BetFi AMA Recap
CryptoDiffer team
Hello, everyone!😁
We are glad to meet here
BetFi Core Team, Michael
BetFi Core Team, Michael
Hello guys 🙂
CryptoDiffer team
Q1: Can you introduce yourself to our community ?
BetFi Core Team, Michael
My name is Michael and I’m the founder of betfi. I have worked in multiple successful businesses in the past and used my experience from a business perspective into crypto. I love to play soccer in my free time and playing video games.
CryptoDiffer team
Q2: Can you briefly tell us what is BetFi in 3-5 sentences?
BetFi Core Team, Michael
Betfi is a Decentralized gaming solution running on the ethereum network that offers trustless and fair results with rng that can be verified on the blockchain
CryptoDiffer team
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans
BetFi Core Team, Michael
So far we have a proof of concept, a live beta that you all can try for yourselves our beta consists of 3 working games (Poker, dice and roulette ) they all work on the ethereum ropsten testnet, we also have a fair and trustless rng (random number generator) to ensure that all of our games are fair and can be verified on chain. Our upcoming plans are to bring in more in house games such as blackjack, coinflip, slots. We are also working on a sports betting dashboard similar to draft kings where you can bet on the outcome and results of matches , football , e sports and much more.
CryptoDiffer team
Awesome, a lot of updates to come out!
Thank you for great answers!
I think it is time to start community questions round!
Cryptodiffer Community
Do you think the decentralized gaming platform Betfi will be able to compete with the centralized platforms? How does Betfi provide a better user experience than other centralized solutions?
BetFi Core Team, Michael
We have better and cheaper rates than industry standards, take poker for example we charge only a 2% rake and the industry standard is 4%+ not to mention we have 100% trustless and verifable RNGs so you know you know you aren’t getting cheated on
Cryptodiffer Community
Is there an age limit to enter and play at BETFI like other platforms? Can you explain more about BFI’s deposit and withdrawal policies? and What is the minimum deposit and withdrawal?
BetFi Core Team, Michael
There is no age limit even tho we recommend you to play atleast from 18+ like every casino. Its 100% decentralized so you will always control your own funds.
Cryptodiffer Community
As a native token in betfi platform,what is the role of $BFI token?And what are benifits for $BFI holders in the long term?
Tomorrow is the day of token sale in the unilayer.When finished the $BFI token sale what are the future plans to attract more users and increase the token demand?
BetFi Core Team, Michael
We share 80% of all the casino profits back to stakers, you will stake your BFI tokens on the our staking portal and receive 80% of all the profits for all the games in our platform. we also use 10% of the profits to buy back BFI tokens on the open market and send those to a burn address which essentially makes the token deflationary.
We are in touch with the pro poker community and we will be sponsoring some events on twitch.tv and much more!
Cryptodiffer Community
” Gambling ” is alot risky
” Crypto ” itself is risky too,
Why is the need to combine 2 risky features together, how will you help users to minimize their losses and help them to maximize their profits ?
BetFi Core Team, Michael
Everyone will be decide for themself if they would like to bet. The gambling industry is booming even more with Corona, giving the user a trustless and Decentralized solution to bet is something that even satoshi would have loved imo 🙂
Cryptodiffer Community
ETH 2.0 upgrade will be launched soon,
How will this affect the usage of BETFI platform ?
BetFi Core Team, Michael
ETH 2.0 will certainly help a lot with the speed of the games, although our games are very fast (especially poker) we know that ETH 2.0 will only make our platform much better than it already is.
Cryptodiffer Community
Can the Betfi team ensure that all unfair and manipulative factors are impossible on your platform? How transparent is the gameplay in Betfi?
Why is the Betfi using the Ethereum infrastructure? In case of scalability issues, is it possible to transfer Betfi to another blockchain, such as EOS or TRON?
BetFi Core Team, Michael
Yes we are currently using Provable oracle to ensure that our RNGs are 100% fair, we chose Ethereum because it simply has the most wallets (users) the scalabilty wont be an issue since we have improved our smart contracts a lot and will have a front end gas selector with recommended gas fees in real time to ensure the txs go much faster.
You can also read how our games are 100% fair and trusless
https://betfi.medium.com/a-decentralized-gaming-platform-that-combines-gaming-and-defi-e5ba5634ba21
Cryptodiffer Community
Why did you choose to implement Provable for BetFi over other protocols? In case of failure, do you plan to try out other protocols like Chainlink?
BetFi Core Team, Michael
We will be using a custom solution from Chainlink for the RNG, we should be announcing that soon.
We chose provable for now for our beta and to get a working proof of concept out before the token sale
Cryptodiffer Community
There are presently 3 in-house games running right now on Ethereum Ropsten Testnet. Are there plans to integrate more in-house games in the nearest future?
Can you summarize the incentives that are there for playing the in-house games and the incentives for the BFI token hodlers?
BetFi Core Team, Michael
Yes we are always looking to integrate more in house games. The incentives for the BFI holders is that 80% of the fees generated will go back to the stakers. Also 10% will be used to buy back BFI tokens to get burned.
If you also want to reach to us directly and have more questions please join our telegram group, we are very active there:
t.me/betfiofficial
Cryptodiffer Community
Can one player create multiple Betfi accounts? Is KYC required on your platform?
BetFi Core Team, Michael
You don’t need to do any kyc, 100% decentralized.
Cryptodiffer Community
Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
BetFi Core Team, Michael
Please join us on a table of poker, its working already.
BetFi Core Team, Michael
Thank you guys! Happy to see you on betfi.org for some games of poker
Cryptodiffer TEAM
Thank you for you answers, it was an insighfull session
Thank you everyone who participated, great questions as always!
