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We're sharing the last post bout the completion of the main works.
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KIBO LOTTO on the final stage of implementation
Having presented the concept of the decentralised Kibo gaming platform a bit more than a year ago, we have become the first project in the world in the sphere of gaming industry that announced a decision of making Ethereum smart contracts technology a basis for all gaming processes. It was obvious that the task that we had set for ourselves would require many solutions which none of us had ever faced before. Nevertheless, our team’s previous experience and a huge potential that we saw in Kibo made us understand and be sure that we had had everything to realise the unique opportunity. Having been inspired by this idea, we set out to a fascinating journey in order to become the first gaming platform on a multibillion market that was able to introduce such an essential solution to eliminate all flaws of the industry for hundreds million users who played lottery all over the world.
At present, after months of intense work and carrying out of numerous tests in the Ethereum net in July and August, which were carried out with the help of more than 1,000 KiboPlatform owners we have almost finished preparation of the Kibo platform launching.
In this post, we would like to tell you in detail about results of our work, further plans, what is necessary to launch the platform in the real net and certainly about what is the Kibo platform today.
Today’s the KIBO PLATFORM
So, let’s have a closer look at the details of what the Kibo platform is today. Our team made a significant amount of work to form the logics of lottery functioning on the basis of the Ethereum smart contracts and to elaborate scalable backend and efficient interface of the application. Kibo infrastructure totals to 16 contracts combined into the unified working mechanism, which ensures completely decentralised work of a client, partner and administrative parts.
You can study the history of the proxy contract’s operations within the recently finished test at the address below:
https://ropsten.io/txs?a=0x550e6f7e59dc9b5fe28b627ca3ffc996756aadae
To ensure all participants’ convenience in using the platform, each of them is offered a special access type, through which the contract interaction is carried out. The participants types are
● Client.
● Partner.
● Holder of a managing token.
● Platform administration.
● Client solutions service.
The client interacts with the platform through the Kibo lotto gaming interface. Each game is a group of contracts which are regulated by internal rules and rules that are specified in the core of the platform. The current version contains four games that are completely implemented and connected to the core. Their format is one of the most popular in the lottery world. These games imply everyday instant drawings. Since the platform contains games of various characteristics and individual time interval, winning numbers for each of them are assigned by two specially developed random numbers generators.
Execution of absolutely all operations at the platform is ensured by the smart contracts, which completely excludes a possibility of external intervention to any game process.
It ensures completely transparent and 100% honest lottery game with instant payments of winnings of any size at any part of the word where there is an internet connection.
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Partner
KiboPlatform — with a convenient control panel, each partner gets all necessary tools for developing his own lotto, along with data analysis on clients, attracted to his platform, and a number of tickets bought by them. The planform’s interface allows monitoring statistics of token income owned by the partner. All main transactions in the account have a direct link to the blockchain operation and are fully transparent for the platform owner. As the terms of all partner’s incomes generation are established in a smart contract, it ensures the most transparent working conditions and an opportunity to receive a stable income from cooperation with an operator in the gaming industry.
The platform is managed by managing and administrative tokens by means of voting for this or that decision build into the contract. At this stage, two types of tokens are owned by the Kibo team and all decisions are made by voting at the discretion of the team.
1. Managing tokens are entitled to participate in voting on all issues build in the platform, including a possibility to manage administrative tokens. With the platform’s development, we are intended to distribute managing tokens between the partners, should we understand that it does not harm the speed and quality of planform management.
2. Administrative tokens are created to solve current issues related to everyday maintenance of the platform and can affect a limited number of issues. The list of issues permissible for voting includes, for example, control of a ticket price or drawing interval, but, for example, a possibility to affect minimal guaranteed winning sum is available only for managing tokens.
It is implemented to have a possibility of giving administrative token to a workgroup for everyday maintenance of the platform without affecting strategic decisions on Kibo development.
