JoyToken released its white paper today outlining its Ethereum-backed platform and protocol for online gambling which rewards game developers, players, and casino operators automatically through its smart contract functionality.
By building its platform on the Ethereum blockchain, JoyToken is set to help build greater trust in the gambling industry. As a decentralised, peer-to-peer gambling platform and protocol, the Ethereum blockchain records every action on the network. It also provides faster access to funds and maintains anonymity of users’ credit information. Blockchain technology eliminates the need for potentially corruptible third parties to verify transactions. The elimination of third party arbitrators means that it will be much more difficult for bad actors to “game the system,” as smart contracts will be used to determine game outcomes.
JoyToken’s greater aim is to further the growth of the gambling industry as a whole by providing additional opportunities for game developers to expand their audience through JoyToken’s partnerships with online casinos worldwide. Furthermore, JoyToken is able to offer casinos a spectrum of games from different developers, and ultimately expand game choices for players.
With its strategic partnership with PlayCosmo casino, an online casino licensed in the UK, Malta, and Curacao, JoyToken has immediate access to an online casino that will allow developers to test their games before releasing them to other casino operators. Developers will soon be able to begin building games using JoyToken’s Ethereum-backed protocol.
As the platform’s in-ecosystem currency, JoyTokens will be used to reward developers and ultimately to allow players to play with them. JoyToken’s Token Generation Event (TGE) will launch in February 2018. JoyToken’s in-system cryptocurrency will be made available for in-game use in 2018 in countries where this is compliant with local gaming laws.
JoyToken is a platform and protocol that forms the foundation for a “trustless” gambling ecosystem wherein smart contracts are used to automatically determine game outcomes. JoyToken’s greater aim is to further the growth of the gambling industry by creating entrepreneurial opportunities for game developers. By joining JoyToken’s platform, game developers can earn rewards from their games featured on such casinos as PlayCosmo that boast global distribution. The JoyToken protocol will be made available to developers worldwide so that they can begin creating their own games using JoyToken’s smart contracts.