Cryptocurrency and lottery seem to be an interesting combination these days. Not too many projects have been exploring the opportunities in this market,though. KIBO wants to revolutionize the online lotto space, as they will be the first decentralized Bitcoin and Ethereum smart contract-based offering of its kind.
KIBO is A Very Different Type of Lottery
One thing that is somewhat holding back lotteries is their lack of transparency. Granted, numbers are drawn “randomly”, although there is no clear evidence of this being the case. Moreover, this approach raises questions as to how far the outcome of these draws really is. A more decentralized approach could do wonders, and KIBO plans to explore this opportunity to the fullest.
Blockchain technology can be used in a wide variety of ways, and an online lottery is just one of those examples. Using this technology would open up this lottery concept to players from all over the world, while also providing security and fairness. A combination of the blockchain and smart contracts will be needed to create the KIBO independent affiliate network.
The big question is how the platform aims to bring a decentralized online lotto to millions of users around the world. A unique development strategy has been created, although it is somewhat similar to what Uber has been doing. New users will be eligible for free lottery participation when referred by someone else. There will be no product or ticket selling involved in the process.
So far, the KIBO lotto initiative has been embraced by participants in 20 different countries around the world. Moreover, 2,500 platforms will participate from day one, which is a rather high number for a new project. By executing the marketing strategy during the coding process, the concept has started to gain traction.
A total of 14 different languages will be supported by the KIBO platform at the start. More languages will be added over time, depending on how popular the project becomes. An ICO will be held to raise additional funding for this project. One hundred million KIBIT tokens will be sold. Every token holder will receive a portion of the turnover generated by KIBO Lotto. Four percent of all earnings will be distributed to token holders. This crowdsale will start on October 1st, 2016.