Joy Token wants to build a transparent online gambling ecosystem
It is said that there are three recession-proof industries in the world – Alcohol, Tobacco and Gambling. However, with increased awareness of the side effects of the first two, Alcohol and Tobacco industries are seeing a steady decline in growth figures. Gambling, on the other hand, has been seeing steady growth. The internet has been a major driver in this growth, and it is estimated that this industry will hit a whopping 59 billion USD by 2020. However, as the casino culture hits the mainstream, more people are questioning the way it functions, raising trust issues, among others.
To solve these issues, Joy Token creating a decentralised ecosystem between gamers, developers and casino owners on the blockchain through their casino building and marketing platform. The project uses mart contracts to provide scalability, transparency, and global adoption. The company is launching an ICO for the development of this platform.
The needs and how it works
According to their official channels, the Joy Token team says developing games in the gambling industry can be a difficult and lengthy process; especially when confronted by a low revenue share, regulatory requirements and integrating your games into the big game providers backend.
Larger game developers have their own in-house game development teams and tend to use only a handful of independent game developers, leaving the smaller independent developer with limited access to this ever-growing market. Likewise, the end users (game players) miss out on potentially exciting new games and must trust online casino operators who offer little transparency to their players.
Joytoken aims to address all these problems by removing the barriers in a platform that will allow developers to create games that are run on its backend through a smart contract, rather than directly on the blockchain. As all the results are recorded within the blockchain, there is significantly lower fraud. Thus players can verify that developers are running games exactly as described on the blockchain. Further, game developers and software houses can connect and integrate with liquidity providers, such as casinos, to provide access directly to their games. Both the casinos and the developers benefit from the additional revenue and increased game innovation. The lack of reputation of any specific site can be offset by the fact that rules and underlying infrastructure of the games are recorded on the blockchain.
This platform, however, is still at an alpha stage, and a large part of the ICO will be used to develop this.
The holding company of Joy Token is Joy Gaming Ltd, a company registered at an address on the Isle of Man. The company is also referred to as Joyful Games or Joy Games, on the LinkedIn of the various stakeholders of the company.
The CEO, Andrew McDonald, has worked in the online casino gaming industry for over a decade in executive capacities. He is joined by the CMO Mike Leys and the CTO Steve Giordano Imbroll, who also have been in the senior position in the industry. Interestingly, there isn’t an advisory board mentioned here.
Token sale details
The company is currently running a private pre-sale and will be launching their main sale in the coming day. Check out all the details here – https://joytoken.io/
Join their Telegram Channel here – https://t.me/joytoken
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.