What is the Online Blockchain Ethereum Based Lottery Called “Kibo” and How Can You Play?
KIBO represents online lottery which is the first to be decentralized, founded on Etherium’s smart-contracts. KIBO’s creation was motivated by blockchain technology and it presents factors like transparency, safety and the latest methods of users’ interaction of the principle of ‘code is the law.’
The development of the KIBO platform began in June 2015. Its objective was to bring positive changes to lottery, which is a famous social game globally.
The Current Lotto
Nowadays, literally each country has its own commercial or national lotteries. Lottery presents entertainment which is a favorite; it has the hugest market turnover compared to other social games in the globe.
The lottery is played regularly; however, despite its fame, the game still has some vital drawbacks which make each player concerned. KIBO is founded on a shared database of Etherium computer.
The key objective of KIBO developers is to bring the initial worldwide international lottery to the market. This is a lottery that has no major drawbacks, which players throughout the globe experience nowadays.
Total Transparency and Guarantee of Fair Play
Nowadays, players do not have any methods of checking whether fairness was exercised during the draw. They just rely on trust. KIBO’s blockchain technology enables cheating to be eliminated, in regard to the results drawn. Smart contracts offer complete transparency of the inside procedures and promise 100% fair play.
The Game Can Be Accessed from Anywhere in the World
Latest kinds of electronic money such as Ethereum, Bitcoin as well as other
crypto-currencies were used to provide effective global access to online lottery. KIBO is the initial international lottery that even the ones from states that lack any banking system can take part in. Internet access is sufficient for participation.
Immediate Pay-Outs of any Quantity
The pay-out procedure in lotteries of varied countries can take numerous years and has various types of commissions. The pay-out period is changed by KIBO. When you become a winner in KIBO lotto, you instantly obtain a prize of any quantity, which is sent to your Smartphone, wherever you might be in the world.
As the drawbacks of traditional games are eliminated, this platform takes the lottery market to another enhanced level.
Development and Decentralization
KIBO’s launch is founded on a consequent start of a lot of KIBO units found throughout the world, which are independent. They are linked to a worldwide gaming platform. The creation of KIBO is determined by the principle of a latest kind of decentralized organizations.
This signifies that there is not one tech center which could make the entire platform not function, in case it breaks down. For once, social games can progress as a joint ownership.
The platform of KIBO can be joined by anyone in a single click, facilitating the setting up of his or her own lottery.
Major Aim of KIBO Crowdsale
KIBO crowdsale has two major objectives:
- To collect money to develop the jackpot of lotteries that are free of charge: KIBO desires to improve the strength of this combined marketing tool, which will assist partners to grow their customer bases.
- To raise the number of associates: The associates will participate in the worldwide launch and build their individual as well as integrated KIBO platform.
In the course of the first coin presentation, KIBO shall establish KIBIT tokens or KTB. The aim of the provision and sale of tokens is to collect cash for the starting promotion and create the jackpot for the first draws that are free of charge.
The tokens for KIBIT are not meant as a payment facility outside or inside KIBO and its operations. The purchasing of tickets and prizes payout shall go on in bitcoin as well as other crypto currencies.
The KIBT tokens are comparable to reference shares. Dividends of 4% of the entire platform’s turnover shall be offered to their owners. This figure shall be split on 100 million KIBITs which will issue in the course of the crowdsale period.
In addition, 20,000 partner packages shall be sold when the crowdsale is going on. This offer is another one which offers partners the choice to their own lottery and to participate in KIBO’s inception and development and also to utilize a section of the money as a combined user acquisition tool.
Participation is Necessary in Lotteries
Already, blockchain technology has been utilized to offer support to online casinos. KIBO acknowledged that the lottery market did not receive services from this latest technology. One reason for this is that crypto currencies are still not sufficiently famous among international players. It is hard for small players to start a lottery.
Just a limited number of players are required to make an online casino beneficial. However, in regard to lottery, a huge jackpot and lots of players are necessary. Setting up a huge lottery therefore, needs a great marketing strategy. So, the KIBO team formed a marketing strategy to offer quick growth.
KIBO assessed its marketing tools’ efficacy in January 2016. The outcomes surpassed expectations! The test operated on KIBO platform’s ready-for-service analogue on bitcoin blockchain.
KIBO’s initial edition has four lottery games of the most famous types. Presently, the platform is accessible to kibolotto.net partners. Test lotteries have been conducted in clients numbering more than 2,000; partners have taken part also.
A video shall be published by KIBO, which will include the outcomes of this optimization.
Is it Lawful?
In regard to the matter of gaming licensing, KIBO believes that the technology of blockchain already offers the fairness guarantees, through its transparency, which licensing is meant to offer.
According to KIBO, for blockchain services, this guarantee is not necessary since all games are very transparent and any person can confirm the outcomes of any draw any time. The registration of KIBO will take place on the Island on Man.
The platform shall have a business license for carrying out online lotteries provided by the gambling supervision commission of Isle of Man. Also, KIBO shall be registered for financial services in the Authority control. The Authority shall offer management over law observance of anti-money laundering.
The firm has an excess of 2,500 partners in about 20 countries, such as Great Britain, India, U.S., Spain, Portugal, China, and Australia.