Smart contract architecture and platform management system are organised in a way to secure the balance between absence of possibility to influence the gaming process and inbuilt award system and, at the same time, saving the possibility of the platform’s further development. This means that there is a number of parameters inbuilt in the contract that cannot be altered by anyone and their execution is ensured by a smart contract.
Inbuilt parameters imply
● the whole process of ticket purchasing and conditions of distribution of sales revenue,
● generation of random numbers and distribution of winnings among the winners,
● registration of a client or partner upon his/her link forever guarantees that this client is assigned to exactly this partner,
● size of a winning from a game with friends,
● number of gamers’ levels available for obtainment, or
● size of income and all accruals from sold tickets for owners of the KiboPlatform.
These are only some parameters that have a fixed value in the contract and are inalterable. Exactly because of inalterability of such elements we have been preparing a release of the platform to the market that offers the most honest and transparent game from existing today, as well as the most stable and transparent partnership conditions for affiliate partners.
In order to let everyone appreciate the development pace and total amount of work done, we created the http://kibodev.io web-site, on which main process characterising metrics are displayed. Later we are planning to make this web-site the centre of developer’s, tester’s and other specialist’s community, who participate or want to participate in the process. At the present moment, the web-site is in the process of launching and active filling with data, therefore, within the first week after launch the metrics will be not exact and full.
Access to the smart contract code at GitHub will be opened right after the launch of the system in the real net.
What restrains the launch of Kibo
Today Kibo is far from being the only project the launch of which is restrained by the Ethereum platform. The issue of the gas price and number of currently available transactions in the net creates significant limitations and makes many projects economically unattractive.
One of the problems is that the Ethereum does not take in account that the gas price is high if expressed in fiat currency and has been rapidly growing for more than a year together with the price of ETH.
Earlier many teams were addressing this problem. For example, ethlance.com, a freelance service, announced problems related to the cost of registration with the contract, which at the present moment amounts to almost $4. It is obvious that for most projects, including Kibo, it is not an acceptable price, since the registration and ticket purchasing costs cannot exceed the cost of one ticket, the price of which is about $1.
It is possible that the problem of the gas price will be solved together with the beginning of the PoS era and implementation of the CASPER protocol. The first step of this process is planned to be taken in the end of September 2017. However, it is not clear if the gas price issue is solved at this stage.
The second restraining factor is limited bandwidth of the Ethereum net. Maximum transaction number, handled by the net in one day, at present is 443,356[1] K. At that, daily gas utilisation in a block on average amounts to 60–80% and it is permanently growing. It disables projects which target audience is big.
At the present moment, in order to solve this issue Ethereum developers are moving in several directions: recently the Plasma project has been announced, which will allow significantly scale contract implementation because of using subsidiary chains connected to the main blockchain (more information on plasma.io).
The second direction being tackled is sharding. It will allow to split blockchain into many chunks due to which parallel processing of many transactions will become available. Despite the first solution is planned to be realised earlier, Ethereum team has not announced any information about the Plasma launch, while information about sharding is inconsistent, and it is possible that the scheme will have been realized not earlier than by the first part of 2018.
Thus, we will be waiting for the next updates of the net.
If the Ethereum team manages to solve the gas price problem in the nearest future, it will allow us to launch the first release of Kibo being able to accept up to 10,000 users. As soon as the scalability issue in the Ethereum net is solved, we will be able to launch a promo campaign to attract a big audience.
At the present stage, we do not see any unsolvable problems to solve those issues as the ways have already been offered by the developers. It is obvious for us that the real application of smart contracts is being maturing and the sunrise of this technology will start in 2018.
The Ethereum team realises the platform of the future, on which a new economy will be built, and we understand that this work demands colossal efforts and amount of time.
We see our task in having by that moment a ready innovative decision for the lottery market, becoming the first ones who offer unique advantages, which became available due to the blockchain and smart contract technologies. Besides, we confidently move forward!
