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My DeFi Pet is a a virtual pet game that combines DeFi, collectibles and your own personality.
My DeFi Pet is operated on Supported Network including Binance Smart Chain and KardiaChain.
"My DeFi Pet" is the initiative for our vision of a mass-adoption blockchain game. The name encompasses the three characteristics of the game: “Pet” raising game, “DeFi” features integrated, and “My” personalisation.
"My DeFi Pet" revolves around a core loop of engaging gaming activities such as collecting, breeding, evolving, battling with, and trading/socialising for pets. We use the concept of Season to break down the game progress into smaller parts. This mechanism complements our human tendency for short term rewards
The native digital cryptographically-secured utility token of My DeFi Pet (DPET token) is a transferable representation of attributed functions specified in the protocol/code of My DeFi Pet, and which is designed to be used solely as an interoperable utility token on the platform. DPET token is a non-refundable functional utility token which will be used as the medium of exchange between participants on My DeFi Pet in a decentralised manner. The goal of introducing DPET token is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on My DeFi Pet, and it is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer.
DPET token does not in any way represent any shareholding, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will DPET token entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in Singapore or any relevant jurisdiction. DPET token may only be utilised on My DeFi Pet, and ownership of DPET token carries no rights, express or implied, other than the right to use DPET token as a means to enable usage of and interaction within My DeFi Pet.
DPET token provides the economic incentives which will be distributed to encourage users to contribute and maintain the ecosystem on My DeFi Pet, thereby creating a win-win system where every participant is fairly compensated for its efforts. DPET token is an integral and indispensable part of My DeFi Pet, because without DPET token, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on My DeFi Pet. Given that additional DPET token will be awarded to a user based only on its actual usage, activity and contribution on My DeFi Pet, users of My DeFi Pet and/or holders of DPET token which did not actively participate will not receive any DPET token incentives.
The DPET economics has been designed to incentivize and maximise the interaction between the players and the game. For example, users will be rewarded with DPET and random rewards to encourage them to spend on activities within the system which would promote adoption of the platform, such as spending on purchasing, breeding or evolving pets, or spending time playing games. DPET may be spend by players to significantly enhance their progress and experience in-game. So as to promote decentralised community governance for the network, DPET token would allow holders to propose and vote on governance proposals to determine features and/or parameters of My DeFi Pet, with voting weight calculated in proportion to the tokens staked. For the avoidance of doubt, the right to vote is restricted solely to voting on features of My DeFi Pet; the right to vote does not entitle DPET token holders to vote on the operation and management of the Company, its affiliates, or their assets or the disposition of such assets, and does not constitute any equity interest in any of these entities.
This arrangement is not intended to be any form of joint venture or partnership. It is the community members which would drive development of My DeFi Pet, so DPET token incentives would need to be distributed to compensate them for their time, expertise and effort. Only users which have participated in submission of proposals, commenting, reviewing and/or voting will be entitled to receive DPET token governance rewards.
"My DeFi Pet" is a combination of top tier traditional game developers and a leading blockchain team. All DPET tokens and NFT tokens will be available and tradable cross-blockchain, currently Binance Smart Chain and KardiaChain. Utilising the non-invasive interoperability from KardiaChain, we can offer the game to any major blockchain’s community, such as Ethereum and Polkadot.
You acknowledge and agree that there are numerous risks associated with acquiring DPET token, holding DPET token, and using DPET token for participation in My DeFi Pet. In the worst scenario, this could lead to the loss of all or part of DPET token held.
IF YOU DECIDE TO ACQUIRE DPET token OR PARTICIPATE IN MY DEFI PET, YOU EXPRESSLY ACKNOWLEDGE, ACCEPT AND ASSUME THE FOLLOWING RISKS: Uncertain Regulations and Enforcement Actions:
The regulatory status of My DeFi Pet, DPET token and distributed ledger technology is unclear or unsettled in many jurisdictions. The regulation of digital assets has become a primary target of regulation in all major countries in the world. It is impossible to predict how, when or whether regulatory agencies may apply existing regulations or create new regulations with respect to such technology and its applications, including DPET token and/or My DeFi Pet.
Regulatory actions could negatively impact DPET token and/or My DeFi Pet in various ways. The Company, the Distributor (or their respective affiliates) may cease operations in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction. a) Inadequate disclosure of information: As at the date hereof, My DeFi Pet is still under development and its design concepts, consensus mechanisms, algorithms, codes, and other technical details and parameters may be constantly and frequently updated and changed. Although this whitepaper contains the most current information relating to My DeFi Pet, it is not absolutely complete and may still be adjusted and updated by the DPETs team from time to time.
The DPETs team has no ability and obligation to keep holders of DPET token informed of every detail (including development progress and expected milestones) regarding the project to develop My DeFi Pet, hence insufficient information disclosure is inevitable and reasonable
Competitors: Various types of decentralised applications and networks are emerging at a rapid rate, and the industry is increasingly competitive. It is possible that alternative networks could be established that utilise the same or similar code and protocol underlying DPET token and/or My DeFi Pet and attempt to re-create similar facilities. My DeFi Pet may be required to compete with these alternative networks, which could negatively impact DPET token and/or My DeFi Pet.
c) Loss of Talent: The development of My DeFi Pet greatly depends on the continued co-operation of the existing technical team and expert consultants, who are highly knowledgeable and experienced in their respective sectors. The loss of any member may adversely affect My DeFi Pet or its future development. Further, stability and cohesion within the team is critical to the overall development of My DeFi Pet. There is the possibility that conflict within the team and/or departure of core personnel may occur, resulting in negative influence on the project in the future.
d) Failure to develop: There is the risk that the development of My DeFi Pet will not be executed or implemented as planned, for a variety of reasons, including without limitation the event of a decline in the prices of any digital asset, virtual currency or DPET token, unforeseen technical difficulties, and shortage of development funds for activities.
e) Security weaknesses: Hackers or other malicious groups or organisations may attempt to interfere with DPET token and/or My DeFi Pet in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing. Furthermore, there is a risk that a third party or a member of the Company, the Distributor or their respective affiliates may intentionally or unintentionally introduce weaknesses into the core infrastructure of DPET token and/or My DeFi Pet, which could negatively affect DPET token and/or My DeFi Pet. Further, the future of cryptography and security innovations are highly unpredictable and advances in cryptography, or technical advances (including without limitation development of quantum computing), could present unknown risks to DPET token and/or My DeFi Pet by rendering ineffective the cryptographic consensus mechanism that underpins that blockchain protocol.
Other risks: In addition, the potential risks briefly mentioned above are not exhaustive and there are other risks (as more particularly set out in the Terms and Conditions) associated with your participation in My DeFi Pet, as well as acquisition of, holding and use of DPET token, including those that the Company or the Distributor cannot anticipate. Such risks may further materialise as unanticipated variations or combinations of the aforementioned risks. You should conduct full due diligence on the Company, the Distributor, their respective affiliates, and the DPETs team, as well as understand the overall framework, mission and vision for My DeFi Pet prior to participating in the same and/or acquiring DPET token.
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