Up to this year, there have been 59.3 million people who play or have played fantasy sports in the USA and Canada alone. This number is still a fairly low one, as there are a lot of other players around the globe. The fantasy sport industry is growing unexpectedly fast, but there’s an issue. Fantasy sports sites earn up to 10% commission for each content they held, however Paypal or credit card processing companies have high fees which reduce the profit for these type of websites dramatically.
DFSCoin wants to solve this problem using the blockchain model. DFSCoin is the official cryptocurrency for fantasy sports that allow fantasy sport fans to compete with each other while also maximizing the profit for fantasy sports website by having a fee of just .001 DFS per transaction. On 28th July the DFSCoin ICO started, with 25.2 million DFS coins being delivered to early inverstors. The ICO is divided into 5 parts : the first 1 million DFS will be sold with 1600 satoshi, the next 4 million with 2400 satoshi and so on, until the last 9.2 million which will be sold with 4000 satoshi, you can read more about it on their ICO page.
DFSCoin have a 210 million total coin supply, with a premine amount of 42 million using the Scrypt algorithm. The cryptocurrency type is PoW/ PoS with a 20 DFS reward per block. Using the PoS system you can earn 8% profit per year. DFSCoin is already available to be used on DraftDaily.com and FanLucci.com and their team hope to establish a partnership with all the major daily fantasy websites. You can even participate in their open public beta of DraftDaily.com and receive a 1000 free DFS. More details can be found on their Bitcointalk thread.
DFSCoin sounds like a promising cryptocurrency and besides the fact that it’s planning to reduce the costs for fantasy sports websites, it will also reduce the fraud and chargeback risk – as the blockchain system offers a better security.