The Joy Token ICO recently started with it so far seemingly going well:
Website: Website Here
The online casino market is huge so it is no surprise that there is now a cryptocurrency that is focused on this part of the industry. Joytoken is a digital currency that will open up a number of different possibilities further down the line. Using the blockchain and the way in which it works against fraud is going to also offer a large degree of protection in a market where personal data is always going to be a security risk.
The Basics of Joytoken
This is a development platform that allows for both the creation as well as the marketing of casino games. At the same time, it makes for full use of the blockchain as well as Smart Contracts that will allow for complete transparency along with the option to scale things up as and when required.
At the root of it all is the idea of offering a trustless ecosystem whereby the Smart Contracts are going to be used to generate the actual outcome of the game. The same Smart Contracts can be used in order to reward those individuals that decide to develop games.
They state that they hope to provide a platform whereby small developers, casinos and players can all come together. They also believe that the blockchain is going to reduce the risk for the casinos as well since fraud is a constant threat, and this is one way of working around that particular problem.
The Technical Aspect of Joytoken
Joy token is built on the Ethereum platform, and that plays a huge role in the way that they do not see scalability as being an issue for them. Also, the token is an ERC20 token making it easy for you to store and trade via any Ethereum based wallet such as MyEtherWallet.
When it comes to the functionality, then they are rather clear as to how the entire platform is going to work. At its core is the Joy token, but around that is each and every aspect of the gaming options no matter which side of the table you are on.
You have the client who finds it very easy to create an account and then access everything that the platform has to offer. Because of the way in which clients are attracted to the platform, it then encourages developers to create their own games and to then integrate it onto the blockchain. The blockchain is decentralized and they make full use of Smart Contracts to provide that sense of security and validity for each party.
As a result of this development, there are then more games on the network and because there are more games it stands to reason that there will then be more users who sign up as a direct result.
For the token, it is paid out in winnings to users and also as rewards to the developers that have created new games on the platform. The platform does also take away a lot of the hassle connected to the marketing and making sure that everything is legal, so a developer is able to focus on the core aspect of what they are doing rather than being side-tracked in that way.
The Advantages of Joytoken.
Perhaps the main advantage associated with this project is that it does make things slightly more in favor of the user rather than the house. The use of Smart Contracts to ultimately make things more about a game of chance rather than being one-sided is going to help to draw in more users who see it as being a much fairer approach. With the Ethereum based smart contracts all users will be ensured that the system is entirely fair.
For a developer, the way in which they deal with everything aside from the actual development of the game does make life so much easier and it is easy to see how that could draw in additional developers when they see that the platform is becoming far more established than before.
Overall, Joytoken is going to provide a fair platform for everyone which is fully transparent and safe. Considering the potential issues by other online casinos where information and data has been stolen, then this alone could be a huge advantage.
The Financial Aspect and the ICO.
When it comes to the financial aspect then the company has been very clear as to what they hope to happen during their ICO. They do accept both ETH and BTC for the ICO itself and they have also set a soft cap of $1,000,000 and a hard cap of $46,340,000.
They have also stated that there will be a total of 700,000,000 tokens released over the duration of the creation of the cryptocurrency and that 50% of them will be available during the ICO. Of course, as is the norm, the remainder after the ICO has concluded will then be burnt leading to the final total of tokens that are out there.
With purchasing tokens, it has been priced at $0.14 for 1 JOY.
Conclusion About Joytoken and the ICO.
This is not the only digital currency that is looking at trying to get in on the online casino industry, and considering the size of the market this should not come as a surprise. They are clearly looking at doing things correct from the outset and using Ethereum should give people more confidence especially at the outset.
The people behind the platform are experienced enough and know what they are doing, so there should be no issues there. In fact, the only potential issue is how they get the users and developers on board at the beginning. However, with them looking at using a healthy percentage of money raised from their ICO on business development and marketing, then it is reasonable to assume that this may not be such a big problem.
From an investment point of view, this is one of those options where the actual risk that is involved can be seen as being relatively small in size and stature. Of course, the irony that there is little risk when we are dealing with a casino should not be lost on people.
Check out further details on their website and in their whitepaper:
Website: Their website
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