JoyToken has emerged as a project seeking to disrupt the online gaming industry with a new platform and protocol by using the blockchain. Traditionally, the gaming industry has been dominated by a few players, but with blockchain technology the industry will open itself up to new competitors, thus widening the choices for consumers.
Due to prohibitive laws and regulations in many jurisdictions, there has been a shady aspect to the gaming industry. Law-abiding and ethical companies have avoided establishing themselves where it would be illegal, thus creating a shadowy market lacking fairness and transparency. In some cases online casinos have simply refused to compensate winners or accused them of violating the terms and conditions of their platforms without a basis. Of establishments that do have licenses to operate, players have been unable to prove whether they have been operating fairly or ethically, given their hidden algorithms and software.
The blockchain, offering a decentralized ledger with open and trustless transactions, turns this status quo on its head by preventing fraud, eliminating third parties that add costs, and creating a marketplace that is global in nature and not restricted to any physical location. The transactions that take place using smart contracts will be verifiable and auditable given the transparent nature of the blockchain. The Joy Token team will also carefully audit games that are added to the platform to ensure they are fair to players and enhance the quality of the ecosystem. In turn, developers will be able to reach a larger audience of players using the platform, enabling them to monetize their creativity.
To ensure compliance with applicable laws, Joy Token may require a KYC verification process for users. After passing the KYC check, if required, users will have access to a wallet with a public key that will be compatible with participating service providers, and that will provide instant liquidity for games. Joy Token will also assist developers and companies with regulatory compliance by joining the platform.
The currency used on the Joy Token platform to play games and compensate developers is the JOY token, an ERC20 compatible token. In total, 700,000,000 JOY tokens will be created, thus serving to stabilize and support its value for token holders.
The crowdsale for Joy Token is taking place from March 20, 2018 to April 19, 2018. The soft cap of $1,000,000 has been reached easily, with the project having thus far raised over $3,000,000, according to its website. Given that the project has raised the needed funds to continue development and its determination to disrupt a very lucrative industry, Joy Token will be an interesting project to watch.
*I am receiving JOY tokens for the growth of the community.
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