AMA with DeFi for Science
April 15th, 2022 on https://t.me/DEFISCIENCE
The BetSwirl Team has been doing a lot of work behind the scenes to push the project to greater heights. One of these activities include adding more resources to the marketing of BetSwirl. These and more were talked about in a very recent AMA which you’ll read about shortly.
In a few words, what is BetSwirl?
BetSwirl is a decentralized casino, without deposit of funds, fair, transparent, and where the community is part of the “house”.
What do you mean by no deposit?
We usually say “non-custodial” in English, but the idea is that players are not asked to deposit what they want to bet. Their funds remain in their wallets.
Can you briefly present the team and the different roles?
- We are three at the head of the project to define the strategy, manage, and bring business. Nato is co-founder and is in charge of the user experience, Addy is mainly on the tokenomics part, and I take care of the rest!
- The second group is more operational: Geisenberg is the dev who renders the Pico-Bello interface compared to the model 🌀, Wearthend is the artist/graphic designer 🐲 who does the illustrations, FranFran devs the staking smart contracts 🏦, and we just welcomed Steven who will take care of the slot machines 🎰.
- It’s very brief here, but there is a presentation on each of us in the documentation, with our experience and motivations 👊!
How do you stand out from existing players and the competition which is quite tough in this sector?
User experience and decentralization.
In the intro, I should have specified that casinos are probably the first Ethereum dApps…
- Nato has taken care of ensuring that the user experience is the most refined, easy to understand, and transparent. Most of our competitors skimp on these points, while our target is looking to win in a trustworthy and fun-looking casino.
- Decentralization is what will set us apart in the long term. By integrating protocols like ENS, LIMO, IPFS, EPNS, Chainlink, TheGraph, Gnosis, and wallets like MetaMask, it all comes together to make BetSwirl the only uncensorable decentralized casino.
We want to virtualize the gambling den while having an official casino license that proves the reliability and fairness of the games.
Where does this license come from?
We have taken steps with Slotegrator to obtain an official license from eGaming-Curacao.
Let’s talk about the $BETS token, can you present it to us and its usefulness?
Indeed $BETS is the utility token of BetSwirl, and it allows:
- To be part of the house, you must deposit your $BETS or LPs to collect dividends in $MATIC/$BNB/$AVAX tokens, stables, WBTC, WETH, and partner tokens.
- To gamble on the games, to try to reap more dividends via staking.
- Buy NFTs which will unlock advantages against the bank: more luck, fewer fees, higher max bet amount, etc. A bonus number on the EuroMillions lottery and more tickets. Options on the poker tables. Rakeback!
- Have a say in the strategic decisions of the protocol via governance votes.
- Finally, appreciate its deflationary quality!
And security level: what have you planned to guarantee the integrity of user funds?
The principle of “non-custodial” which I called at the beginning “no deposit of funds”, is that users’ funds are only collected during the bet resolution time, and there is a function of refund if it could not be resolved. These smart contracts were audited by RDAuditors before deployment.
For staking smart contracts, they are forked from Curve and little modified because the multi-token rewards functionality was already present there.
What are the next major steps for the project?
Ah, here we go to the heart of the matter because the token was released a month ago to the day.
- The incentive program to provide liquidity in our pairs on BNB Smart Chain and Avalanche to facilitate players and investors to trade the token on these networks. It will boost the APRs on our pools and therefore attract new investors and players.
- With the release of interactive animations for games, we use innovative technology and will allow players to be entertained during the gaming experience.
- New games: Million Jackpot, Poker, Slot, and Roulette.
- Finally, the gaming license will allow us to position ourselves as the web3 casino with many partners who are just waiting for it to unlock other collaboration opportunities. Moreover, we had the privilege of encouraging Chainlink to have their random number generator tested so that we had the possibility of having a license with eGaming-Curaçao.
Okay, in the program it fits in how or over what period at least?
- It must be done as soon as possible, we are discussing with a major DEX of BNB Smart Chain for which we can kill two birds with one stone: participate in their bounty to use their tokens on BetSwirl and burn their tokens, and launch an incentive program to deposit cash on this DEX. It should be done by the end of the month.
- We already have the preview, but we plan to finalize them before the end of the month too.
- The Slot dev will start very soon with the help of our newcomer: Steven, we are currently targeting Mai for this game.
Parallel Million Jackpot. And for Poker, we started to deal with the subject with Chainlink because we need a random number off-chain (to hide the card game) but verifiable on-chain!
- We will develop by voice if necessary, but basically, we will not have the same problems as a normal online casino, because we cannot apply AML law. So the discussions started with the “licensor” of eGaming-Curacao. We’re targeting maximum June!
Thank you ! On to questions from members!
Have you thought about prevention by indicating the risks of gambling addiction and the risks associated with crypto in general?
We are obliged to align ourselves with the requests of our “licensor” which oblige us to have this information, yes.
Can you explain the interest in hosting the site in a decentralized way on IPFS?
Our players will be able to play anywhere in the world despite country restrictions and the censorship they may apply on the “.com”.
What is the calculation for the distribution of dividends please?
It’s just a share of the cost of winning bets, and today it’s 40%. So 40% of the casino’s income is redistributed as dividends in $MATIC/$AVAX/$BNB, $BETS, and all the other tokens that we will add: stable + $WBTC and $WETH.
Have you started marketing?
This is a question we are often asked! We raised $230k out of the $460k we should have raised. We left with a $50k marketing package that didn’t perform as expected. We will have a “bottom-up” strategy, that is to say that we will integrate tokens (ERC20/NFT) of different protocols to share audiences and add utility to them. We are going to have a rather soft shilling strategy now…
Could you provide details on the on-chain verification of off-chain numbers for poker, how does the implementation of such a mechanism affect the game?
Signing transactions with your wallet is free and takes less time than a transaction.
Is a port to Velas planned?
We applied for a grant, we were contacted and made a demo, but no response regarding the availability of a decentralized number generator “à la Chainlink”…
How do you intend to overcome the problem of speed of tx for the user experience? If everything is on-chain.
With our gameplay, the idea is to make the player patient with various interactions: music that comes from NFT platforms to do curation, for example…
How does the casino finance itself for the costs inherent in this kind of structure? What are the fees, etc.
On each won bet, fees are charged (3% for $MATIC/$BNB/$AVAX, and 2.5% for $BETS), and it is separated into several allowances, the cash receives 25% which will be used for the costs (infra, marketing, Chainlink…).