Decentralised smart contract-based lottery platform to start an ICO 1 October. The organisers promise complete transparency and fraud-free gaming due to the blockchain technology.
The platform is available in 14 languages including Chinese, Portuguese and Hindi. Smart contracts run all the processes in the system and manage financial and marketing aspects of the lottery to make sure KIBIT token holders and franchise partners receive their income.
The marketing component of the lottery is also implemented based on smart contracts, allowing franchise partners and owners of KIBIT tokens to be sure of receiving their earnings and the correctness of its calculation.
KIBO is a platform where all processes are implemented and managed by smart contracts. Ticket purchase, random number generation, and prize payouts, as well as accruals in the distributed partner network, are performed by a smart contract without the possibility of intervention by third parties. Changes in the platform are made by voting of control token holders.
The list of issues and the decision-making conditions for each of them is initially set in the contract. Any control token holder can initiate voting on any issue in the list and vote. Voting results are accepted in the case of a positive vote of 30 % to 51 % of control token holders, depending on the importance and impact on the subsequent development and operation of the KIBO platform of the issue put to vote.
To further stimulate voting activity, the following mechanism has been implemented: accrual of remuneration per token upon voting is carried out immediately after a control token holder votes. The amount of remuneration for all 10,000 tokens is 1 % of turnover from all platform lotteries.
Concerning the tokens, the platform has several different types of them, each with its own set of features. 10,000 KIBO control tokens are intended for contract management.
The KIBIT token is the platform’s main investment asset. There is a total of 350 million tokens, to which 14 % of total turnover from all platform lotteries is accrued. As part of the marketing strategy, at the crowdsale stage, 100 million KIBIT tokens will be distributed, to which 4 % of turnover will be allocated. The remaining 250 million units are owned by the development team and will form the company’s income and be used at the team’s discretion, including for further platform development, options within the team and other strategic decisions.
The last kind of unit is KIBO Platform tokens. They allow one to become a KIBO branch owner and receive the respective bonus for the expansion of the client network. There a total of 20,000 base KIBO Platform tokens.
KIBO tokens will be distributed with limits on initial purchase. One will be able to buy KIBITS starting from 5000 KBT = 100 ETH at the start of the sale. After the initial purchase, any number can be purchased additionally. You can only purchase tokens if you have the KIBO Platform. If you do not have the platform when you purchase tokens, the cost of the platform will be automatically added to the cost of the first KBT token purchase.
It must be noted that all platform tokens are not KIBO internal currency and are not intended for internal settlements in the system. All payouts and remunerations are made directly to the user’s wallet in ETH cryptocurrency.
The Ethereum decentralised network, which was chosen for the implementation of the project, has great potential for scaling and the broad support of the cryptocommunity and investors. Currently, the network is theoretically capable of handling about 10 transactions per second. Its methods for network scaling will make it possible to accept more than 50 million lottery users in the near future.
The number of platforms offered by KIBO is limited to 20,000. Of them, 2,500 already have owners - these are affiliates from more than 20 countries. The remaining 17,500 platforms will be distributed in the upcoming sales. The price of the KIBO Platform software is 10 ЕТН.
As it is not yet possible to decentralise the application interface itself at the moment, the KIBO project is implemented partially in a server infrastructure which contains standard solutions for such cases, as well as a specialised application based on smart contracts. Various solutions for decentralising the interface part are now being developed.
68% of a ticket purchase is allocated to prize fund formation. At the moment, due to the technical limitations of the Ethereum network, payouts of winnings are made at the user’s request. Because to make the payout a large number of records in the contract must be sorted, it is not made immediately. For one user’s payout request, 100 tickets are sorted; after all the tickets have been sorted, the actual payout to all users is launched by clicking the “payout” button (100 payouts per click). Payouts are made only to those users who have clicked the “payout” button. Thus, in order to complete sorting and payouts on all the tickets, one out of fifty users who purchased a ticket needs to take his winnings.
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