The first ever decentralized Blockchain and Ethereum smart contract-based lotto will launch a crowdfunding sale campaign on October, 1st, 2016 to ensure a rapid and wider presentation of the platform onto the market.
Singapore-based KIBO is built on blockchain technology and uses open-source smart contracts whose logic and algorithms are available to anybody who wants to out any transaction, draw or lottery.
The gambling rules and conditions are hard-wired into the architecture of the KIBO smart contract to ensure complete transparency of each lottery and a 100% guarantee of fair play. Once in motion, the network cannot be changed, doctored or deleted.
Since more than 50% of the population in developed countries play lottos on a regular basis, KIBO LOTTO is offering a new approach to the organization and holding of lottos such that has eliminated key shortcomings in the most popular social gaming entertainment on earth.
It uses new forms of e-money such as bitcoins, ether, and other stable cryptocurrencies to make access to the online lottery truly global and not tied into any local financial system.
It is the first international lottery to be played by residents of countries where there is no banking infrastructure but have access to the Internet.
Its smart contract logic makes payments automatically with no intervention from third parties and reduced the time needed for prize collection to a few minutes after the draw, which could be up to several years in some countries.
The KIBO Lotto platform will be translated into 14 languages, has an intuitive interface and contains a series of the most popular types of lotto on European and Asian markets. A trial will be possible soon with the alpha version of the platform at http://kibolotto.net.
During the coming crowdsale, KIBO is attracting funds and building a network of independent platform owners all over the globe. These platform owners have a vested interest in a powerful launch and active build-up of the customer network during and in further development of the platform.
The aim is to accumulate sufficient funds to conduct a high-power promotion campaign in the form of a prize draw (from $10,000 a day to several prizes of $100,000 and larger, to be drawn free of charge over the course of more than three months). Affiliates will receive a percentage of future platform turnovers and will be able to increase their profit many times over by actively building their customer base. At the launch, each platform owner will be inviting new users to participate daily in a free prize draw within a 100% honest lottery with instantaneous payouts.
Making the gaming platform available to everybody is the next target. Part of the funds collected during the sale will form the first prize fund to be divided into large weekly and smaller daily prizes. Immediately after the launch, each affiliate will have a link in their member area with which they will be able to give anybody tickets for a series of prize draws with a prize fund of several million dollars. Thus, a few thousand affiliates will simultaneously start building their customer bases globally, driven by powerful motivation.
KIBO was born – commenced development in June 2015 – out of the belief that humanity deserves transparency, openness, and fair play as basic values. It currently has partners in more than 20 countries, including China, the UK, the USA, Brazil, Australia, Russia, Spain, Portugal, and India. With the sale, KIBO will be able to expand the geography of its affiliates.
On the first stage of the platform development, the amount of 94538 ETH 0x38355ab2667eD167CaDcD132603bc6236c8295de has been accumulated for KIBO’s implementation and the launch of a kickoff promotion campaign.
The number of platforms offered during the crowdsale is limited to 20 000 of which 2,500 already have owners among affiliates from more than 20 countries that joined KIBO at the early stage of development. 17,500 platforms will be distributed in the upcoming sales at the price of 10ЕТН for a KIBO platform software.
To raise funds to finance the marketing strategy and further development of the KIBO platform, 100 000 000 KIBO tokens – KIBITs – will be distributed in the ICO sale. According to the terms and conditions laid down in the smart contract, 4% of turnover generated by gamers on all KIBO Lotto platforms will be distributed between the 100,000,000 KBT.
Irrespective of efforts made, the value of a KIBIT token will grow together with the growth of daily payments. After the launch of the platform, KIBIT TOKEN (KBT) will be traded on the market. Since the number of KBT is limited, it will be possible to buy KBT only if some of the traders put part of their tokens on sale.