Digital Currency Revolution Series: Spotlight On FxWirePro’s BTC Long Hedges As Bitcoin Explodes With Fresh 1-Year Highs
Bitcoin: China's crackdown isn't enough – only a global effort can stop crypto's monstrous energy demand
Ethereum-based online lottery platform KIBO to launch ICO soon
KIBO development team has recently announced the launch of the first decentralized lottery based on blockchain technology and smart contracts of Ethereum.
“At the heart of KIBO lays a distributed blockchain database of the Ethereum computer. This has made it possible to create the first decentralized lottery, and to exclude all of the major disadvantages that players around the world have to face today”, it said.
The platform development started last year and is built according to the principle of a new form of decentralized organizations. Blockchain technology in KIBO allows eliminating any cheating with the results of the drawn, while smart contracts provide full transparency of the inside processes and guarantee 100% fair play. The game rules and requirements are initially established in the architecture of KIBO smart contract and cannot be changed, falsified or deleted after the start of the network.
According to the announcement, KIBO currently has partners from over 20 countries, including China, the Great Britain, the USA, Brazil, Australia, Russia, Spain, Portugal, and India. In addition, more than 2500 people will take part in the launch of the project as owners of the platforms.
The team has already collected 94538 ETH, which will be used for KIBO’s realization and on the first marketing campaigns. Furthermore, the crowdsale of KIBO tokens are expected to launch in autumn.
“By this we want to attract additional funds for the growth, development and realization of the marketing strategy. Another pre-sale major task is to give anyone interested the possibility to join KIBO and to launch his/her own lottery on the basis of the united decentralized platform”, it said.
The release further said that the process of KIBO tech development has entered its final stage and currently the team is running tests and refining the source code.
“We plan to complete the tests and full functionality this Autumn. Then we will open KIBO’s gaming platform for the first users - for those who share the ideas of honesty, transparency, accessibility and anonymity, and who are just like us inspired by the ideas of new technological products. In the coming weeks we will launch our new website and publish the tech documentation so that any interested person could find out more about the concept of KIBO”, it said.