Kibo is the world’s first smart contract-based gaming platform built on Ethereum. Find out how Kibo works today in our review.
What Is Kibo?
Kibo, found online at KiboPlatform.net, is a platform that uses Ethereum smart contracts for various online gaming activities – including lotteries.
The platform has not yet officially been released. However, you can read the company’s whitepaper (the whitepaper is written in Russian, although the official website is available in English).
Kibo is registered in Singapore. The company’s ICO took place in Q3 2016. The goal of Kibo is to solve some of the biggest problems in the world of lotteries – including lack of international availability and the inability to guarantee fair play.
How Does Kibo Work?
Kibo utilizes a network of over 6000 independent lottery offices worldwide to democratize the world of lotteries. The company is using blockchain technology to disrupt the gaming industry.
Some of the key goals of the company are to offer online gaming while maintaining a high level of transparency and allowing users around the world to participate in the lottery.
Kibo’s lottery system is built on the Ethereum blockchain and relies on Ethereum’s smart contract system to guarantee fair play.
What Is The Kibo Lotto?
The key product offered by Kibo is the Kibo Lotto, which promises to offer a new way to stage and arrange lottery games. Here’s how the company explains their technology: “Thanks to blockchain technology and Ethereum smart cards we have forever eliminated the most crucial disadvantages of the most popular game in the world.”
Here are some of the key features of the Kibo lotto:
100% Fair Play & Transparency:
The Kibo lotto has advantages like bet control, transparent draws, and prize payments based on Ethereum smart contract technology. This allows the company to completely eliminate fraud from the drawing results while guaranteeing 100% transparency and fair play.
Play From Anywhere:
Kibo wants to be the first international lottery. Using Kibo, even people in countries with no banking infrastructure can participate in the lottery.
Kibo lotto prizes are paid automatically by smart contract immediately after the drawing. This means lottery participants can receive any amount of the prize at once from any part of the world with no additional fees or charges.
Why We Need A Better Lottery System
Overall, the lottery is one of the oldest and most popular types of gambling games in the world. According to the official Kibo website, the lottery is worth $284 billion today, and the online lottery market is growing quickly.
There’s a problem in the world of lotteries, however. Licensed lottery operators can’t rule out the human factor in the industry to ensure a 100% fair draw. There’s also the problem of regional lotteries: each country has its own lottery system, and different states or provinces have different rules or regulations.
Other problems include the length of time it takes to collect winnings, the amount of fees (which can add up to 50%, depending on your country), and limited access to ticket purchases (there’s no universal payment method that makes it easy for people to access a single international lottery system).
Despite all of the above problems, the lottery is still exceptionally popular. Kibo wants to tap into that market by launching a global, 100% fair and transparent lottery system based on the Ethereum blockchain.
Kibo Partners PTE Ltd. is a Singapore-based company. You can contact the company by email at [email protected]
Kibo launched its ICO in September 2016. There was some controversy about the ICO, with some investors calling Kibo a scam after participating. They claimed the company’s whitepaper was riddled with grammatical errors, and that the company had changed its goals and outlines numerous times.
Other issues included the fact that users needed to pay $130 to participate in lotteries and $1300 more on lottery tokens – which puts it beyond the reach of the average user. You can read more about the issue online and come to your own conclusions.
Kibo is the world’s first blockchain-based lottery system. The platform promises to provide a 100% transparent, 100% fair lottery system available to people around the world – even people in countries with no access to banking. The platform is not yet available, but is preparing to launch later in 2017.
Kibo uses Ethereum-based smart contracts to facilitate fair play in its lottery system. Anybody can check out any transaction, any draw, and any lottery. Payouts are made instantly. The system promises to be completely fraud-proof, and transactions cannot be changed, doctored, or deleted once the network is set in motion.
Stay tuned for more information about Kibo as the platform prepares to roll out over the coming months. If successful, Kibo could change the lottery industry as we know it.