JoyToken, a blockchain startup that aims to develop an infrastructure protocol for the online gaming industry, has released an API that demonstrates how games will run on its platform.
The platform employs smart contracts to create what the company calls a "'trustless' gambling ecosystem." The smart contracts determine the outcome of games, which the company says offers numerous advantages.
According to the company, "By using smart contracts to distribute winnings, determine [random number generator] values, and provide an audit trail of transactions, participants need not trust fellow players, developers, and casino operators. Instead, players can check the game code based on this API to verify that the odds are as advertised. Casino operators need not pay for a third party back-end to execute payouts, as these will be distributed automatically."
Payouts and payments to developers are made in JoyTokens, a cryptocurrency that the company is launching through an initial coin offering (ICO) in February.
Developers who build games will be able to distribute them through JoyToken's own online casino, PlayCosmo Casino, which it says is licensed in the U.K., Malta and Curacao.