How poker players are being screwed over
Anyone who is involved in the poker scene is guaranteed to have heard about the drama surrounding Pokerstars in recent times. For those out of the loop, Pokerstars is essentially continuously increasing rake and creating new game modes which push users to pay as many fees as possible. Pokerstars themselves says that this needed, but many recreational players are obviously not happy as this decreases profits for professionals long term. A severe issue, in this case, is that the biggest and most influential poker players are being sponsored by Pokerstars. They are not calling them out on these changes because they are being paid big bucks to keep quiet while the average player loses more money than ever before. In the current state of the gambling industry, it isn’t easy for new competitors to join the market because of regulatory difficulties and fees, especially in the poker industry where Pokerstars has the biggest market share by far. So what can be done about this ever growing problem? Joy Token believes they might have found the solution by utilizing blockchain technology and smart contracts.
The Joy Token ecosystem and business model
Joy Token has identified a couple of factors which they believe will bring more millennials to participate in games published on their platform. These are financial anonymity, trust, transparency and almost instantaneous payouts. All of these are achieved with blockchain technology as users are able to verify the exact fairness of each game by viewing the smart contract associated with that game. By having smart contracts executing payouts, no middleman has to approve any payout, they simply happen automatically so users can be certain they aren’t being cheated.
It is always important for any project that they are able to make a profit in the future, not only for the sake of the team behind the project but also for the token holders. In this case, Joy Token has come up with a solid business model that very well could achieve this. Joy Token is essentially creating a gambling ecosystem which brings players, developers and casino operators together. As previously mentioned, some of the things that make it very hard to get into the industry are regulatory matters such as acquiring a gambling license which isn’t cheap. But after overcoming the hurdle of making your casino legal, you have to spend a fortune getting users to your platform. This is where Joy Token comes in, they make access to the gambling industry way easier for developers and offers a great opportunity for casino operators.
Independent game developers can publish games on the Joy Token platform, which makes their game legal as soon as Joy Token approves it because they already have a gambling license. At the same time, these games released by game developers will be exposed to an existing user base which increases the chances of that game making a lot of money. Established operators can integrate Joy Token’s services to get new games and liquidity to their platform which creates a more exciting environment for their users.
This creates a great environment where Joy Token makes money on every transaction games published through them make and when developers want access to the Joy Token API. At the same time, developers and operators also benefit from this ecosystem, especially developers who otherwise wouldn’t be able to create gambling games without Joy Token.
To fund their project, Joy Token is raising funds through an initial coin offering (ICO), selling their ERC20 token JOY. JOY tokens are going to be an essential part of the Joy Token ecosystem as they facilitate bets, rewards, and transfers within the platform.
The token sale started the 20h of March
The token sale ends the 19th of April
1 JOY = 0.2 USD (Bonuses apply to different phases, see picture below)
- Total amount of tokens minted is 700,000,000 JOY
- A maximum of 350,000,000 JOY will be for sale during the ICO
- Hard cap is 46,340,000 USD
- Soft cap is 1,000,000 USD
If you find this project interesting and wish to learn more about it or their token sale, you can visit the following links below and read their whitepaper. To keep yourself up to date on the project, you can follow their social media accounts also linked below.
Bounty Thread: https://bitcointalk.org/index.php?topic=2648937.0
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