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Blockchain-based Kibo Lotto Thanks Token Holders by Distributing $13 Mln

While most major companies will in the coming years implement some form of Blockchain solution, the benefits of the technology are especially important for certain situations. As Gideon Greenspan of Multichain said, for a Blockchain project to be really useful: “you need a transaction database for multiple writers who do not trust each other and no trusted intermediary can be found. There are interdependent transactions and validation rules.”Insurance is an example of an industry that is perfect for smart contracts, for example, but there are plenty of sectors that are amenable to Blockchain features. Kibo Lotto, the Blockchain-based tech company, have identified ways that Blockchain is perfect for improving the lottery business.The basis for the Kibo project is a distributed network of independent affiliates, the working conditions of which, along with the entire game process, are guaranteed by the smart contract. This allows affiliate owners to organize traffic of potential players without the fear that it may be deprived of this audience by the resource owner request, and that is one of the most passionate issues for any affiliate partner in gambling. Also, he or she does not have to fear blocking or changing in commissions from each ticket sold, since all the conditions for owning the platform, including charging commissions, are registered in the smart contact and can’t be changed. All this greatly increases the loyalty of Kibo partners, which in turn will contribute to the rapid growth of game base.KiboPlatform is a platform through which each owner gets the opportunity to develop his own lotto with a completely ready infrastructure and a single growing Jackpot.As for the gaming process, the performance of absolutely all operations is also guaranteed by smart contracts, which completely excludes the possibility of external interference in any game processes. For the average user, this provides a fully transparent and 100 percent fair lotto game with instant payouts of prizes of any size to anywhere in the world where there is access to the Internet.Kibo believes that lottery is a perfect use case for Blockchain, enabling a lottery that is more transparent, easier to use and easier to get your winnings from.Over the past months, the Kibo development team, among other things, has been looking for solutions to optimize contracts and has followed all the existing technologies in the early stages of development for possible application in Kibo launch. Earlier they shared reasons for the delay of the launch, in particular about the problems of the Ethereum network.At the end of November, the team reported on their blog that they were able to design a solution that in preliminary tests showed a significant reduction in gas costs in contracts. Now they are busy implementing this concept and refactoring the code. Developers hope that they will be able to launch the first version of the platform for a limited number of users in the first quarter of 2018 if there are no unforeseen circumstances. But a global launch will still be possible only after solving the scalability problems by Ethereum team.“Based on the current situation, where we can’t predict the exact date for a large-scale launch of the platform because of reasons independent of us […] our team decided to take an unprecedented step and do the following: We decided to distribute some of the funds belonging to the team among all our partners.”Kibo Lotto team launched the plan for fund distribution to all investors, both holders of KIBIT tokens and KiboPlatform owners, in an amount of investments in US dollars at the time of the ICO with an additional double-rate charge.The total amount of distributed funds is about $13 mln“The distribution plan does not in any way affect the further development of Kibo. [...] All tokens and platforms in full and without any changes will remain to the current owners. The decision to distribute part of the funds belonging to the team was made solely from the personal considerations of the team that is working on the project, so that our investors can wait until the launch of the platform, starting from today, with no more financial risks for themselves. […] And of course, we see this as the best opportunity to thank all those who supported us in the beginning of the road and continue to support, despite the fact that we have faced problems, solution of which doesn’t depend on our team.”This is a nice early Christmas present for Kibo investors. The fact that the team has open and transparent approach to development can be a good step for the platform, which also undoubtedly demonstrates confidence in their future launch.Eoghan GannonDisclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.