JoyToken Certification Report
A review of the Joytoken.io website, white paper (WP) and encompassing information was conducted by the team from CryptoCentral.io (CC). This process is going to speed up the process of the ICO by becoming officially certified by the CC team, with our stamp of approval.
By being ICO certified, potential investors will have the confidence they need to know that the ICO information has been studied, and a thorough investigation into the ICO was conducted. By showing the stamp of ICO certified, it will give extra credibility to the team, and entice investors to trust the team.
The investigation was conducted with utmost care, and is understood to be above what the average investor would conduct during a due-diligence investigation. All information from the website, WP, and provided information is taken as true and factual.
Joytoken is building an online gambling and gaming platform based on the Ethereum blockchain technology. The global online gambling industry is estimated at roughly USD $50 billion and still growing at a rapid pace, it is however plagued by various issues. The space in its current form is riddled with monopolization, high costs of development, frictions in the payments systems and to top it all, lack of transparency and trust.
Joytoken is aiming to build a transparent system by integrating the blockchain technology that users can trust. With the use of Ethereum’s blockchain technology powered by smart contracts, the Joytoken team is aiming to create an ecosystem where all entities ranging from users, developers, software houses and casinos will be able to connect with each other in a trustless, fair and secure manner.
The Joytoken platform will be using an innovative Random Number Generator (RNG) in order to instill confidence amongst the users. Generally, in the gaming industry, RNG generators are run by a central authority, i.e. the company or platform hosting the games. However, in case of Joytoken, the RNG process will be run on the decentralised Ethereum network powered by smart contracts. This could be a game changer considering the fact that the issue of trust is paramount for users while choosing an online gaming platform.
White Paper Review
The Joytoken Whitepaper was reviewed on 12th February 2018
White Paper is one of the most important aspects of an ICO. An effective White Paper should provide all the commercial, technological and financial details of the new coin offering in a clear, concise and professional manner. Considering the fact that all investors do not have technological prowess, all the relevant information should be put across in an easy to understand format. The idea is to provide a comprehensive, yet easy to understand document, that would convince the potential investor to go ahead and invest in the project.
The Joytoken WP is a decently drafted document, while providing all relevant details without making it too long or technically difficult for readers. The WP has loads of graphs and figures in various sections which is quite helpful for readers to grasp the technical concepts and get a better understanding of the project. However, the document does not have table of contents, hence, it gives an unprofessional look to the document to begin with. Also, this makes it difficult for the readers to spot the information they are looking for. The document should have a catchy cover page, which can be used to project the logo of the company, the website address, community group links etc. It is also advised to provide the link to the demo platform (MVP) on the cover page itself.
The WP should ideally begin with the market opportunity (size of potential market) and the challenges it faces in its current form. The Joytoken WP touches on some of the issues that exist in the current gambling and gaming industry in its current form. There is no mention of the potential market size of the online gaming platforms based on blockchain technology. This is quite important since the numbers related to market size will provide the potential investors with the extent of growth the platform can have and eventually the growth of their own investment as well.
The White Paper is also lacking details about the allocation of funds (use of funds) raised in the token sale, however these details are available on the website. It would only help to have complete token sale details in the White Paper as well. Additionally, details of the core team and advisors should also be added in the WP while it is available on the website. Adding these details in the WP helps, as potential investors are able to find all the important information at one place.
Overall, the WP is fine in terms of delivering the information, but it can be made much more effective by incorporating the below summarized suggestions at the earliest.
Business Key Products
The core idea of the Joy Gaming network is to solve the problems plaguing the online gambling and gaming industry by incorporating blokchain technology powered by smart contracts.
The integration of decentralised smart contracts is to guarantee and record everything on the blockchain while it becomes easy to audit everything as well. In the traditional casinos the users deposit the funds to the casino’s account and this often leads to scams. However, on the Joy Gaming network, users will have complete control over their funds since the tokens will be stored in their respective Joytoken wallets and additionally users will be able to view, in real time, the outcomes and the rewards of the network. This is extremely valuable as the user will be able to manage his / her funds directly without any interference by the casino.
By using an Autonomous Agent (i.e. a Smart Contract), the Joy Gaming network will be able to solve the problem of conflict of interest between the gambler and the platform. On the decentralized network, since no third party will be required to manage or audit the transactions, the user will have complete access while checking the game’s fairness at all times.
Importantly, JoyToken, will enable developers to pay and be paid for their games, while also enabling end users (players) to play Joy Gaming games on PlayCosmo and ultimately many other sites.
Joy Gaming’s technology offers a novel solution to connect small developers, software houses, large casinos and players. It creates a gaming ecosystem that both empowers players and helps developers and casinos reduce risk.
