Shaking The Online Gaming Space With JoyToken
JoyToken is an innovative platform created to connect players, large casinos and game developers. By creating an ecosystem that brings advantages to both the player and developer, JoyToken delivers smarter and creative games while avoiding any casino risks. A casino player will know that not every gambling place is to be trusted. It makes no harm when a person invests a small amount of money to pay for a game, but for a regular player, the lack of trust and fairness can become a serious concern. For this reason, players tend to visit casinos with a certain reputation to avoid being fooled.
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The solution offered by Joy Gaming is based on blockchain with games created on decentralized smart contracts. Unlike traditional casinos, players will be able to see if developers are running the game exactly as described on the blockchain. Moreover, they will have control over a personalized platform wallet instead of depositing into the casino account.
Addressing the Issues of Online Gambling
As found on their website, JoyToken discusses three significant problems that are limiting the growth of online gambling industry. First of all, gamers often have a fear of being cheated by casinos which make them hesitate trying new games. Secondly, launching a new game involves high costs and even higher risks for game developers. Besides, sometimes it requires a third-party payment solution which means more fees and fewer profits. Finally, as a result, online gambling faces the lack of innovation and monopoly and loses the potential of attracting new players.
How does JoyToken want to solve all of these?
- Smart contracts: JoyToken’s platform encodes the game rules in a clear contract that allows a player to verify that the result was fair.
- Smart wallets: gamers can control their funds using smart wallets by crediting or withdrawing tokens (depending on the winner)
- The Marketplace: developers who create innovative games can get new users more efficiently and earn money in "real-time" as the games are played.
- Casinos connect with developers: casinos are the tokens provider in the smart contract, and when a user plays a game, the casino will pay the developer.
Andrew MacDonald, CEO of JoyToken told the PR Newswire that their goal is “to support developers in doing what they do best, that is, create new games. Abiding by all local market gambling regulations, developers can be assured that games released on the platform have legal access to all jurisdictions." (https://www.prnewswire.com/news-releases/joytoken-releases-demo-game-to-demonstrate-smart-contract-functionality-300596278.html )
How will tokens be used?
Within the platform, JoyTokens can be used in different ways. The system charges a transaction for every game played; therefore, tokens can be used to play games on the network. Casinos and game developers can use tokens when making secure payments for games and receiving payments from players. The JoyToken team claims to enjoy a higher profit than traditional online casinos, as they have eliminated any third party payment solutions and rights over the tokens in the games.
This project’s main token sale is scheduled for 20th March 2018 lasting until 19th April 2018. There is a total supply of 700,000,000 tokens.
If you are interested in this project, head to the official website to find out more interesting information at:
Sorry, but I am afraid that JoyToken has already been cut to the chase. There is a coin called "FunFair", that has been released already and it offers the same exact things like online gaming and gambling. Unless JoyToken has a better blockchain and great future plans, there would not really be use for JoyToken because it is basically copying FunFair. Although I don't think that there is use to Joytoken, I will still give an upvote and a follow for a great written post. Bravo and keep up the great work!