ByteBet ICO Analysis: P2P Betting Platform Based on Ethereum

rizzz3 (25)in #ico • 7 years ago (edited)

I came across this ICO a few days ago and I thought to write a short analysis. Hope you like it. Please, note that I’m not affiliated with this project and everything I wrote here isn’t an investment advice.

Overview

ByteBet intends to change the way traditional online betting works by providing a peer-to-peer betting environment where the middleman and house edge is eliminated, leaving more money for the players.

Bets are based on Ethereum smart contracts, providing a transparent betting environment and can be customized by the players. Fees are shared among community members, providing a passive income for BBET token holders and for those who verify the bet results.

Is there a market?

There are many companies operating in the gambling industry, so the competition could be though.

But the online gaming is a dynamically growing market. By the end of 2016, it reached $45.86 billion, and it is expected to reach $96.89 billion by the end of 2024.

Source: Mobyaffiliates.com

Gambling with cryptocurrencies is a special, rapidly growing niche within the online betting market. Over 24.5 billion bets have been placed with Bitcoins over the past two years.

If we consider how fast the cryptocurrency market is growing I can see this number going up sharply in the next few years, meaning more space for ByteBet to grow.

Benefits for token holders?

Okay, the question is whether the utility of the coin is good enough and worth your money.

According to the whitepaper, BBET tokens have two main purposes:

BBET tokens are used for betting within the platform
Everyone who holds ByteBet tokens will receive a portion from the fees (it’s like a proof of stake concept)

There will be maximum 10 million token generated and unsold tokens will be burned!

Team

There are two members in ByteBet’s team. Going through their Linkedin profile it turned out that they have already worked together in a tech startup for a few years. It means they have experience working together and they have startup (and tech) experience from both technical and business point of view which is big plus in the crypto space.

The only weak point of the project is that there are only two members and they need to scale the team up in order to make this project work. It’s also would be great to see some advisors onboard, however they claim to get some on board soon.

Also, in the whitepaper they mention that they work with freelancers but there is no info who they actually are.

Competitors

I did some digging and found some projects that are somehow similar to ByteBet.

HeroCoin: Betting platform where users can create customized bets focusing on e-sport games.
Wagerr: Decentralized betting blockchain providing wide variety of bets focusing on sports.
Fansunite: Sports betting platform built on Ethereum

Cool stuff: Bounty program

ByteBet has a bounty program which offers three different bounties:

Content writing: get BBET tokens when you publish content about ByteBet on your blog, website, Youtube channel, or email list. Bounty is still open. Link
Translation: translate ByteBet’s Bitcointalk intro. Link
Social media share: you can receive BBET tokens by following them on social media (Twitter, Facebook) and tweeting about ByteBet. Link

Conclusion

Overall, the project looks great and promising, here are the most important things from their whitepaper and this analysis:

Huge market potential (rapidly growing market)
Holding ByteBet tokens entitles you to receive a portion from the fees
Team is small, but has startup experience and working in the tech sector. Would be great to see some advisors there.
There are competitors in this niche, but I think there is room for more than one entity
Bounty program offers great ways to get some BBET tokens for free
Unsold tokens will be burned (max 10 million supply).

Review

Market potential: 9/10
Business model: 8/10
Team: 6/10 - They're working on getting advisors.
Token utility 7/10
Community: 4/10 - Still in early phase, lets see where it goes.
Whitepaper: 9/10

The project also got 4.2 rating on Cryptorated.

Recommended for investing? Yes