KIBO, the world’s first Blockchain and Ethereum smart contract based lottery has announced the launch of an ICO to raise funding for the completion and launch of its platform, which it calls a “revolution in online lotto”.
To fund this ambitious project, developers are kicking off their ICO on October 1, 2016. The goal is to sell 100,000,000 KIBIT TOKENS (KBT) to the public. KBT represents a stake of the platform, similar to shares of a company. Following the launch of the platform’s four per cent of its turnover will be distributed to KBT holders. The amount holders receive will be determined by the amount of tokens in their possession.
The starting ICO price for KIBITS is 100 ETH for 5000 KBT and the KIBO team says that any additional number of KBT can be bought after the initial 5,000 KBT purchase. Following the launch of the KIBO platform, KBT will be traded on the market, its value determined by supply and demand.
At press time, the ICO has raised close to 100.000 ETH (over a million dollars) from some 2,500 contributors. For those interested in purchasing KBT in the ICO once it goes public, additional information can be found here.
Since its start in June 2015, KIBO developers have strictly followed a tight roadmap and so far this year the team has completed the development and started the final testing of the platform. According to the roadmap, KIBO will fully launch in Q4 2016, after the ICO.
A critical problem for any service or product is getting scale in the beginning and they say they have a brilliant growth hack to build a large user base at the start of the project.
When developing a market release strategy for a decentralized lotto we set ourselves a task not only to build a very powerful motivation to refer KIBO to friends. Another task we set ourselves was to motivate users to work out for themselves the benefits of our platform, which are down to decentralization and cryptocurrency. To address these tasks we have developed a step-by-step launch strategy divided into two main stages.
The first stage of their plan includes attracting funds and building a network of independent platform owners all over the globe, who will have a vested interest in a powerful launch and active build-up of the customer network during the launch, and in further development of the platform.
Crowdsale stage tasks:
- 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);
- At the moment of the launch, have a distributed network across the world of affiliates who will have a vested interest in rapid development. The 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.
The next step is the launch and growth of the customer base. The second stage starting point is making the gaming platform available to everybody. 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 using 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.
Free tickets given to a potential lottery player will be available for all draws held daily over more than three months. To obtain a set of tickets, a regular user will simply follow a link to sign up on the platform site and set up a wallet, into which the winnings will automatically be sent.
Therefore they motivate the user to learn the key advantages of their platform and get a feel for how it works.
To ensure further growth of our customer base at a geometriс rate we have in place powerful motivation from the very start not only of platform owners, but also of each user who has signed up with us at no charge. Each customer will be able, as will the platform owner, , to present their friends with tickets to participate in a series of draws at no cost to them at all, thus increasing their chances to win many times over. Platform owners have different motivation. The difference is that all those with a platform can invite customers to make a profit from each ticket sold. Customer motivation is an opportunity to increase your chances of winning by receiving 5% of each prize won by your friend at three levels.
Now every time any of the friends invited by a user and their friends up to level 3 wins in a series of free draws, the user will receive 5% of the winnings. And they will always receive 5% of all winnings of their friends up to level 3 every time any of them takes part in a draw and wins
Let’s assume that in two months after the launch each affiliate using all its marketing tools attracts an average of 100 customers. Today the results we have received from our testing give us a clear understanding that the number of customers invited by each affiliate over the said period of time can be much larger. If this is the case the number of customers drawn to the platform by the affiliates alone can exceed 2.5 million. It is important to mention that these 2.5 million users will in turn start inviting their friends, also giving them presents of free tickets for a series of draws thus increasing their chances of winning. A constant, high-power customer motivation at all levels can ensure an avalanche-like growth of the customer base.
Their website states that they have always believed that humanity deserves transparency, openness, and fair play as basic values.
Ever since the Blockchain technology was developed we have been really impressed by what it has to offer. With our many years of experience in entertainment content development, we could not but notice a technology that removes all key shortcomings that gamers across the world have to face today.
Blockchain and smart contracts are not only second to none in solving end user’s problems but also ensure 100% security and fair play in creating an independent affiliate network governed by a smart contract.
This is how KIBO originated – the first decentralized lotto that makes it possible to develop collectively owned social games. By joining the efforts of our team, we were able to commence development in June 2015.
The fact is – lotteries are simply the most popular form of gambling in the developed world, with over 50 per cent of people in the West play lotteries on a regular basis, and KIBO wants to improve the gaming genre with Blockchain technology.
Here’s where KIBO and make a difference:
- FAIR DRAW PROBLEM – Licensed operators cannot rule out the role of human factors in the industry with a turnover of billions of dollars which, in turn, cannot guarantee a 100% fair draw. The problem of fair play is currently the main constraint on this market and not without reason.
