THE GOOD NEWS

The $50 billion online gambling industry is growing and one of the few sectors that is recession-proof. The industry is poised to enter a phase of technological growth that may result in an additional expansion of the market.

The introduction of blockchain technology and trustless smart contracts combined with gambling games allows for fully transparent gaming algorithms and player controlled wallets, giving users a sense of safety that has never before been achieved.

TL;DR JOY TOKEN

Joy Token is a platform that will allow game developers to create fully compliant casino games with completely transparent smart contract “winning” algorithms. Online Casinos will then choose these pre-approved games in a version of a gambling game app store.

The Joyful Network and game developer will each receive a small fee each time a game is played. All fee distributions will be handled autonomously via smart contract.

THE MARKET

The online gaming market was USD 44.16 billion in 2016 and is expected to grow to USD 81.71 billion by 2022. Gambling on mobile devices is increasing as is the number of countries that have made it legal. As of now, more than 80 countries have legalized online gambling in Europe acting as the current highest market. As regulations change and new markets open in the U.S. and Asia, the growth of online gambling will propel.

Although the online gaming industry is already huge and has even bigger potential, it is crippled by a handful of problems. The first problem, the deal breaker for many, is trust. How can a gambler trust a game based that is being operated in a foreign country with no ability to audit? How does the gamer know that the game is paying out 97% as advertised?

Right now they don’t. A new blockchain based project named Joy Token is attempting to solve the trust issue while also building a pathway for independent game developers to create new and exciting games that are fully compliant with legal regulations. In addition to this, Joy Token allows players to be in control of their own money, only transferring it when a game is played.

THE SOLUTION

TRANSPARENT GAMING ALGORITHMS

Every online game uses a computer program to determine when a player wins. In order to be legally compliant games must elect winners at random and are required to pay out a certain percentage. Currently, this relies on the user trusting the regulatory agency and the casino. Joy Token is introducing a system of transparent gaming algorithms, or a set of game rules that are coded into a smart contract that is recorded onto the blockchain.

The smart contract for each game will include the game rules and also record the outcome of each turn. In online roulette, the smart contract would record the outcome of each spin of the wheel and it would be recorded to the Ethereum blockchain. In addition to the game rules being completely viewable, the payouts of each smart contract will also be viewable on a blockchain explorer. Any player, regulator or even stat enthusiast will be able to publicly audit the payouts for each game.

PATHWAY TO BETTER GAMES

Online casinos suffer from a lack of quality games and a lack of quantity of games. This is not because there’s no demand but rather there is no reward for creative independent game developers to navigate the red tape bureaucracy of creating a legally compliant gambling game for 3% ownership in their game.

The Joy Token model allows game developers to bypass the $100k license fee, the legal and regulatory checks and the 6-12 months of waiting. In exchange for this Joy Token takes approximately 30% of the developer’s commission, a standard, and accepted rate, and charges a small fee in JOY tokens in order to access the services and API of the Joyful Network. Included in this fee and commission the Joyful Network will also promote and publish games with their partners.

BENEFITS TO GAMERS

Besides the elimination of trust issues and removing the lack of quality and variety of games, the JOY token will enable gamers to wager in a way that allows them to be in complete control of their funds at all times. This method is similar to the way a decentralized exchanged handles user wallets.

When a game is loading a user will enter a chosen number of JOY tokens into a game-specific smart contract wallet. The game smart contract will access the wallet to verify that funds are available to play and will either add or remove funds based on the outcome of the game.

When the user is finished playing the game, the game server will create a history file that is hashed and written to the smart contract. The smart contract will then return the correct amount of JOY tokens to the users (non-game) wallet.

TEAM & PARTNERS

The team is led by Andrew MacDonald who has 20 years of experience in the Retail and Online gaming industries. The CTO, Steve Giordano Imbroll has worked as a product developer for Sony, Uber and PKR Technologies. The team is rounded out by experienced compliance specialists, marketers, designers and 10 devs. The devs appear experienced, however, they are lacking blockchain experience on their resumes.

The team does currently have a working test of the product available for users to try and have partnered with the online casino PlayCosmo. The first live Joy Token game will launch on PlayCosmo in June 2018.

SUMMARY

The Joy Token project benefits all facets of the online gambling community. Casinos will be able to offer a greater quantity of high-quality games, users will be able to play knowing that the game code is fully auditable via the blockchain, and game developers can create games without subjecting themselves to complex gaming regulations.

TOKEN SALE

📅ICO Date: Open Now. Ends April 19th.
📈Token Ticker: JOY
💵Token Price: $0.18 base price.
Total Supply: 700 million
Amount for Sale: 350 million and Hardcap of $46,340,000
Unsold Tokens: Locked for 1 year then released into VIP token reserve to allow Casinos to acquire and retain players.
Discounts: Maximum of 50%
Token Type: ERC20.

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