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Kibo Lotto (KIBIT)

ICO

The first decentralized Blockchain and Ethereum smart contract-based lotto (Kibo Lotto).

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Overview

Project industryGambling & Betting
FoundedSingapore
WhitepaperKibo Lotto White Paper Open

Technical details

KIBO decentralizes the online lottery based on Ethereum smart-contracts. Currently, Ethereum infrastructure cannot yet offer a complete solution that includes the decentralized part of the interface. As it is not yet possible to decentralize the application interface itself at the moment, the KIBO project is being implemented partially in a server infrastructure that contains a standard solutions for such cases, as well as a specialized application based on smart contracts. The network will have three main types of contracts: - Managing contract - a contract which coordinates the interaction of all other KIBO contracts, such as lotteries or voting contracts. - Repository contract - a contract that is used to store data about users, franchisee partners and their relationships. - Voting contract - a contract that stores a list of issues for managing all contracts, as well as conditions for making decisions on these issues. The voting and decision-making system is implemented such as to allow: a) the development of the platform, b) the addition of new games to KIBO’s functionality without the possibility of intervention in the algorithms for accrual, c) work with the customer base via the separate branches of each partner. Only control token holders have the right to vote in this contract. When individuals buy lottery tickets, only 68% of the ticket cost goes to the prize pool. 1% goes to contract token holders. Another 17% goes to payout bonuses for the line-by-line branch network. The final 14% goes to holders of KIBIT tokens (with 71% of this remaining 14% going to the developers, since they own 250 thousand out of 350 thousand tokens).

What is Kibo Lotto

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Legal

Registration country: Singapore

Token info

Ticker: KIBIT
Accepted currencies: BTC, ETH
Token distribution:
The Kibo platform uses several types of tokens that are associated with each other. These tokens are not used directly for cash payments. Cash payments occur via ETH tokens. A KIBO control token is used to contract management and voting on amendments to the system. Initially they will be distributed among the partners. 1% of all winnings on the network will be distributed among the owners of these tokens, at the same time, the payment is made only if the owner of the token votes during decision-making on changes to the network. A KIBIT token is the main token of the Kibo platform. A total of 350 million tokens will be issued. Of these, 250 million will belong to the developer, 100 million will be sold during the ICO. Unsold tokens will be transferred under the management of the Kibo partners. 14% of all winnings on the network will be distributed among the owners of the tokens. A KIBO PLATFORM token allows someone to become a KIBO branch owner and receive the respective bonus for the expansion of the client network and building of a branch network.

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