[PRE-ANN] KIBO Lotto | Ethereum Smart Contract Lottery | ICO in August
KIBO Lotto is the first decentralized lottery based on blockchain technology and smart contracts of Ethereum
What is KIBO Lotto?
We have always believed that openness, transparency and honesty are the basic principles of human interaction. As many other developers, we are fascinated by the idea of blockchain. This technology makes the world more open and information on all spheres of life more accessible.
As we have many years of experience in developing entertainment products, we constantly monitor the industry in search for new tech trends. When humanity made another big step towards a perfect data-exchange technology with no need for third-party guarantee, we could not help getting involved. Blockchain is to revolutionize the world’s most popular social game - the lottery.
So emerged the idea of KIBO - the first open source decentralized lottery that bases on blockchain technology of smart contracts of Ethereum.
In June, 2015, our team joined the forces and started working on KIBO.
Lottery is the most popular social game in the world. In mature economies, over 50% of population regularly play lottery games. In some regions this share reaches 80%. However, an absolute majority of players is troubled by several drawbacks of traditional lottery.
First of all, there is the question of trust. In most lotteries the player never knows how the prize fund is formed and then paid out. People have no other choice but to trust organizers who are not always perfectly honest.
Another important point is the long pay-out time and geographical limits. In some countries players need to pay taxes up to 50% of the sum if they win in a lottery game. Besides, the money is being paid out during a long period of time.
A game for anywhere and everywhere
We made the game really global by using new forms of digital values like Bitcoin and Ethereum. The lottery has no geographical borders and is not bound to any local financial system.
KIBO is the first international lottery where anyone can participate. This is especially important for people who live in countries where there is no banking infrastructure. To play, you need only Internet access.
Traditional lotteries might let you wait years to receive the full pay-out. Organizers always find a way to make the process of paying out the Jackpot longer.
In KIBO, the logic of the smart contracts makes the pay-out instantly and automatically. Following the results of the game, the user gets an instant pay-out to his/her account in any cryptocurrency he/she prefers. The prize of any size is being transferred anonymously and instantly to any place on Earth without any commissions
Anonymity for every client
Thanks to blockchain technology and cryptocurrencies we use, every user can receive payments to his/her cryptocurrency account and remain anonymous.
How to tell the world about KIBO?
For any product and service it is important to attract a wide audience on start. We knew this from beginning, so we invested much time and effort into marketing.
Not only did we develop the architecture itself, but we also started marketing KIBO’s platform all over the world. Today our network is formed by partners from over 20 countries, including China, Great Britain, USA, Brazil, Australia, Russia, Spain, Portugal, India.
Over 2500 people will take part in the launch of the project as owners of the platforms. These are entrepreneurs that are highly interested in the financial success of our project. These people share our ideology and believe in KIBO’s great prospects.
As result of the first business development activities we already managed to collect 94538 ETH 0xe0535bd89676e254ea80c987082afb597a7fdde9 that we are going to spend on KIBO’s realization and on first marketing campaigns. The goal of our promo activities is to help owners of the platform quickly attract first and standing customers. We believe that this will be a powerful impulse for global KIBO’s audience growth.
KIBO’s growth is based on the principle of rewards for every client that attracts new users to the platform. Using the system of recommendations, a player can highly improve his/herwinning chances. The platform automatically encourages the client by paying him shares of prizes of players that he/she has attracted. A single recommendation enables you to constantly receive rewards - shares of prizes from every player you invited.
We have tested this mechanic in January, 2016, in KIBO’s network. The results exceeded all our expectations. This makes us look positively into the global start of the platform.
What is next
In the end of August, 2016, we plan to start the ICO of KIBO tokens. This way we want to attract additional funds for project growth. We plan to develop new games and to realize a global marketing strategy.
Another major task is to give every interested client a possibility to join KIBO and to launch his/her own lottery on the base of the platform. By growing the network of our partners we plan to become an even more decentralized platform. We are willing to broaden the geography of our partners and clients to enter new markets as soon as possible.
The process of KIBO’s tech development has entered its final stage. Now we are running tests and working on the source code. By the end of August we plan to release all the key functionality. Already in autumn 2016 we will open KIBO’s gaming platform for the first users - for those who share the ideas of honesty, transparency, accessibility and anonymity, and who are just like us inspired by the ideas of new technological products.