In this interview with CalvinAyre.com’s Becky Liggero, Decent.Bet CEO Jed Taylor talks about the changes coming to blockchain-based betting.
Before Decent.Bet launched its DBET token, founder Jed Taylor said he approached initial coin offerings (ICOs) as a prospective investor would. “The one thing we wanted to focus on is, ‘What would be important to me?’ If I was investing in an ICO, what would inspire confidence that I was investing in something that was valid?” Taylor said.
With Decent.Bet, the “alpha technology” has already been developed “prior to asking for public participation.” According to Taylor, “Many ICOs, it’s a whitepaper, it’s a website, and you hear something that could work, but at the end of the day, a good idea without execution really doesn’t have any value.”
It isn’t any one thing that convinces an investor of a good product behind an idea. “Look for somebody that’s shown the ability to actually deliver the things that they’re speaking about. Look for different ways that they’ve communicated and inspired confidence with the investment community. And if they inspire confidence not just through talk but through delivering technology and through lockup periods which are immutable—they’re smart contracts so they can’t be changed—they’re literally forced to follow through with that promise. These are greater indicators. And then quality whitepaper, quality team. Do your own research and look for these sorts of things that show commitment and capability,” Taylor said.
Decent.Bet runs on the VeChain blockchain, although Taylor noted that his company initially made use of the Ethereum network “because it was the place to go.”
On the recent developments with Bitcoin Cash (BCH) being made capable for smart contracts and tokenization being a distinct possibility soon, Taylor said, “It’s healthy, because it’s going to inspire innovation between the ecosystem. Now, if I have the best tool in the toolbox, then I don’t really need to push myself any further. But now if other people are coming along and challenging my tool, I’m now thinking what else can I do to maintain that best tool in the toolbox? So it’s going to lead to better products over time and ultimately, who’s going to win the race is who solves the problem, and it’s hard to tell at this point. We’ll see who solves them. But they’re going to push each other and that’s going to be good for the industry.”