispute, the professional judges from DAO decide on its outcome. They have to stake IBY tokens to be judges. On each dispute there are multiple judges and those judges earn reputation as they vote on multiple disputes.

Q: Why did you choose to make your first prototype on ETH mainnet? Why did you give up on this later and what was the disadvantage of ETH mainnet, apart from the cost of gas?

Edi: Gas cost is not just cost of gas, it’s user experience. Polygon is working much smoother than Ethereum mainnet.

Q: Staking seem to be popular right now on many blockchain projects. Can you please explain the details of your staking plan and the benefits of adding “staking”?

Luka: Great question! You see, IBY is a governance token. Besides voting on the protocol decisions you will be able to become a judge in disputes of other people and their bets. In order for you to do that you will need to “lock/stake” your IBY token for a specified amount of time. We will choose the judges randomly (up to 9 at this point — but this might change) and the revenue from the protocol (yields of the bets) will be shared with everyone who locked their tokens to show intent to become a judge and the people who actually got selected to be a judge.

Q: Most investors simply focus on the price of the TOKEN in the short term, and not on the real value of iBetYou project. Can you tell us about the motivation and advantages of token investors in the long term?

Edi: Token supply is fixed. The more bets on the platform, the more yield is generated and the more token holders will gain from it.

Q: Could you please tell me just a little more about the team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.

Edi: Working with the Ethereum Foundation I think is the highest validation of the team.

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. How easy is IBY to use? What level of experience is required to use IBY?

Luka: We are huge fans of prediction markets, especially projects like Augur and Polymarket. IBY is a bit different than prediction markets — we consider ourselves to be “consumer DeFi” app. Something that is super easy to use, super easy to explain and gives you a deeper understanding of blockchain, tokens, crypto, DeFi, yield farming, etc., after a couple of uses.

We believe the social aspect of this will be the crucial part of it. Edi mentioned Polygon SDK and our own chain on top of it. That part is crucial, we see a lot of gaming opportunities that will want to use our solution after it is developed. We already have 2 other teams willing to build on top of IBY.

Q: iBetYou is a platform that let user to set their own rules in betting terms, but how do you guarantee that users will not try to take dishonest advantage of it?

Edi: What kind of dishonest advantage? Even if bet is setup and all the judges and parties collude on the bet result IBY as a protocol still earn part of the yield.

Q: 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?

Q: Can we bet NFTs or only cryptocurrencies would be supported in iBetYou? Could this apply for the rewards also?

Edi: Future IBY will have support for betting NFTs against NFTs or counter value in ERC20 tokens.

Luka: We plan to play with NFTs a bit more in the future and use them as a gamification tool (artist drops, leaderboard creation, creating specialized VIP groups — i.e if you collect 20 winning NFT’s with bets won over 1 ETH etc.).

Q: How do you intend to earn a return on locked funds in bets and to which rankings do you distribute that return?

Luka: We are DeFi natives! 🤣🤣 We know how to farm and we will integrate all those juicy yields very soon. Today we generate around 11% APY on maTokens (from the top of my head), but soon we will integrate many other strategies that appear on Polygon.

Q: I bet you claim that over time, you will get an irreversible bet within 10 minutes. Do you think it is possible to use another reduced running time? Means, the betting time is less than 5 minutes? Is that possible?

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!

📚 Medium: https://medium.com/@ibetyouxyz

Step by step to your first million.

The community questions

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