Website: https://joytoken.io/
The existing gaming marketplace
The existing Gaming ecosystem is largely reputation driven — a reputation built up by increased advertising. To acquire and retain players, casinos are forced to spend large amounts in order to build trust and reputation through brand awareness. In addition, large casinos control game development. Players are forced to trust these casinos because a lack of transparency means that players can’t track their wagers and thus can’t assess the legitimacy of each bet.
Smaller developers also suffer because they are paid a small percentage of the games revenue and face difficulties when publishing a new game, such as: lack of immediate income and access to the large gaming platforms.
Our Platform will use the Ethereum network as a Blockchain based ecosystem. The Ethereum network is well-established, accepted, and used by the community with a full Turing language capability. While there are some latency issues, a middle-ground decentralised solution is proposed below that can significantly reduce this latency.
How it works currently
Developing games in the gambling industry can be a difficult and lengthy process; especially when confronted by a low revenue share, regulatory requirments and integrating your games in the big game providers backend. The 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.visit https://joytoken.io/white-paper.html more information
Additionally, the current business model of traditional developers isn’t reaching all potential players; particularly millennials who want more from their gaming experience; including financial anonymity, trust and transparency.
Our vision
JoyToken is committed to deliver smarter games to existing and new casino players by giving innovative and creative games developers easy access to operators in our one stop solution. JoyToken delivers this in four easy steps:
- Game integration and hosting is simple with our own tried and tested game development system.
- Payments go straight to developers’ bank accounts in the form of JoyTokens.
- All relevant regulatory and compliance requirements will be taken care by us.
Instant access to market via our own online casino site; PlayCosmo Casino which is licensed in the UK, Malta and Curacao and allows developers to test their games before general release to other operator’s casino websites.
The joy Gaming solution
Joy Gaming’s solution is blockchain-based and it allows 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 bene t 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 (in addition to the approval system before games are allowed to go live on the Joy Gaming network).
Technology
Joy token technology:
- Blockchain-based back-end and development stack.
- Auditability and transparency over gaming codes — all contracts are accessible by players at all times.
- Smart Contract implemented and connected to the Game back-end through APIs.
- Security provided by the Ethereum Public Network.
- A game registry system connecting game developers to liquidity providers (casinos).
- Random number generation systems that allow games to be publicly verifiable and easily accessed by game developers.
Smart contracts
The Joy Gaming network relies on decentralised smart contracts to guarantee and record everything on the blockchain. Through the blockchain, we will be able to audit everything that happens on Joy Gaming. Users that play the games will be able to view, in real time, the outcomes and the rewards of the network. Unlike traditional casinos where deposits are made to the casino account, users will always have control over their JoyToken wallet (and withdrawals are simpler and conducted more quickly).
The joy Gaming stack
Our technology stack is primarily composed of three main components: the Blockchain Layer, Game Applications (back/front end) and the Random Number Generator (RNG).
Blockchain Layer
The Blockchain layer has three functions: token management, game outcome management, and providing auditability of the Random Number Generator.
Game application (Back & Front-End Management)
Game application codes will be hosted on our servers or hosted through the IPFS/Sia/Storj network. Game outcome will then be communicated to the Smart Contract. Thereafter, the game servers will provide the state of the game to Blockchain using JSON RPC via IPC. The user experience won’t be impacted by the usage/availability of the Blockchain because all game outcomes will be available immediately. This feature ensures that user experience is close to traditional gameplay, while ensuring that the process is also fully transparent and decentralised. Every game code will be accessible on the Blockchain along with full auditability on the random number generated.
The random Number Generator (RNG) Auditability
A key part of the gaming industry is the verifiability of a RNG. In the traditional sense, RNG generators are usually administered by the company hosting the games. However, in our case, this will be decentralised and demonstrably fair because every game will run on a custom built algorithm that relies on the RNG generator linked to the Ethereum network smart contract. This is described in more detail in the Wrapping Phase and Pay- out Process.
Token Sale
The Token :
Joy token will be available for purchase on the Ethereum network as an ERC20 token. There is a current challenge with the ERC20 token: if you send your token to a Smart Contract, you have to use the “approve + transfer form” function to make the transfer. But, if you send your token to an externally owned address, you have to use the “transfer” function. Unfortunately, if you make a mistake using those functions, then the money is lost.
Sample code for the ERC20 token interface
we are aware of this challenge and are working to ensure it will not happen to our Clients. We plan to upgrade to the new and under-development ERC223 standard (after it is fully developed). The ERC223 has a new feature that triggers, in the case of a scenario explained above, and the money is automatically sent back to the client.
Token sale structure
Cryptocurrency accepted: ETH, BTC, Wire transfer
Hard-cap: JoyToken sale has a hard-cap of 46 340 000 USD.
Soft-cap: JoyToken sale has a soft-cap of 1 000 000 USD. If the total amount raised is below the soft-cap, the offering is considered failed.
Timescale: Starting approximately on 20th of March 2018 and lasting for up to 31 days or before all the tokens are distributed.
Oversubscription: When JoyToken offering raises more than 46 340 000 USD, the token sale will be closed immediately. There is a chance of oversubscription. In such an event, the exceeding amount of fund will be returned within 15 days after the close of the token sale. Please note that no interest will be paid in such case.
Failure: If the token sale does not hit the soft-cap, then it will be considered a failed token sale. The offering will be terminated and any funds sent will be returned within 15 days after the close of the token sale. Please note that no interest will be paid in such case.
Other risks: The sale of the tokens involves a number of other risks that are explained in the Private Placement Memorandum (PPM) that accompanies the token sale documents. Those risks include, without limitation, the SEC’s current position that similar tokens were considered securities and required registration or an exemption, potential loss of value in the tokens, inability to resell the tokens, failure to develop the Joy Gaming network, and viability of technology risks. The reader is urged to read the PPM for a fuller explanation of the risks and to obtain proper counsel before proceeding with any investment.
Token Distribution
Andrew MacDonald — CEO
Mike Leys — CMO
Steve Giordano Imbroll — CTO
Nathen Lockett — Compliance Specialist
Adam Spargo — Marketing Partner Specialist
Grzegorz Dymek — Site Leader / Backend Developer
Advisors
Mateusz Mach — Advisor
Keld Knudsen — Advisor
Justin Jovanovic — Advisor
To Know More Information Visit the Link Below :
Website : https://joytoken.io/
Whitepaper : https://joytoken.io/white-paper.html
Facebook : https://web.facebook.com/JoyToken.io/?_rdc=1&_rdr
Twitter : https://twitter.com/JoyToken
Telegram : https://t.me/joytoken
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