Having a solid team is key to the success of any company. In addition to having a solid core team, many in the world of blockchain can heavily benefit by surrounding themselves with advisors who are not only familiar with the inner workings of blockchain technology, but with business ventures in general.
In a move to position daily fantasy sports platform MyDFS as a leader in the world of blockchain-based gaming, the team has announced they will be adding Frank Fu as an advisor to the project. Frank Fu is best known for having been President of Kingsoft Office Software, where he led sales, marketing, global partnerships, product management, and operations. He brings with him an in-depth understanding of marketing and what it takes to bring a service to a global market.
“When building something great, you have to surround yourself with great people. Having Frank as an advisor brings valuable knowledge and experience to the project,” states MyDFS CEO Viktor Mangazeev.
With a strong interest in blockchain tech, Fu has founded several blockchain companies, furthering his expertise and understanding of the constantly-evolving digital landscape. Fu currently serves as Managing Director of Corporate Development for Chinese company Meitu, Inc. Meitu is a photo editing service that is mainly used in mainland China, but also has success in both Hong Kong and Taiwan. Meitu’s apps have been accessed on over 1 billion devices already.
In addition to being on board as an advisor, Fu has also invested $2 million into the project, further demonstrating his belief in the MyDFS team’s vision.
“The union of gaming and blockchain is inevitable,” says Fu. “Encrypted blockchain guarantees safe storage of all in-game digital assets, what makes the data transparent to the core. Blockchain technology is the solution we are all looking for, due to the decentralized network and [its ability] to record each transaction to combat fraud. That actually can trigger the game industry’s next evolution.”
MyDFS is slated to change how daily fantasy sports are played, by bringing a level of transparency and ease-of-use that just isn’t there on traditional platforms. Because the platform is entirely on the blockchain, all player actions are recorded on an open digital ledger, meaning issues of foul play and cheating are practically non-existent. It will also offer unique ways of participating on the platform, with the main one being investing in other players that actually play on the platform.
Instead of simply betting on teams and player loadouts, users will be able to use the MyDFS token to bet on the pro players that consistently have strong showings and payouts. It’s almost like profit-sharing in that you’ll get a percentage of the winnings that those players make during their sessions. And because everything is on the blockchain and verified through smart contracts, payouts and confirmations will happen almost instantaneously, as the smart contracts guarantee accuracy.
Blockchain technology has almost infinite possibilities, and fantasy sports is just another example of something that can be improved through the decentralized nature of the blockchain.