Since prediction markets within the Ethereum space have hit the ground running, and the blockchain is taking over numerous financial applications, it’s not surprising that a decentralized lottery would be in the works.
The KIBO dev team announced an ICO (decentralized crowdfunding) starting in September, for the launch of their first decentralized online lottery based on Ethereum smart contracts. So far, KIBO has collected roughly 94,538 ETH worth of investments, but they need the ICO to fund the project for the long run.
KIBO defines themselves as the new generation of a well-known social game: the Lottery. They were inspired by the blockchain technology and its possibilities, such as safety and transparency. They were also allured by the Ethereum community’s concept of “the code is law.” They make note that the current Lottery system that consumers engage in is a favorite amongst entertainment and has the largest market turnover among social games in the world.
However, the players today have no way to check the fairness of the drawn numbers so they have to trust that the game is fair. With a lottery system built of the Ethereum blockchain, there’s no need to blindly trust lottery officiants. The blockchain technology within KIBO eliminates cheating, since results are recorded on the blockchain. The smart contracts also provide full transparency of the inside processes and guarantee 100% fair play.
Since the KIBO Lottery system is decentralized, players can access it anywhere in the world with cryptocurrencies being the main currency behind the lottery. This makes it accessible to countries without a banking system. Simple internet access is all that’s needed to play. Payouts will be instantaneous, and because KIBO is built upon a distributed platform, the game cannot be knocked off the market or taken down.
KIBO further explains their plans for the crowd sale and the coming months:
“In Autumn we plan to start the crowdsale of KIBO tokens. 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. By expanding the network, we plan to make our platform even more decentralized. We are willing to broaden the geography of our partners and clients to enter new markets as soon as possible. The process of KIBO tech development has entered its final stage. Now we are running tests and refining the source code.
This Autumn we plan to finish the final test and to launch KIBO gaming platform for the first users who share the ideas of honesty, transparency, accessibility and anonymity, just like us.
We will soon present the technical documentation for you to learn more about KIBO concept.
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To read their full Reddit post, follow the yellow brick road.