KIBO to Provide Integrated Lottery Games Built on Ethereum Smart Contracts
Lottery players worldwide will soon be able to compete for winnings in games that operate transparently over the Internet and receive payment immediately in cryptocurrency.
Players will have access to full information on draws, wins and other transactions within the system. The system provides transparency of all processes, which indicates it offers fair play.
Kibo Partners PTE. Ltd., based in Singapore, is readying the global launch of KIBO, a decentralized gaming platform built on Ethereum smart contracts.
The smart contract’s architecture provides all game rules, which cannot be changed or deleted. The human factor is excluded.
KIBO’s team brings six years of experience in development of games for national and international social networks, as well as mobile games development.
KIBO Seeks to Change Lotteries
Speaking to CCN.com, Andrei Miller, development director of Kibo Partners PTE. Ltd., said:
We believe that KIBO has the power to introduce global changes to the most popular social game in the world. We believe that this game is the best way to bring blockchain to a really wide audience.
All KIBO games are played using cryptocurrency. People worldwide can participate, including those from countries that lack a developed banking system. A gadget with Internet access is all that is needed to play.
The speed of payout is a key advantage. When a player wins, the money transfers to the user’s account in cryptocurrency within minutes of the draw. There are no fees, taxes or commissions.
The platform has no centralized control that could eventually crash should there be a failing in the system.
Smart Contract Limits Control
The smart contract restricts the number of functions in the KIBO platform. These services operate only for the development of the platform, and only the KIBO development team has access to them.
KIBO can introduce new games, but it cannot exclude old ones. It can run the draws more often, but not less often. It can raise the jackpot, but it cannot diminish it. KIBO has no way to stop a game or block any of its partners. At the same time, KIBO has a broad range of growth options.
Anyone can run his or her own lottery on KIBO’s platform. But there is only one jackpot that is formed by all partners.
What Is KIBO?
KIBO is a network of lottery platforms. While the partners work independently, they form an integrated, international lottery system and a united jackpot.
A partner operating his or her own lottery receives the support of a back office, ready games, a simple user interface and marketing tools for user engagement and retention.
The global launch of KIBO Lotto will provide a series of free-of-charge lottery draws. The minimum jackpot for these activities is 94 000 ETH, kept on an open account. This is the minimal sum allocated for the jackpot.
Crowdsale to Jumpstart KIBO
There are two primary goals for the KIBO crowdsale:
1) To raise money to grow the jackpot of free-of-charge lotteries. KIBO wants to enhance the power of this integrated marketing tool, which will help partners grow their client bases.
2) To increase the number of partners. The partners will take part in the global launch and develop their own – and at the same time integrated – KIBO platform.
During the initial coin offering, KIBO will introduce KIBIT tokens (KTB). The goal of the issue and sale of tokens is to accumulate money for the starting promotion and to form the jackpot for initial free-of-charge draws.
The KIBIT tokens are not intended as a payment facility inside or outside KIBO and its operations. The buying of tickets and the payout of prizes will proceed in ether, bitcoin, and other cryptocurrencies.
The KIBIT tokens can be compared to reference shares. Their owners will receive dividends of 4 percent of the whole platform’s turnover. This sum will be divided on 100 million KIBITs that will issue during the crowdsale phase.
Also, 20,000 partner packages will be for sale during the crowdsale. This is another offer that gives partners the option to their own lottery, and to take part in the start and development of KIBO, as well as to use part of the funds as an integrated user acquisition tool.
Lotteries Require Participation
While blockchain technology has already been used to support online casinos, KIBO recognized the lottery market was not being served by this new technology. One reason is that cryptocurrencies are still not popular enough among international players. For small players, it is too difficult to launch a lottery.
Only a few hundred players are needed to make an online casino profitable. But for a lottery, a large jackpot and thousands of players are required. Establishing a large lottery, therefore, requires a good marketing strategy.
Hence, the team created a marketing strategy to provide fast growth.
In January 2016, KIBO tested the efficiency of its marketing tools. The results exceeded expectations.
The test ran on the ready-for-service analogue of KIBO platform on the bitcoin blockchain.
The first edition of KIBO consists of four lottery games of the most popular types.
The platform is currently accessible to partners on kibolotto.net.
There have been test lotteries in which more than 2,000 clients and partners have participated. KIBO will publish a video that will include the results of this optimization.
Also read: Bitcoin gambling approved in the Isle of Man by regulator
Is It Legal?
On the issue of gaming licensing, KIBO believes blockchain technology already provides the fairness guarantees, by its transparency, that licensing is intended to provide.
KIBO noted in an email to CCN.com that:
For blockchain services there is no need for this guarantee, as all games are absolutely transparent, and anybody can verify the results of any draw at any moment.
KIBO will be registered on the Island of Man. The platform will have a business license for the conduct of online lotteries issued by the Isle of Man’s gambling supervision commission. KIBO will also be registered in the Authority control for financial services. The Authority will provide control over anti-money laundering law observance.
The company has more than 2,500 partners in around 20 countries, including the U.S., Great Britain, China, Australia, India, Russia, Spain, and Portugal.
KIBO will launch the ICO of KIBO tokens in Autumn. The global launch of the platform is planned for the fourth quarter.
Featured image from Shutterstock. Story image from Facebook.