The section with the information about the Team is extremely important. Potential investors are always looking out for ground breaking projects and concepts to invest into, however the project is always as good as the team and its ability to rough out the challenges that come with launching a project from scratch. The team’s past experiences and abilities are crucial in this context as this is the information potential investors are interested in. Hence, it is essential that the team information is accurate, up to date, and all information is readily available.
An in-depth review of the team was conducted in order to identify any potential weakness in the presentation or areas of concern. Investors will want to see that the team has the past experience, and strategic partnerships in order to fulfill the promises in the WP and deliver on the milestones set forth in the road map.
As per the information available on the website, the Joytoken project’s team consists of 13 Core members, plus 2 advisors. The core team is very well rounded and skilled in relevant aspects such as Software development, retail & marketing, word press development, mobile development etc. Importantly, the team has a compliant specialist in house which is a big plus with the regulation uncertainties currently.
Importantly, on the website, the team’s brief profiles are available under their photographs along with the LinkedIn profile links. The entire core team’s and advisor’s profiles should be added to the WP as well so as to provide this important information readily available for the potential investors.
Website and Social Media Review
During the preparation of this report, the Joytoken project’s website was visited and reviewed on February 14thth, 2018.
Website is another critical component in the launching of a successful ICO. A smooth and professional website is key, as this is the first landing space for a potential investor to start with the due diligence process. Think of the website as the space for interaction between the investor and the company. It should be visually up to par in representing the company’s vision, goals, while building a solid connect between the two.
It is advisable to provide easy to locate and manoeuvre links, pertaining to the ICO and the token sale event.
The Joytoken project’s website, Joytoken.io has a very clean and professional look to it. The website flows and maneuvers smoothly and the links to the ICO and token sale are available right in the middle of the landing page. The ‘buy tokens now” tab is available right under the breaking news information about new company association, which is correctly placed for maximum visibility.
The pitch deck presentation link is easily available under the email registration tab. Whitepaper, Roadmaps, Affiliates, FAQ’s, Team, Token structure and Road map tabs are easily available on the top end of the website. The platform link takes the reader to the demo version of the platform. It is advised to mention (MVP) along with this since it is a well-known term within the ICO space and one that potential investors are looking for. The MVP link can also be made more prominent. One smaller crowd sale ticker on the left top corner is effective along with the bigger more prominent one in the middle of the page. The short video on the left of the big ticker is very useful and explains the concept clearly. There are loads of other useful resources such as media partners, road map, sample code of smart contracts etc.
For an ICO to be successful, the project needs to have solid support from the crypto community. During the making of this report, all the social media links were reviewed. The social media presence is definitely lacking for the project as there was no activity on the bitcointalk and reddit threads. The Telegram channel is slightly better with 800+ members but considering some of the ICOs are having thousands of members before the ICO, shows work is required to get the community involved across all social media platforms. An economical method to build a community supporting the project is to run a successful bounty campaign. It is advised that the team looks into the bounty campaign and assess where it is lacking, and also appoint active bounty campaign managers who will work towards creating an organic community for the project.
It is very important that the team partner with a PR or marketing firm in order to create publicity and get organic growth and interest in the project especially since there are approximately 13 days left for the token sale to start. This would be a perfect time to get things rolling on the social media platforms.
The Joytoken platform’s team is their biggest strength. They have a well-rounded 13 memebr core team which has the skills and the experience to sail through. Also, the gambling and online gaming industry (estimated USD $50 Billion) is growing at a rapid pace, and this clearly shows the project is well placed.
The project needs to work on engaging the crypto community in order to start getting serious traction. The bitcointalk and reddit threads are absolutely inactive and TG group requires more members to start joining and supporting the project.
Gambling and online gaming is the space which is begging to get disrupted by the power of blockchain and smart contracts. The technology provides solutions to the real problems of trust and high fees and will make the overall experience of the users much more satisfactory.
The gambling and online gaming space is getting crowded and more and more projects are getting listed for ICOs or have already gone through the ICO phase. Hence, it will be extremely critical to gain the support of the crypto community in order to be able to sustain and survive. The platforms with the stronger community support will definitely have an edge over the others.
Online casino market is monopolized by powerful operators and they spend lots of money on advertising to convince people that they are trustworthy. The developers end up bearing the high cost of the games and hence the innovation is limited. Even the user ends up paying higher fees while having to trust these casinos.
Joytoken’s solution is based on the blockchain technology and it allows developers to create games that are run on its backend through a smart contract, rather than directly on the blockchain. Decentralization builds trust while developers get rewarded for innovation and friction in the payments also gets eliminated. Hence the project is well founded and has the potential to succeed.
As mentioned earlier, the team is strong and experienced, hence it has the relevant skills to carry this project through. The WP obviously needs some editing and additions in order to make it a comprehensive document for the potential investor.
Importantly, the Joytoken will be a utlility token, and hence the value of this token will be directly related to the number of people using the token on its platform. This is where the community support becomes extremely critical for the ICO and the project to succeed.
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