In recent months the technology and finance industries have been in flux with the activities of new companies finding novel use cases for blockchain technology and the parallel rise in the value of cryptocurrencies. One company is ramping up its plans for a launch of its blockchain lottery platform, which has been a year in the making.
An unprecedented step for Kibo’s token holders
Kibo Lotto is a platform developed by an international team that uses blockchain to make lotteries more convenient and transparent, and in recent days they announced an early Christmas present for their token holders by offering a distribution of $13 mln of their team funds to investors in the platform. Per their blog, the rate of distribution for investors is as follows:
“For example, this means that if you spent $500 to purchase tokens or platform, then, according to the distribution plan, you will be credited with $1000.”
This is essentially a first in the ICO world, meaning that users are making returns on investment even before the platform is launched – as a way for the company to give a “thank you for your support” message to the community. This is feasible since the Kibo team had decided to keep part of the ICO-raised funds in ETH and not convert to fiat. User verification for the distribution is until December 20th, with users being required to process a verification request.
The company discussed the distribution plan they are providing to token holders on the official blog site, saying:
“The distribution plan does not in any way affect the further development of Kibo. As we already mentioned earlier, a large team is working on the project, and in the coming months, we will publish a lot of news. In the same way, this distribution is by no means a purchase of tokens or platforms from their owners. All tokens and platforms in full and without any changes will remain to the current owners.”
In this way, the Kibo team wants to say thank you to everyone who supported them from the beginning. Given that the project is at a high stage of readiness, and today the launch of Kibo is mostly restrained due to unresolved issues of scalability, and this doesn’t depend on the project team in any way. This is really an interesting experience for the entire ICO industry, and it demonstrates the openness and the desire of the team to better consider interests of its partners.
The team is also hoping to release the platform for a limited number of users in the 1st quarter of 2018, while the global launch dependents on potential upgrades to the Ethereum network.
The distribution announcement comes as the platform nears completion, with the Kibo dev team on to the testing and code refactoring stage. The platform allows participants to set up their own lotteries and competition above-board and securely, which will completely decentralize the lottery industry. Until now there were no feasible means for an individual to transparently run such competitions and guarantee trust of their participants.
The Kibo team have been working on the finger details of the platform in recent months, aiming to make it as accessible to users and investors as possible. The largely untested at scale Ethereum protocol has been put under the microscope by the team, aiming to make transactions as cheap as possible for users.