JoyToken is a new crypto token with one main aim – disrupt the current gambling industry. Now some of our readers might make an immediate leap between gambling and cryptocurrency. After all, countries like the US strictly regulate an industry like gambling, so cryptocurrency seems like a natural fit for the industry to bypass some regulation. Perhaps JoyToken is created with that aim? The answer is No.
Instead, JoyToken has taken the approach of being completely legally compliant with all applicable laws, based out of the UK. However, the project is aimed more towards disrupting the traditional structure of the entire gambling industry itself, instead of a simple token for payment mechanism.
JoyToken creates an entire ecosystem around its token, but if we have to pick one USP for the JoyToken ecosystem, it is the untethering (no pun intended for the non-fiat-backed Tether) of the game developers from the large casinos. In a nutshell, JoyToken is created so that independent developers can build a relationship directly with the players/gamblers, instead of going through a casino operator.
Why is this important? Well, for several reasons. Game developers for the casino industry are the talent that make the entire industry work. This makes them valuable to the casino operators in general. However, due to the regulatory burdens and the inability of the industry to free this talent, it becomes really difficult for the game developers to venture out on their own.
Due to these barriers, the game developers don’t innovate as much. If they cannot reap the benefits of their work besides a salary, why bother? This means stagnant innovation and competition only among the largest casino operators instead of it being a more holistic community driven effort. After all, if the players want to see more exciting games and are literally willing to put their money where their mouth is, what’s the point in restricting this choice from the developer point of view?
That’s what JoyToken wants to do. It is creating an ecosystem where independent individual game developers can work not just for the large casinos but for the end casino players that they serve. This improves competition and innovation and is generally good for the entire gambling ecosystem. The game developers also now have alternatives to the traditional path which is to go work for one of the few large operators. They can instead unleash their entrepreneurial spirits instead.
The big cover that the JoyToken ecosystem provides for the developers is a legal and regulatory umbrella so they don’t need to worry about laws and regulations and instead focus just on creating the best games they can build. This is very important because JoyToken is a fully licensed business and is helping improve the whole gambling industry instead of trying to do things under the radar.
The platform also allows developers to share in the risk-return that’s associated with highly popular games. This means developers have a direct incentive to work to create the best product that the industry craves. This helps their own bottom line, after all.
JoyToken thus helps game developers get a more direct stake in the ecosystem and get a more direct stake of what they create.
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