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Paxtradings Report: JoyToken

//Paxtradings Report: JoyToken

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What is JoyToken?

JoyToken is a radical new idea that will shake up the eGaming space. The project is more than a cryptocurrency, it’s a new approach to bringing new, innovative and exciting content to market by enabling independent developers. We have created an API that, once integrated into games of independent developers, will allow players to audit their play on our games by recording all details of each transaction within a smart contract. By allowing developers to create their own content and integrate our API, we’re going to help get their content through all regulatory, compliance, and legal checks, then take their content to market. We aim to build a large portfolio of games that are new and fun to play. JoyToken is about Joy — it’s all fun!

— Andrew McDonald, CEO

Paxtradings Quick Facts

  1. An infrastructure protocol for the gaming industry
  2. 0.20 USD = 1 JOY
  3. Pre-ICO: December 1, 2018 — March 19, 2018; ICO: March 20, 2018 — April 19, 2018
  4. 350,000,000 total available / 700,000,000 total supply
  5. Over 19,000 members already registered

Q&A with Andrew McDonald, CEO

Paxtradings: For those who are not familiar with JoyToken, can you explain what it is and what the team aims to accomplish?

McDonald: JoyToken is a radical new idea that will shake up the eGaming space. The project is more than a cryptocurrency, it’s a new approach to bringing new, innovative and exciting content to market by enabling independent developers. We have created an API that, once integrated into games of independent developers, will allow players to audit their play on our games by recording all details of each transaction within a smart contract. By allowing developers to create their own content and integrate our API, we’re going to help get their content through all regulatory, compliance, and legal checks, then take their content to market. We aim to build a large portfolio of games that are new and fun to play. JoyToken is about Joy — it’s all fun!

Paxtradings: How does the JoyToken (JOY) function within the platform and why is it needed?

McDonald: The JoyToken is an integral part of our project. We allow players to use this currency in territories that permit the use of crypto in online gaming transactions, and fiat for those that don’t or those players that elect to use their own local currency. However, developers will use the JoyToken to access our platform and all gaming revenues will be paid to the developers in JoyTokens. Due to our unique way of allowing our content to be played in JoyTokens and fiat currency, the demand for the JoyToken increases as more will be needed to pay the developers. It’s really a simple idea and it should allow us to have growth in terms of market penetration and revenue generation, with the added benefit that both currency types benefit the strength of the JoyToken economy.

Paxtradings: What are some of the greatest challenges in the online gambling industry? How does blockchain technology solve these problems on JoyToken?

McDonald The eGaming industry is an entertainment space and is often misunderstood by those that haven’t taken a look or had a play. We believe that there’s room for more engagement and more growth through new innovations. Currently games are developed by large firms by a small ‘elite’ few with a fixed idea that don’t often think outside the box. This is where JoyToken is different — we’re not giving the direction for the development of the content. This is where new opportunities are to be had! Though this is our answer to the lack of innovation, we’re addressing a different issue with the blockchain. Players often find it difficult to find out information regarding online transactions and there is an increasing demand for transparency — especially with millennials. By logging our transactions on the smart contract, we have a fully auditable solution for players that allows them to play our games with complete confidence.

Paxtradings: How does your company separate itself from other blockchain crypto based gambling platforms?

McDonald: Unlike most Crypto-based gambling platforms, we aren’t building our own games — we’re creating a solution for developers to publish their own content. Other eGaming ICOs produce their own content for their own casino using their own cryptocurrency. Although we wish those ICOs well, we don’t think that the model has any long term growth potential. We will allow our games to be played in fiat as well as cryptocurrency and our content will be distributed across a number of existing casinos with large player bases.

Paxtradings: Some online gambling platforms have found it difficult to attract clients who prefer betting with fiat currencies. How does JoyToken anticipate to overcome this challenge?

McDonald: We won’t discriminate. We understand that players may wish to use their own fiat currency instead, or would have to use it due to local territory restrictions on the use of cryptocurrency in online gambling transactions. Whilst we allow players to use fiat or crypto on our games, we will only be paying our developer’s revenues in JoyTokens, This is where the lion’s share of the demand for the currency will lie and the more revenues generated, irrespective of what type of currency the player uses, the demand for the JoyToken will grow.

ICO Alert: What is your current user base of players? What is your strategy for growing your online community?

McDonald: As we have yet to launch a game into the market, we’re at ground zero. However, we are putting together B2B agreements and have some in place that allows us access to a large part of the market with a lot of key Casino operators. It should be noted that we are not creating our own online casino — we’re creating a way of bringing new content to the existing casino space.

Paxtradings: Regulations on cryptocurrencies and ICOs are big news these days. How does JoyToken plan on supporting players and users from countries with strict regulations on gambling?

