Blockchain is set to upend the $50 billion online gaming this year and it is going to be exciting space.
If there was an industry waiting to be disrupted by blockchain – and welcoming the paradigm shift with open arms – the gambling industry is it.
The lack of transparency in the entire vertical is a perennial issue. Particularly online. This booming digital business, which is expected to hit $50 billion this year and $60 billion in just two, is therefore ripe for a technology that can create transparency and trust – and the blockchain fills the need perfectly.
The technology can be used to not only to issue tokens to pay for games and verify results. It can also be used to store executable elements of gaming programs, linking them at runtime to create a more varied, unpredictable game experience. The implications for virtual and interactive real-time games is even more exciting. This is not just your grandpa’s Lotto, slots or even craps in Las Vegas we are talking about. Although of course, this revolution will apply to more traditional types of games too.
The ability of even smaller developers to enter the ecosystem with new games that are also authorized and verified not by previous reputation but because they use a trusted technology to track and verify will also be unparalleled. As will the ability of even established casinos to use them. This creates a direct path for the most innovative games to find their audiences and fast.
On top of that, this technology creates the opportunity for everyone to win – not just the house. Linking games via smart contracts and randomly numbered but tracked tokens creates a transparency and fraud-buster the industry has long sought – and in fact is openly embracing. Particularly if the technology involved is also deliberately designed to be in compliance with gaming regulations – starting with KYC (or know your client).
Integrating the gaming industry with blockchain technology also has the potential to create higher payouts for everyone – and via an absolutely transparent system that is set up when the bet is placed, linked by the smart contract.
JoyToken (aka Joy Gaming) offers a novel new solution to connect even new or small developers, software houses, large casinos and players. Its gaming ecosystem (which is already operational) helps developers enter the market (and receive higher royalties), and allows even larger casinos to utilize new games from unknown developers while reducing overall systematic risk.
Joy Gaming’s technology, developed by avid gamers, also enables users to play in a transparent and code-governed environment, with random tracking numbers assigned by every smart contract, for every bet. Through an innovative random generated number process, players gain peace of mind that the games they play are fair and safe.
Developers, casinos, and businesses also benefit from this payment system. The Joy platform provides liquidity sharing, fair compensation and a technology that is embedded in the core of each game right from the start. It is, in other words, the perfect ecosystem for blockchain.
And the market is clearly ready. Particularly for platforms that are also in compliance with gaming regulations.
Joy Gaming’s platform works via an integration of layers and technologies to create much-needed core services that make everything else work.
Token Management: In a traditional online casino, clients send money to the house to play games. This does not happen on this platform. Players buy tokens that allow them to play the games that accept them. Each time they place a bet, a smart contract, with a uniquely generated random number assigned via the creation of the contract block itself, will lock in funds and split them after the game is played. The casino never has control of player’s funds. On top of that, the token is a convenient form of payment throughout the ecosystem – including as royalties to developers from casinos. As in other kinds of block chained ecosystems, there are no middlemen, so suppliers and producers see higher savings and income.
Game Outcome Management: For each bet placed, the system will use a smart contract with a randomly generated number that is generated with the creation of the actual smart contract block. This number then becomes a tracking code which can be used to verify outcome and winnings as well as the game itself. Further, this also guarantees that funds are directed appropriately and automatically, to the right parties at the end of every wager and further by a trusted third party.
Game Application Management: Game application codes will be hosted on the Joy Gaming servers or hosted via the IPFS/Sia/Storj network. The game outcome will be communicated via smart contracts. Game servers will provide the state of the game to the blockchain using this technology. What this means, in other words, is that the user will actually connect to the gaming site during the runtime of the game. And user experience will also not be interrupted or impacted by the usage or availability of the blockchain. This feature ensures that user experience is close to traditional gameplay while also ensuring the process is fair and transparent.
Players buy Joy Tokens and select a game. The coin amount will be moved, via smart contract, to the wallet server. The Game Server is sort of like a cache-system, where the value of the tokens held by any of the parties (developers, platform, and client) will increase or decrease depending on the outcome of gameplay. Each client’s bet will be communicated to the game server to determine random outcomes.
The player places a bet, this is communicated to the game server, the game is played and the results are distributed according to who wins the game. The process can be repeated for as long as the user has funds in the game wallet.
As Joy Gaming intends to also develop a platform that is in compliance with gaming regulations, a KYC (know your client) procedure will also apply to larger players (those with over ($10,000 in their wallets per fund transfer).
Here are the details of the upcoming Joy token sale:
Token name: JOY
Token base: ERC-20
Token supply: 700 million tokens
Token sale target: USD $1,000,000 (soft cap), $46,340,000 (hard cap)
Token sale start:pre-sale ongoing, public sale March 20, 2018 (and 31 days thereafter)
Token price: USD $0.20
Cryptocurrency accepted: ETH, BTC, Wire transfer