Powered by Blockchain, Ethereum Smart Contracts Kibo to Revolutionize Lottery Business
Kibo Platform, an international decentralized lotto powered by Blockchain and Ethereum smart contracts, plans to hold an ICO, which will start on October 1 and end on November 10.
Kibo Platform, an international decentralized lotto powered by Blockchain and Ethereum smart contracts, plans to hold an ICO. It starts on October 1, and will end on November 10.
The platform offers immense advantages over legacy lotto games, such as provably fair draw, easy ticket purchases and instant payouts regardless of your country of residence.
Huge audience, no innovation
January this year, three ticket owners won a combined Powerball jackpot of $1.5 bln; at the time of writing, this event holds the record for the largest lottery jackpot ever won. It is reported that in the days leading to, and on January 13, a combined total of more than 635 million of Powerball tickets were sold to the players.
That is just one major event out of numerous, concerning one country and one lottery game. The overall vastness of the audience of all the different lottos across the globe is even more impressive; as hundreds of millions of tickets are sold in so many countries every week, there is no lack of people willing to try their luck in the numbers game.
The appeal of seeing if blind chance can make you filthy rich has huge effect on millions of players, which is quite surprising, considering the fact that no innovation has happened on the market of lottery games for decades. Well, it is happening now.
Blockchain makes perfect
Like in many other industries, Blockchain’s transparency and immutability can offer immense advantages to a lottery game. Even more so, as it can eliminate specific criticisms leveled at the businesses of today.
The first issue the players have to face is associated with buying the actual lottery tickets.
For example, if you want to participate in a Powerball game, you can’t do that over mail, phone or internet - selling tickets over these are illegal in the US. So, in order to even have a shot at winning, you’d have to travel to the States and buy tickets in person, which makes no economic sense when you take the chance of winning into consideration.
Kibo takes care of that by allowing purchases to anyone with access to the Internet. All the winnings are paid out in cryptocurrencies, and the same goes for buying tickets. Which means that you don’t have to travel anywhere, but can rather participate from the comfort of your own home.
The fact that Kibo is operating on the Internet and is powered by the Blockchain also allows for easier payouts. If you win in a regular lottery, you have to give up a huge amount of your prize (about 25%, depending on the jurisdiction) in taxes. Additional difficulties may arise if you’ve won a foreign lottery, making you wait for a very long time until you can arrange the legal issues and claim your money.
Whereas with Kibo, payouts are made in seconds, even across borders, and you don’t have to worry about the IRS taking a quarter of your prize.
Key feature: Smart Contracts
Last but not least is the transparency which comes with the use of Blockchain. A very important feature of Kibo is that it runs on Smart Contracts - a cutting-edge technology, pioneered by the Ethereum network. Smart contracts work in a similar way to regular business contracts: they list certain terms of exchange between involved parties, which get fulfilled in a certain manner under specified conditions.
The key difference is that the fulfilment of Smart Contracts is managed by machine code. What that means is that the entire mechanism of the game can be checked and verified by any user at any time, and all game processes are free from tampering by unscrupulous parties.
All the transactions are represented on a publicly accessible ledger, which is the Blockchain, and the process of making draws is perfectly fair, which any user can check for themselves.
An additional feature of the Kibo platform is its affiliate program. KIBO Platform tokens give the users an opportunity to open their own online branch, releasing their own lottery based on the platform. Besides, the lottery owners obtain some additional financial incentives from entire platform’s profit.
In fact, the KIBO business model uses the tools of franchising, with Ethereum smart contracts used instead of traditional legal schemes and documents regulating the work of the affiliates.
Apart from technical maintenance of partners and users of the platform, the project’s team has integrated several marketing tools into the system. For instance, when inviting other players, a user can have 5% of their winnings.
Another interesting option integrated in one of the smart contracts is the opportunity to take part in a series of free lotteries with large financial prizes. Such approach not only increases the potential customer base, but also works for strengthening the marketing strategy of the project. With such a suite of integrated advertising tools, KIBO franchising looks more than just attractive.
Kibo’s platform is still in development, and to secure more funds for that, the company plans to hold an ICO. It starts on October 1, and will end on November 10.
According to the pre-sale’s terms, it will feature early bird discounts, so make sure that you make it in time. If you are interested in finding more about Kibo, visit their website or read the Whitepaper.