JoyToken — Blockchain utilization in the online gambling industry

Alright guys, first week of my 30-day-challenge is nearly in the books and I’m more motivated than ever to bring you guys some quality research content. I know due to the current bear market the moral is quite down, however now is the time to prepare ourselves for the upcoming bull cycle and take good positions in quality projects to increase our potential profit in the long run. Without losing myself in the chatter, I will start right off with another project I’ve come across and I want to talk about:

For all you online gamblers, this will be the project review for you! So what is JoyToken you ask? Let me try to explain: JoyToken is basically a cryptocurrency allowing direct payments between online casinos, players and developers. This means, people who play on certain online casinos can pay with and receive JoyToken as a payment, which is a ERC20 Token, self-explanatory based on the Ethereum blockchain. “Well, that sounds like quite a restricted use case” you might think. But there’s WAY more to it. To fully grasp the big picture, let’s start from the beginning:

A lot of those casinos, even though they seem like they are autonomous entities, belong to one big parent company that’s in charge of several different casino brands. So, what usually happens if one entity gathers too much power? Right, they aim to maximize profits wherever they can. So, let’s think about what cost factors an online casino has? Obviously the “normal” business operation costs, but more specifically their product itself: The online casino, which is nothing more than a gathering of single games combined to one big play salon. What happens next is that games have to be improved or newly created. This is often times done by the in-house software department, even if the game quality is subpar with the expertise of individual developers.

The game quality of individual developers is often times superior to the in-house teams, however they are having a hard time competing with the big online casinos

“But wait, what’s the problem with an in-house software department?” you might ask? Well, the point is this: Online casinos often times “buy” games from software developers. In order to pay them, they often times pay out a certain amount of revenue the game produces. And this is for those developers that get lucky and are given the chance to be hosted on a well-known online casino.

“Ok, sounds good so far, but what’s the problem now?” — Well, as I already mentioned, maximizing profits often times hit those who don’t deserve it at all, and I will tell you exactly what I mean by that in my next article!

If you can’t wait for the next article, have a look at JoyToken’s website, BTN/ANN threads or shoot them a message on Telegram!

If you like my content, feel free to follow me as I take on my self-imposed extreme 30-day-blogging-challenge, posting twice-daily for 30 days straight!