KIBO: Creating the world’s first blockchain lottery platform

Rage Review : KIBO, a lottery platform based on blockchain and Ethereum smart contracts, launched an ICO crowdfunding to fund the blockchain lottery platform. The goal of this crowdfunding is to sell 1 billion KIBIT tokens to the public. KBT represents the equity of the platform, just like company shares. The main goal of this new lottery platform is to use blockchain to make the game transparent while solving common problems associated with lotteries - such as fair draws, access to bonuses, and restricted access to tickets.

Translation: Nicole

KIBO, the first lottery platform based on blockchain and Ethereum smart contracts, announced an ICO to raise funds to launch a blockchain lottery platform, which is a "revolution in online lotteries."

We all know that lottery is the most popular form of gambling in developed countries, and more than 50% of people in industrialized countries gamble regularly, so KIBO wants to use blockchain technology to improve the variety of games.

The main goal of this new lottery platform is to use blockchain to make the game transparent while solving common problems associated with lotteries - such as fair draws, access to prizes, and limited access to purchasing tickets.

The KIBO platform aims to provide a 100% fair lottery experience by using blockchain-based smart contracts. The KIBO website states:

“The platform’s logic and algorithms are publicly available and everyone can see every transaction, every draw and every lottery type.”

Developers say the platform’s rules and conditions are “hardwired” into the architecture of specially designed smart contracts that make up the underlying lottery service. According to the website:

“Once the network is launched, the rules cannot be changed or deleted.”

The website says:

"This ensures that every lottery transaction is 100% open and transparent."

Because the platform uses Ethereum, a blockchain-based currency, KIBO lottery tickets can be stored from anywhere in the world, unlike traditional lotteries, which are restricted to certain locations or must be played in local currencies. With the power of digital currency, KIBO lottery tickets can be played all over the world, even in places without banking infrastructure - the only requirement is an internet connection.

Traditional lotteries take weeks, months, or even years for winners to get their winnings back. To speed up the process, KIBO developers designed a smart contract that automatically distributes winnings through the blockchain. The team claims that there is no transaction fee for distributing winnings.

In order to cater to the international market, the platform currently supports 14 languages ​​and provides the most popular lottery categories in Europe and Asia. According to the website, the platform will continue to expand its services in various directions.

To finance this ambitious project, the developers held an ICO on October 1, with the goal of selling 1 billion KIBIT tokens to the public. KBT represents equity in the platform, just like shares in a company. After the platform is fully launched, 4% of the profits will be distributed to KBT holders. The income of KBT holders depends on the number of tokens they own.

The starting price of KIBITS in the ICO is 100ETH: 5000KBT. The KIBO team said that after the initial purchase of 5000 KBT, you can purchase any amount of KBT.

After the full launch of the KIBO platform, KBT will be available for trading on the market, with its value determined by supply and demand.

As of press time, the ICO has raised 94,538 ether ($1,087,944) with more than 2,500 participants.

KIBO developers have strictly followed the development roadmap since its launch in June 2015. As of July 2016, the team has completed the platform development and started the final testing of the platform.