An Interview With JOYSO: The Decentralized Ethereum Exchange
JOYSO, the upcoming hybrid Ethereum and ERC20 exchange, is scheduled to launch its ICO on March 1, 2018. According to the company, their platform will offer an efficient trading platform for these tokens, offering the best features from both centralized and decentralized exchanges. JOYSO users will reportedly enjoy the speed of a centralized platform, while benefiting from the security and privacy of a decentralized exchange.
This is a sponsored article provided by JOYSO
Essentially, all transactions on the hybrid JOYSO exchange will take place on the blockchain, allowing users to maintain control over their wallets and private keys. That way, traders do not have to worry about losing funds from an attack against the exchange, nor a loss of money from the exchange itself taking money from its users.
However, certain functions — like order matching — will take place off-chain, facilitating fast transaction times usually reserved for a more traditional exchange that relies on a central operator. Additionally, the team said its centralized order-matching will offer traders better price opportunities and lower gas fees. That means a bigger bottom line on profitable trades.
Thus, JOYSO claims its own system will keep it safe and honest, without giving up much — if any — efficiency.
Bitsonline got the chance to interview the JOYSO team, and asked about their intentions behind creating this platform, as well as what users can expect going into the launch. The team also provided information about the ICO that may be of interest to potential investors.
JOYSO: The Interview
What was your motivation for starting JOYSO?
Dozens of ICOs are introduced onto the Ethereum blockchain every day. Over 90 percent of them issue their own tokens based on Ethereum. The total market cap for these tokens has exceeded $43 billion USD. The large majority of these tokens rely on a small handful of centralized exchanges for trading, and any failure or hacking can be huge losses to the users. That’s a huge deal to us. To address the issue, JOYSO has introduced a Hybrid Decentralized Exchange (HEX) that supports trades among all ERC20 tokens. Our HEX offers a satisfying user experience like that of a centralized exchange, while simultaneously maintaining a high level of security traders could previously find only on a fully-decentralized platform — which always suffer from long transaction delays and prices not synchronized with the current market rate.
Recently, you may have heard about the rumor surrounding the famous decentralized EtherDelta exchange, in which it has been compromised. While these rumors have not been completely confirmed nor denied, the platform did suspend trading last month due to an ownership transfer. So far, no user losses have been reported, and the reason for that is quite simple: in a decentralized exchange, no one other than the traders control their wallets and private keys. No single points of failure can be catastrophic if exploited, and thus attacks on decentralized exchanges almost never result in widespread losses.
JOYSO not only provides that level of decentralized exchange, but also offers an improved user experience by adopting centralized practices for features that do not affect the way users store and secure their funds.
We want to ensure this exchange receives the further development necessary to successfully undergo a full and public launch. Therefore, we are raising funds in an ICO, which went live today (March 1) at 8 AM UTC.
Is your goal to be the main ERC20 exchange, or more of a niche option for a specific group of traders?
Of course. We absolutely aim to be the main ERC20 exchange. We think that is both possible and likely by combining the features of centralized and decentralized exchanges.
How much funding do you aim to raise in the ICO?
Pricing and funding goals can be reviewed in detail in our white paper. As a broad price point, we have set a conversion rate of 10,000 ETH per 10 million JOY tokens.Do you have an idea of when a useable version of the platform will be available to the public?
We plan to fully launch the platform in May 2018. A detailed development roadmap can be found on our official website.
Successes So Far
Although the ICO is just now getting underway, JOYSO has been busy completing successful developments in the pre-launch phase.
The pre-sale, for example, sold out completely in under two weeks, bringing in 4014 ETH. At press time, those funds amount to $3,453,966.72 USD — a healthy sum in terms of pre-ICO fundraising.
Additionally, the company recently brought on digital marketing consultant Bret Treasure as its first international advisor. Treasure has a long history in the field of digital marketing, dating back to the early days of the internet in the 90s. He has helped firms grow online brand recognition across Australia, working as chairman of the Australian Web Industry Association, and principal of marketing firm Free Beer.
Treasure has played a key role in the international Bitcoin and blockchain community since 2013, serving as the organizer of the Bitcoin Perth Meetup and the chief strategy officer for the Jasper Blockchain Foundation in Buenos Aires.
Now, Treasure will bring his marketing expertise and blockchain community experience to JOYSO, working to take their reach to the next level.
The JOY Token: Huge Benefits for Users
With over $3 million worth of JOY tokens already distributed, and plans for an even bigger distribution in the ICO, JOYSO emphasized the importance of their token to Bitsonline.
According to the company, token holders will receive a 50 percent discount on transaction fees, and will be able to vote on marketing campaigns and other exchange-wide changes and activities. Advertisers can use JOY tokens when purchasing placements on the exchange, earning them exclusive discounts.
Furthermore, ICO investors may stand to increase their holdings even more after the sale is over, with unsold tokens going to holders at a rate up to 15 percent of the remaining pool each year.
The public ICO began today, on March 1, 2018 at 8 AM UTC. According to the company’s website, 100 million tokens will be available in the sale at a price of 1 ether per 10,000 JOY.
For more technical details on the exchange, its token and the ICO, the JOYSO white paper can be found here.
For more general information on the JOYSO platform, visit the official website.
Images via Pixabay, JOYSO, Bret Treasure
This is a sponsored article, provided by JOYSO. Bitsonline is not responsible for the products and or services of this company and its clients. This article contains links to third-party websites. Bitsonline is not responsible for the content on those websites.