Blockchain-based lottery platform KIBO launches first public token presale

Baozou Comment : Lottery is a popular gambling category in developed countries. Participants are subject to many restrictions in terms of region, infrastructure, and currency types, and the existing participation methods cannot guarantee fairness and openness. Therefore, in order to improve this situation, a group of developers have been committed to the development of Kibo, a lottery platform based on blockchain smart contracts since last year. The platform test has been completed and it is ready to raise funds for the platform through ICO.

Translation: Annie_Xu

Do you have a lot of Ethereum? The following options may be suitable for you.

A new Ethereum-based project has launched an initial coin offering (ICO) to build and launch a decentralized lottery platform.

Kibo said that he is trying to use blockchain technology to build a lottery platform to "increase the transparency of the game" and solve some other problems, such as the fairness of lottery draws, prize collection, and purchase channels.

Developers began developing the platform in 2015, hoping to use blockchain smart contracts to ensure a 100% fair lottery process. The company said that blockchain smart contracts allow "everyone around the world to view transaction information and participate in lottery activities", unlike traditional lotteries that are restricted by region and currency.

According to the company, the platform’s rules and regulations are “hardwired” into the architecture of a custom-built smart contract that forms the basis of the lottery service, meaning that once the network is up and running, the rules “cannot be modified.”

The platform supports 14 languages ​​and includes a variety of popular lotteries in Europe and Asia.

In order to raise funds for the platform, Kibo plans to issue 100 million KBT tokens (Kibit Tokens), and the ICO will start on October 1. KBT represents the shares of the platform. After the platform is launched, 4% of the platform's revenue belongs to KBT holders.

The price of KBT token ICO is 5,000 KBT for 100 Ethereum. The Kibo team said that the first purchase is limited to 5,000 KBT, and any amount can be purchased thereafter.

Currently, 2,500 people have participated in the ICO, investing a total of 94,538 Ethereum coins with a total value of US$1.09 million.