McDonald: We are pro-regulation. Anything that makes transactions safer and more secure for consumers has our complete support. As we have a sister casino company, PlayCosmo.com, we have a consumer-centric focus to ensure that they play responsibly and that they’re playing for entertainment and not exhibiting any signs of a problem. In countries with strict regulations, we will comply with the local law. If it is illegal to play in the territory, then we will not under any circumstances go into that market. It doesn’t play well for long term business development to ignore these regulations.

Paxtradings: We love the concept of developers being able to manifest new business models and game functions through JoyToken. Please share with us how developers may join and build gambling, or other types of platforms, on JoyToken.

McDonald: We will take the pain out of getting their content to the market. They buy into our system, incorporate our API into their game code and submit their game to us. We’ll then review the code and ensure that it’s up to standard for legal, regulatory and compliance standards. Once this has been done, we’ll take the games and publish them. First on PlayCosmo to showcase the content, the roll out to other casinos via our B2B agreements. This is great for the developer as it is a low cost solution for them to get their games to the market and they will then receive their fair share of the revenues.

Paxtradings: Is there any concern with the lack of scalability that the Ethereum network has? If the project encounters transaction speed issues, would the team be open to moving to another blockchain?

McDonald: We’ve got a solution with the transaction speed issues. We hash all transaction details and record data on the smart contract at the end of the game session. Regarding the scalability, we believe that the current Ethereum network is fit for our purpose, however we will maintain an open mind in the future should our business needs evolve.

Paxtradings: How far along is the project today and when can contributors expect to use the platform? What does the roadmap look like for 2018?

McDonald: The project is at a good stage. We have the code ready and a demo can be seen on our site at JoyToken.io. We’re still working on the player interface, but this will be ready in the months following the close of the ICO sale. 2018 is going to be a busy year for us and it’s where the fun begins! We will be forging new relationships with developers and spreading the word to get our content produced. We aim to have 20 games within the first year and 100 by the end of year two. We will be building our B2B endeavours and put together a roadmap to engage operators with Joy Gaming funded initiatives to get our games in front of the players. We will strive for visibility on all casinos where our games are hosted and will incentivize as needed.

Paxtradings: As a non-JoyToken question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?

McDonald: In 5 years time, we will have a substantially larger games portfolio and we’ll be looking at how to further enable independent developers to have them take advantage of what we have to offer. The keys are quality, innovation, openness, and relationships — these are our pillars that will drive us forward.

Pre-ICO Information
Pre-ICO begun on December 1, 2018 and will end on March 19, 2018. There are a total of 140,000,000 JoyTokens (JOY) available during this period, representing 20% of the total JOY supply.

$0.10 = 1 JOY

ICO Information
The main ICO will begin on March 20, 2018 and will end on April 19, 2018. There are a total of 210,000,000 JoyTokens (JOY) available during this period, representing 30% of the total JOY supply. A hard cap of 46,340,000 is set for this period.

ICO bonus structure will follow these dates:

Token Contribution Information
There are a total 700,000,000 JoyTokens being created, with 350,000,000 available during the main ICO.

JoyToken is an ERC20 token, so it’s important that contributors use ERC20 compatible wallets to send funds to the ICO smart contract, and to receive the JoyTokens.

Current accepted currencies for JoyToken include ETH, BTC, and wire transfer.

Contributors will need to input their email address and click on “Buy Tokens Now” on the JoyToken website. To complete the registration, a standard KYC registration form will be presented.

Contributors will have their tokens distributed on April 19, 2018.

Allocation

Use of Crowsale Proceeds

ROADMAP

JUNE 2017
OP: 500,000 Seed Funding

OCTOBER 2017
OP: Onboard advisors from industry and blockchain

NOVEMBER 2017
OP: Joy Gaming Foundation Established OUT: Speaking at BlockChain Expo

DECEMBER 2017
TECH: Demo Slot Machine Using Smart Contracts
OP: Application for Gambling Developer License
TECH: Launch of Joy Gaming Platform for Developers TECH: Code Audit

MARCH 2017
OP: Token Sale

APRIL 2018
OP: Token Sale Audit

JUNE 2018
TECH: Games live on Playcosmo

AUGUST 2018
TECH: Expansion into Fixed Odds Table Games OP: Integration to More Platforms & Direct Operators

Team

View the JoyToken website here.

View the only comprehensive list of active and upcoming Initial Coin Offerings (ICOs) here.

References
1. JoyToken Website, JoyToken (2018)
https://joytoken.io/
2. JoyToken Whitepaper, JoyToken (2018)
https://joytoken.io/white-paper.html

2018-03-08T21:50:06+00:00March 8th, 2018|Categories: ICOs|

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