download

download

A year ago Kibo team introduced the concept of first gaming platform build on blockchain technology and Ethereum smart contacts.

In October 2016 the project held its ICO and since then conducted hundreds of tests before its full-rate launch. Now the project is waiting for Ethereum net updates to launch the first release of KiboLotto, and CoinFox seizes the moment to prepare the project overview.

 What does Kibo brings to the lottery market?

 Kibo position itself as a platform that allows its owners to develop their own lotteries with a ready-made infrastructure and unified growing jackpot. As a service, Kibo is intended to ensure completely transparent and 100% honest lottery game with instant payments of winnings of any size. To this end it uses Ethereum smart contracts for the lottery functioning so as to exclude completely a possibility of external intervention to any game process. Recently Kibo has posted the result of the development on its blog.

 As the developers explain, the current problem of existing gaming platform is that they do not guarantee the interests of their partners that bring up to 80% of audience to the platform. In the Kibo’s case, each owner of the Kibo platform is able to organize traffic not worrying that he may lose the attracted audience on the wish of the gaming resource owner. Moreover, due to inbuilt terms of the platform that are established in the smart contract and cannot be changed, he may not worry about blocking or change of commission amount of each sold ticket. These inbuilt parameters imply: mechanics of ticket purchasing and distribution of sales revenue, scheme of random numbers generation and distribution of winnings among the winners, registration process of a client or partner upon his link that guarantees the client is assigned to exactly this partner, etc.

 Kibo infrastructure totals to 16 contracts combined into the unified working mechanism, which ensures completely decentralized work of all platform participants with interests of each owner of the platform protected by the contract. Since the platform contains games of various characteristics and individual time interval, winning numbers for each of them are assigned by two specially developed random numbers generators.

 Who are the main participants of the platform?

 Partner (owner of the platform) gets all necessary tools for developing his own lotto, along with data analysis of clients, attracted to his platform, and a number of tickets bought by them. The planform’s interface allows monitoring statistics of token income owned by the partner. All main transactions in the account have a direct link to the blockchain operation and are fully transparent for the platform owner. As the terms of all partner’s incomes generation are established in a smart contract, it ensures the most transparent working conditions and an opportunity to receive a stable income from cooperation with an operator in the gaming industry.

 Client is able to choose any game he likes through the Kibo lotto gaming interface. Each game is a group of contracts which are regulated by rules specified in the core of the platform. The current version contains four games that are completely implemented and connected to the core.

 Holders of managing tokens and platform administrators vote for the decision that will be built in a smart contract. To administer such issues like ticket cost, promo campaigns management, and enabling of additional games, the team envisaged two managing levels – managing tokens and administrative tokens. First ones are entitled to participate in voting on all issues build in the platform, including a possibility to manage administrative tokens.

 Where is the project now?

 In July and August 2017 the Kibo team together with a thousand of Kibo platform owners run the test in Ethereum testnet Ropsten. The team reporting that the launch of the platform is restrained by the possibilities of the Ethereum platform itself. As developers explain, the issues of the gas price and number of currently available transactions in the net create significant limitations and make many projects economically unattractive. The recent developments of Ethereum platform should resolve the issues – Kibo team expects that the Plasma project will allow significantly scale contract implementation and resolve the problem of limited bandwidth of the Ethereum net. In its turn, the problem of the gas price could be solved with the beginning of the PoS era and implementation of the CASPER protocol. However, it is not yet clear if the gas price issue is solved at the early stage of its implementation. By these reasons Kibo developers explain their decision to wait for Ethereum net updates. According to the team’s estimates, if the Ethereum team manages to solve the gas price problem in the nearest future, it will allow Kibo to launch the first release of the platform in early 2018 and accept up to 10,000 users. Following the same logic, a promo campaign is planned to be launched and attract a big audience as soon as the scalability issue in the Ethereum net is solved.

 At the present moment Kibo includes more than 6,000 well motivated branches that represent several dozens of countries. They joined the project at the ICO stage and all of them are supposed to become the point of growth and attraction of the first audience.

 One of the stimuli for new users to get acquainted with the platform will be a promo drawing – unprecedented for all gaming industry. The amount of promo winnings at the start will be $40,000,000. The attraction of funds for organization of that promo was the main aim of the ICO in October 2016. The details of the promo the team promises to announce before the platform launch. The team claims having implemented strong stimulus for step by step involvement of a user as a paying gamer with ​​​​​​​formation of further loyalty to the platform.

 What about token sale?

 As announced earlier, Kibo plans to sell its tokens only after the platform will be launched in the real net. The developers claim that as soon as the Ethereum team solves the gas price issue, the first release of Kibo Lotto with the limited number of users will be launched and tokens will be listed at stock exchanges.

 Tokens that are issued by Kibo amount to 350,000,000, though only a small part of them was offered within the ICO. Kibo developers explain that team tokens are not designed for sale (they will be frozen by the contract terms) and serve as a source of revenue for the team. At the same time, from the engineering point of view these tokens are the same as the tokens that were distributed within the ICO – the idea behind was to ease their perception as a unified digital asset of the company in the future. These tokens could only be defrozen if the number of active platform users exceeds 500 thousand.

 The team presumes that Kibo tokens are more likely to be regulated as securities. Developers explain that the company’s legal structure is now being formed with regard to finally announced first explanations by SEC and MAS in Singapore about identification of the digital tokens. At the same time the team is working on obtaining the gaming license for the company which is also a time-consuming process since there is still no legal clarity about licensing of gaming platforms based on smart contract technology.

 The platform is ready to launch and waiting only for Ethereum team to solve current issues. CoinFox wishes the project good luck and encourages all interested to follow the project updates on team's Medium blog, Facebook, Twitter or Telegram!