Joy Token - Business Analysis

SWOT - Analysis

SWOT analysis is a strategic planning tool that helps business owners as well as investors identify the strengths and weaknesses, as well as any opportunities and threats that may exist in a specific business situation. 
I will be using this tool perform an in-depth analysis of joy token in this piece.

Strengths

The joy token platform offers values that are previously unavailable in the gambling and online casino atmosphere.
  • Users Personal Wallet: users of Joy gaming platforms have complete control of their funds with their personal joy token wallets and unlike the traditional online gambling platforms, they do not have to transfer their tokens to the casino's account to carry out their gaming activities. 
  • The Project Team: Joy tokens project team has immense experience in their various fields. More so this is not just a team of entrepreneurs and risk takers ready to make profit off the venture and move on to the next. The team is a good mix of seasoned dedicated professionals, the CEO and CTO boast over 50 years of experience between them and most importantly there are equipped with quite a number of Backend/Frontend developers working to ensure the seamless integration of developer games to the Joy platform.
  • Instant Withdrawals: the presence of instant withdrawals on Joy's gaming platform is a value that cannot be over emphasized, why? Traditional gaming platforms have dedicated a lot of efforts into making withdrawal of funds as fast as the deposits, but unlike Joy token, they are not equipped with a smart contract so therefore still relies on human factors as regard dispatching of winnings to winners thus wasting valuable time.
Joy token using its smart contracts dispatches winnings to its users instantly as they request for withdrawal.

Weaknesses

The reason decentralized platforms for different industries are formed is to give a voice to the little guys. To provide equal opportunities to everyone that is entering the space.
Joy token like other decentralized platforms offers that same type of voice to the little guys in the gaming industry. The problem however is that when something is made open source and the scrutiny in the other platforms are not present, the platform can be abused.
The Main weakness that Joy Gaming platform has is the volume of low quality games that are going to be integrated into the platform has a result of it being open to everyone. This may result in a turnoff for the platform users if they are going to have to surf through a lot of low quality games before they get to the good games, also it may hurt the rewards of the good game developers.

Opportunities

According to https://www.statista.com/ in 2015 the online gaming market had a volume of 37.91 billion U.S dollars and these figures are forecasted to increase to 59.79 billion U.S dollars in 2020.
This is an industry that is already booming irrespective of its numerous restrictions and limitation, signaling one fact; there is room for not only improvement but also expansion.  Taking a look at industries with an online presence like ecommerce and comparing their online and physical volumes, I noticed that there is a big room for growth. 
The revenue from land based gambling activities dwarfs that of online gambling by a lot and while this can be related to more high rollers going to casinos to place huge bets, the fact that the internet has a better reach cannot be argued, meaning that there are people whom would like to participate in online gaming but cannot because of either due to the absence of ways to receive payment in their area, their inability to remain anonymous or problems of trusts in the traditional systems.
The level of transparency the platform offers ts users developers and operators alike using the blockchain technology is an added advantage this platform possess over the traditional centralized online gambling platforms.
By tackling these problems and offering more consumer targeted add on', Joy Gaming offers a better reach and provides the extra room for expansion in a multi-billion dollars industry.

Threats

Traditional giant companies in the gambling industry already have a way of drowning out their competitors with advertisement and promotions of their platforms. This is still however a big threat as this companies are capable of spending millions of dollars on promotions in order to place their platforms before the eyes of every gamer out there.
The success of joy token relies a lot on the success of Blockchain technology which is expected but a lot also relies on a very good feedback/performance evaluation system. Why? Because the ease of usage of a platform like this is vital to its success rate. The absence of a direct Blockchain competitor at this stage means there is no platforms to gauge Joy's performance with, meaning they can lose early adopters if the project runs into some challenges which can be very expensive in this business because of the might of the centralized companies.

Official Contacts

Conclusion

The points stated above are conclusions from a long personal evaluation of Joy token's project using the website, whitepaper and telegram among other research tools. Kindly visit the above stated contacts for more information on the project and your do your own research always.
You can connect with me on bitcointalk and steemit here
if you like my article kindly upvote and leave your comments or questions below. Thank you.

Comments

Post a Comment

Popular posts from this blog

IRON X - Cryptocurrency Exchange For Mainstream Adoption

Image
Iron X Project Introduction January 3rd, 2019 is the date marks the ten year anniversary of the invention of bitcoin and the blockchain technology. Over the past decade, thousands of cryptocurrencies have been invented by several companies who see the huge potential the blockchain technology possess. The true extent of the blockchain's potentials is yet to be seen as new development, improvements and innovations keep revolutionizing the crypto space. The open source nature of the blockchain means that new companies can easily source funds from investors through public ICOs in exchange for the native token of such project. This has consequently seen the number of cryptocurrencies increase at a huge rate and the market growing at a massive pace. Crypto users and investors rely on exchanges for the purchase if their crypto assets, diversification of their portfolios and also trading activities. The size, volatility and relatively new nature of the crypto market mean that
Read more

VANTA - The Future Of Real-Time Interaction

Image
Vanta Project Review Introduction Data has been at the backbone of technological advancement over the centuries. These pieces of information and a set of values derived in their raw form or as results of the further analysis is a major part of human civilization. Data is been generated, transmitted continuously and along with technological advancements, data has become more important to us than ever before. The Internet ever since its invention till this moment has been the major tool for assessing, collecting, analyzing, transmitting and storing data. To make this possible, the major internet service providers have invested and are still actively investing billions of dollars in physical infrastructures, in order to cope with increasing demand on the rapidly increasing internet users worldwide. Pain Point The rapid increase of internet users worldwide, combined with lots of groundbreaking inventions like IoT (Internet of things) has increased enormously the load on the In
Read more

Get Ready To Be Rewarded For Streaming With CURRENT CRNC

Image
Project Introduction: The commercialization of the internet since it began in the mid-90s has changed the way we humans; interact, communicate, share experiences, have fun, do work and express our emotions. This has led to an increase in internet based companies who with great ideas, offer amazing services to better the lives of the people and in turn make enormous profits.  Consumer data is the air that this Internet services breathe and is what makes them thrive but in return the consumers use the service, donate their data and don't get a share of the rewards. Intellectual properties like music and videos are paramount in entertainment. Already consumers expend their data and sometimes money to enjoy these products with no form of monetary gain. What if there was a way to get rewarded for doing thing we already love doing? The blockchain has proven to be a even more revolutionary technology with which innovative solutions are provided for existing real life problems
Read more