What is MyDFS (DFS)
As a blockchain-based platform, MyDFS is powered by ERC20 tokens and incorporates innovation in the fantasy’s sports world by the use of smart contracts in transactions. MyDFS allows the user to select a team, and the players’ actions within the day earn them points. This is unlike traditional fantasy sports where a team lasts for a whole season.
MyDFS replaces the use of fiat currency for the ERC-20 cryptocurrency, which helps to avoid legal constraints for operations in different countries.
How MyDFS Works
MyDFS runs on Ethereum platform and utilizes MyDFS tokens in transactions. The tokens allow users to play, win, or exchange the token with fiat money or other currencies easily. Those who wish to join the platform register and create an account through the official website or the MyDFS mobile application. They will then access a customized wallet where they log in to complete transactions. These wallets can hold both MyDFS utility contracts and Ethereum. The different contracts play different roles in the platform.
The MyDFS team is made up of industry professionals with experience in the fantasy sports world. Before the start of MyDFS, they had already successfully started and launched other fantasy sports products like uTrener and White-label solution for Kontinental Hockey League. The experience allowed them to combine modern technology and best business practices when developing MyDFS.
MyDFS team understands the value of a platform is only as good as the number of users. They have invested in cost-effective and well-targeted marketing strategies and tactics to attract fans and users to the platform who will, in turn, buy the tokens. Some of these marketing strategies include:
The marketing team uses the power of social media platforms like Facebook, Twitter, Instagram, YouTube, and Snapchat in reaching a broad audience, using different advertisements. The team understands how to track various user behavior to create suitable ads.
- Retargeting social network and website ads
Retargeting ads on social media and websites are used after the first run of generic ads. This is where the team runs specific ads with a target audience in mind.
MyDFS takes advantage of significant sporting events like the World Cup to reach the large audience that turns up. They schedule their products in line with the event dates and provide for customization, functionality, and branding to convert the real-life event’s interest in fantasy gaming.
MyDFS employs offline advertising like financing different leagues to play privately on the site, support of fan leagues, sports bar advertisements, among others.
MyDFS looks to leverage the power of celebrity athletes from around the world to help promote the brand and build trust among users.
Part of the MyDFS tokens is provided as incentives to users to participate in more games or invite others to join the platform.
MyDFS has several contracts that carry out processes like completing transactions, storing and retrieving statistics, and player brokerage. These contracts are:
It acts as the central contracts as it receives and relays commands among the different contracts. It is used in creating games, starting, finishing, or canceling games. It also allows you to join games using sponsored balance, and to withdraw or deposit tokens, and receive a balance.
Token contract manages user balances and keeps a history of transactions. You can use it to transfer tokens between different wallets, approve a transfer for brokerage, and get balances on any wallet in the platform. It keeps data on token supply and token name.
ICO contract comes in handy during sales. It allows you access to the amount of Ethereum deposited by a buyer, check for the hard and soft caps, issue bonuses, transfer tokens, and bonuses to buyers, and withdraw Ethereum when the sale period or cap level is reached. It keeps data relating to token price, hard and soft cap goals, beneficiary’s address, and existing bonuses.
- Player statistics contact
This is stores and avails all the user data in the system. It also approves and makes changes to the user data, sets and changes the user brokerage fee. It keeps data on games outcomes, games counts, and any other statistics.
Stores and manages game data and determines the winner. It lets you start, cancel, or finish a game, return to another game, and calculate scores and prizes. It keeps data on scores, player list, service fee, and game scoring rules.
Pros of MyDFS
These are some of the advantages users will get by using the platform:
You get your rewards almost instantly when you win. The platform also keeps a transaction history where you can follow up in case of concerns. The site has no intermediary, neither does it charges transactional fees hence high return on investments for users.
Transparent gaming process
All the statistics and other vital data about the games are stored in the blockchain. This allows users to verify the competitions, players involved and results using the smart contracts.
The use of smart contracts to complete transactions allows investors to monitor everything on the platform. They can track how the money is spent shared out after winnings. The investors can also follow the best players before choosing who to put in their team.
You can use MyDFS in almost every mobile device. It has both an android app and already developing one for IOS apps that ensures user convenience.
Decentralized and Borderless
Transactions in MyDFS does not involve cash, thus eliminates any legal constraints with any country in the world. Excluding the fiat currency also ensures decentralization allowing for fast transactions.
In a bid to make money as a platform, MyDFS engage in a lot of money generating activities. These include:
Pro app features
MyDFS app has some features sold only on the premium version. These features allow for viewing other player’s line up, smart lineup, access to leaderboards, exclusive contests, private games, P2P duels, and advanced player and team data.
Game entry fees
Game entry charge is the primary source of income for the platform. Players stake an amount on the daily fantasy games, and the total amount collected is distributed among the winners, while MyDFS keeps 10% of the earnings. At times it takes even less than the 10% for high stake games.
Advertisements and sponsor integrations
The platform integrates and displays sponsor ads on the apps for revenue. These include context-based ads, sponsored contests and leaderboards, and contest series.
The site provides additional content like private tournaments entry tickets and badges that users can purchase in the game using MyDFS tokens.
Pre-sales: Apr 16, 2018 – May 06, 2018
Public sales: May 21, 2018 – Jun 12, 2018
Token supply: 125,000,000 DFS
Total tokens for sale: 25,000,000 DFS
Soft cap: 4,000,000 USD
Hard cap: 40,000,000 USD
Raised: 3,000,000 USD
Blockchain Platform: Ethereum
Office address: Office 29, Clifton House, Fitzwilliam Street Lower Dublin 2, Republic of Ireland
Country limitations: China, Singapore, United States
Registration country: Ireland
Registration year: 2016
Token standard: ERC-20
Token price in USD: 1 MYDFS = 1 USD
Accepted currencies: ETH, BTC, DASH, LTC, BCC, ETC
Discounts during the crowdsale: 10% for >= $50,000, 15% for >= $100,000 and 25% for >= $500,000
up to 30%
up to 25%
40% – Purchased Tokens
37% – Growth Tokens
10% – Team
10% – Advisors tokens & early contributors
3% – Bounty program
55% – Marketing & PR
18% – Business Operations
13% – Development
8% – Legal and licences
6% – Other costs