- THE PROBLEM OF COLLECTING WINNINGS – Collecting the prize in each country is governed by its own rules and , if you win, it can take several years to collect your winnings, and all kinds of fees are required which may make up to 50% of the prize, depending on the country.
- LIMITED ACCESS TO TICKET PURCHASE – Residents of many countries still suffer from a lack of access to payment or banking systems. The lack of a universal payment method is a major constraint for organizing a single international lotto for people in all countries.
The KIBO platform aims to ensure a 100 percent fair lotto experience through the use of Blockchain-based smart contracts, “whose logic and algorithms are available to anybody. Anyone can check out any transaction, any draw or any lottery,” according to the KIBO website.
KIBO LOTTO offers a new approach to the organization and holding of lottos. Thanks to Blockchain and Ethereum smart contract technology, we have eliminated key shortcomings in the most popular social gaming entertainment on earth.
- A completely transparent and 100% guaranteed fair-play platform – KIBO is built on Blockchain technology and makes use of open-source smart contracts, whose logic and algorithms are available to anybody. Anyone can check out any transaction, any draw or any lottery. The gambling rules and conditions are hard-wired into the architecture of the KIBO smart contract. After the network is set in motion they cannot be changed, doctored or deleted. This ensures a complete transparency of each lottery and a 100% guarantee of fair play.
- Play from any place on the planet – Using new forms of e-money, such as bitcoins, ether and other stable cryptocurrency, we have been able to make access to the online lottery truly global. Playing lotto now has no geographic boundaries and is not tied into any local financial system. KIBO is the first international lottery that can be played even by residents of those countries where there is no banking infrastructure; all that is needed is Internet access.
- Instantaneous payout of winnings and anonymity – By using new technology we have reduced the time needed to collect your prize, which in some countries can be up to several years. In KIBO, the smart contract logic makes payments automatically, with no intervention from third parties. Now, when a person wins in KIBO LOTTO their prize of any size is paid virtually the same moment to any place on the globe without any fees.
The platform’s rules and conditions are “hard-wired” into the architecture of a specially-designed smart contract that forms the basis of the lottery service. “After the network is set in motion,” the website states, the rules “cannot be changed, doctored or deleted.”
- European Commission Releases New Support Paper on Blockchain – Further Funding for Startups Encouraged - September 19, 2019
- Bitpay Opens Up Doors For Ethereum Payments - September 16, 2019
- Neufund Launches Blockchain-Driven Equity Token Sale for Retail Investors Out of Lichtenstein - September 16, 2019
- London Blockchain Accelerator Academy Looking for Partners - September 13, 2019
- Blockchain Startup Blockstack Raises a Whopping $23 Million In SEC-Qualified Reg A+ Token Offering - September 12, 2019
- France Vows to Block Facebook Libra Cryptocurrency in Europe - September 12, 2019
- R3 and Mastercard Team Up Mastercard to Build Overseas Payments System Build on Blockchain - September 12, 2019
- ConsenSys Officially Joins Hyperledger Project – Adding Public Blockchain Capability to Hyperledger - September 11, 2019
- Telegram Open Network Labs Releases Development Suite for TON Blockchain - September 11, 2019
- Whale Alert: USD One Billion+ BTC Was Transferred in One Transaction Last Week - September 11, 2019
- New Professional API Trading Program AlgoX Prime API Launched by eToroX - September 11, 2019
- Bitcoin.com’s Roger Ver Steps in to Operate Node on Cryptographer David Chaum’s New Elixxer Project - September 11, 2019
- Seychelles Heats Up With a First for a National Stock Exchange – MERJ Exchange Goes Live with Tokenized IPO - September 10, 2019
- Computing Legend Steve Wozniak To Launch Blockchain Energy Project – EFFORCE - September 10, 2019
- Hollywood Star Wesley Snipes To Tokenize $25 Million USD Movie Fund with Liechtenstein Blockchain Innovator LCX - September 9, 2019
- Netki Extends TransactID Solution For FATF “Travel Rule” Compliance - September 9, 2019
- Market Demand For Sophisticated Crypto Trading Methods Drives Singapore’s Broctagon Fintech Group To New Heights – Pushing Them Past $5 million - September 5, 2019
- London-based Custodian For Digital Assets, Copper, Reach $500m In Transactions In Just Three Months - September 5, 2019
- UN Meeting: Gibraltar Lawyers Call For A Global Regulatory Framework For Cryptocurrencies - September 4, 2019
- Michael Terpin’s BitAngels Investor Network Partners with Bitcoin Bay to Expand Blockchain Investment Ecosystem in Toronto, Canada - September 3, 2019