ByteBet: Peer to peer betting

Interview with Tamas Torok co-founder of ByteBet

What is the pain point ByteBet is trying to solve and how?

The current betting model is heavily centralized. There is a middleman who applies a high house edge on every single bet a player makes, no matter if the player wins or loses. This is an unfair advantage that makes it impossible to win in the long run.

The middleman’s intention is to make its business as profitable as possible so it makes sure that players lose their money in the long-term.

Main problems:

  • High fees
  • House edge applied on every single bet
  • Bets can be manipulated

ByteBet is here to solve these problems.

What are the three main advantages for the token holder of ByteBet?

Tamas Torok
  • Token holder can take part in the bet validations, receiving BBET tokens for their activity
  • Fees are shared with every token holder, creating a passive income stream for them
  • Token holder has the right to create customized bets on the platform

What are the three main advantages for the player of the ByteBet?

  • Fees cannot be manipulated
  • Fees are much lower compared to the industry average
  • There is no house edge, leaving more money for the players

Who are the founders of ByteBet?

ByteBet was founded by Zoltan Molnar and Tamas Torok. Zoltan is in charge of leading the development while I’m (Tamas) is responsible for the business operations. Zoltan and I have been working together for more than three years.

Will the founders be working full time on this project?

Yes, as soon as we receive sufficient founding all team members will devote 100% of their time to the project.

How does the experience of the founders connect to this project?/ What experience does the founders’ team have in delivering software development?

Zoltan is a mathematics and big data enthusiast possessing 5 years’ experience with DevOps technologies. Zoltan was the CTO of an investor-backed startup for three years, the software was used some of the worlds biggest publishing companies.

I have been working in the tech sector for four years. I’m the guy who is responsible for driving growth, overseeing the full marketing operation of tech-focused companies (such as startups).

I’m currently the head of online marketing at a software development company, where I successfully scaled up our online lead generation within 9 months. I also like writing, in the last year I self-published two books on Amazon.


At what stage is the software development of the ByteBet system in?

We’re currently focusing on creating a secure pre-sale platform, the whole team devotes 100% of its time to it. As soon as we successfully close our pre-sale round, we will have the resources to speed up development and release an MVP before the main round.

Will the system be developed in-house, if not how will the developers be selected and what will be their incentive to deliver?

Key activities such as development and marketing will be kept in house. Team members will receive BBET tokens as part of their compensation package.

What is the marketing strategy for ByteBet, what are the sub-segments of this market that will be targeted?

In early phase, marketing has one critical job: get as many early users/ beta testers as possible. This way we will be able to validate and test product features, following a lean approach.

Q1:

  • Getting beta testers for the application using cryptocurrency-related communities
  • Testing potential promotional channels

Q2:

  • Scaling up promotion on selected channels
  • Using referral and affiliate marketing to grow user base through recommendations and word of mouth

The primarily target audience are those who already use cryptocurrencies on existing betting platforms and also people who have sufficient knowledge about cryptocurrencies and already playing on an existing, non-crypto based betting site.

What is the structure of the ICO?/ What will the funds of the pre-ICO be used for?

The whole ICO has two stages.


1.Stage: Pre-sale

The pre-sale starts at 6 pm GMT on November 21, 2017 and closes at 6 pm GMT November 29, 2017.

Raising this amount allows us to get ready for the main round and create the very first version of ByteBet.

The pre-sale’s soft cap is 150 ETH (30,000 BBET tokens) while the hard cap is 600 ETH (60,000 BBET tokens. As an incentive, we offer 30% discount for our early supporters.

This is a really exclusive round where maximum 0.6% of the total token supply will be sold.

2.Stage: Main round

Funds raised during the main round will be used to scale up the team and speed up product development.

The soft cap for the main will be around 3000 ETH (300,000 BBET tokens) while the hard cap will be ~50,000 ETH (5,000,000 BBET tokens). After the successful pre-sale, more details will be announced regarding the main round.

The maximum supply of ByteBet tokens is 10 million. The final supply will be determined according to the amount of donations we receive. During the token sale maximum, 5 million tokens can be generated. The final supply will be calculated by doubling the number of BBET tokens sold during the token sale.

This way we can make sure that tokens will be distributed according to the token distribution plan and also prevent the dilution of our contributors.

When will it start?

21st November 18:00 GMT, 2017

What is the price of a BBET at pre-ico stage?

0.007 ETH

What is the price of a BBET at ico stage?

Not determined yet, but will be significantly higher than the pre-ico price (around 0.01 ETH).

What are your thoughts on ICOs?

ICOs became extremely popular this year and I’m quite confident that this popularity will continue in the next years. This is a new form of crowdfunding where simple investors can contribute to a promising project and help the teams succeed.

From an investor point of view the biggest challenge is finding promising projects where the founding members are ready to work hard and take action to make that project a reality.

There is a high scam alert among cryptocurrency investors and for a good reason. Scam ICOs have flooded the market, making it harder for investors to find the real gems. These scam projects also ruin the reputation of the whole system.

In your opinion which cryptocurrency is the least hyped but has the most opportunity?

I would say it’s Neblio. They started as a small team, work really hard and they’re absolutely transparent and honest about the project’s progress. The best thing is that the project is way ahead of their planned roadmap.

For more information please visit : https://byte.bet/

We thank Tamas Torok for the interview.