THE GOOD NEWS

Blockchain-based online gambling games that utilize fully transparent smart contracts allow users to participate without the worry of being cheated by the system.

THE PROBLEM

Online casinos are in a never-ending struggle to win the trust of potential customers and fight off hackers. These companies fight a war on multiple fronts, they are audited by government authorities, the pay for independent testing, they earn a good public reputation and build good PR. Even with all this, the customer does not have any way of knowing that the end-game is still not going to cheat them.

There have been multiple high profile online casino scams in the past including the 2007 AbsolutePoker debacle. Many countries do not want to legalize online gambling due to the fear of their citizens losing hard earned money to scam artists and hackers in a foreign country.

That’s because many of these online casinos are operated in foreign countries and hidden behind layers of the corporate structure. In the end, it’s the user responsibility to do their due diligence before using any online gambling site. Security experts recommend that customers do find out this information at a minimum:

• Is the site registered in a respected country like Malta or Gibraltar?
• Who was the independent auditor?
• Have they won any e-gaming awards?
• Have you reviewed the sites security information?
• How is the casinos online reputation?

TRUSTLESS ONLINE GAMBLING IS HERE

A new blockchain based platform, Joy Token, is attempting to remove the need for all of this due diligence. Joy Token is building a platform that allows game developers to create gambling games that are legally compliant and that cannot be manipulated or tampered with by the online casino or by third parties.

Joy Token is using smart contracts to hold the most important part of any game, the random number generator. Random number generators are the bane of existence for online casinos as hackers and statisticians are constantly trying to solve their puzzle. Casinos constantly change their RNGs to beat the hackers but this also leaves customers in the dark.

With Joy Token, the game code itself will be stored on a game server (possibly decentralized in the future) but the smart contract will hold the RNG and the player input.

The code for the RNG will be completely transparent and can be audited by any and all users without relying on others (trustless system). Because of this, the outcome of each game is completely decentralized and occurs within the smart contract itself.

RANDOM NUMBER GENERATOR

As I mentioned the RNG is the key to the fairness of every game. The method that Joy Token uses to create their RNGs has three requirements, it must operate in real-time and not be delayed by the blockchain, it must be decentralized and fully auditable, and it must be legally compliant.

In order to meet these requirements, the Joy Token team has created a double verification method. Random numbers will be created by a congruential generator algorithm that generates pseudo-random sequences of numbers. These numbers will change through the use of a seed that is tied to data from blockchain and, like a cryptocurrency exchange.

The second step in the verification process uses the blockchain and mines each number over a transaction. This creates a completely auditable and immutable random number generator.

SUMMARY

Joy Token itself is not going to operate a casino but will act as a marketplace for other casinos to buy games. This will allow Joy Token games to be used in any casino that wishes to have fully transparent games as part of their lineup.

The trustless system based on full transparency may well be at the forefront of technology for the next wave of online gambling.

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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