Features of the development strategy
Complexity of the contracts is conditioned by the fact that we initially have been building the platform understanding that Kibo cannot develop globally without inbuilt viral mechanisms for rapid gaining of the audience, as well as distributed net of branches, in which interests of each owner of the platform will be protected by the contract.
Today, many platforms in the gaming industry get up to 80% of their audience from affiliate partners, interests of which are not guaranteed at the present moment. In the Kibo’s case, each owner of the KiboPlatform can organise traffic not worrying that he/she may lose the attracted audience should gaming resource owners wish. Moreover, he may not worry about blocking or change of commission amount of each sold ticket, as all terms of owing the platform, including commission crediting, are established in the smart contract and cannot be changed.
Like this, the KiboPlatfrom is a platform using which each its owner gains a possibility to develop his/her own lottery with a ready-made infrastructure and unified growing jackpot.
At the present moment Kibo owns more than 6,000 well motivated branches, which joint the project at the ICO stage, geography of which amounts to several dozens of countries. Many branches have significant traffic of their own in their regions. All branches will become the point of growth and attraction of the first audience to get acquainted with the Kibo advantages.
The main stimulus for each user to get acquainted will be a promo drawing unprecedented for all gaming industry. Exactly attraction of funds for organisation of that promo was the main aim of the ICO in October 2016. The amount of promo winnings at the start will be $40,000,000. This money will be located at open wallets of the team at this platform launch address:
0x6C76bb6843C2Ed9A5ad484EdC9FeCba5cd80B6A0
Marketing instruments inbuilt into the platform are aimed at not only motivation of getting acquainted with the Kibo advantages. Seven-year-experience of all members of our team in gamification sphere, including social games, enabled us to implement strong stimulus for step by step involvement of a user as a paying gamer with formation of further loyalty to the platform.
This model showed good results at the preliminary tests, which were carried out on a working prototype of the platform with real users’ involvement and support of owners of Kibo branches.
We plan to announce details of the upcoming promo right before the planform launch.
Tokens
The structure of Kibo contracts contains several types of tokens, one of which is intended for distribution of income generated by the whole platform and is of the ERC-20 standard.
Earlier we announced that Kibo tokens will be available at the trading sites not earlier than platform launch in the real net. As soon as the Ethereum team solves the gas price issue, we will be able to launch the first release with the limited number of users; Kibo tokens will be listed at stock exchanges and will be open to be sold on any external sites supporting the ERC-20 standard.
Total issued tokens amount to 350,000,000, despite the fact that only a small part of them was offered within the ICO. All tokens belonging to the developing team will be frozen in the smart contract. Thus, only tokens that will be owned by investors and which participated in the ICO will be listed at stock exchanges. It means that the team’s tokens will not be listed at stock exchanges at the time of the platform launch and till Kibo will become a platform with the big audience.
The defrost is expected to start only after the number of active platform users will exceed 500 thousand. From that moment, tokens deblocking can begin, however, according to the contract terms they will become available not earlier than six months after the defrost beginning.
As we announced earlier, the team’s tokens were primarily not intended for sale and are not a source of revenue for the Kibo developers. At the same time, from the engineering point of view these tokens are the same as the tokens that were distributed within the ICO. It was realised in order to ease perceiving of them as a unified digital asset of the company in the future.
For example, a part of tokens can be sold by the team members, which they can get at the time of closing operational programmes. Since at that moment token price will be formed on the basis of income, which it will receive in the form of crediting in accordance with the terms established in the smart contracts; even in case of partial sale, they will not influence the price of tokens that are already in the market.
Legal issues
Kibo tokens are most likely to be regulated as sequirities, as the token structure enables income receiving from the platform’s activities with no efforts from a token holder. The company’s legal structure is now being formed with regard to finally announced first explanations by SEC and MAS in Singapore about identification of the digital tokens. It is good news for us as we from the very beginning have been searching for a way to register Kibo as an absolutely clear legal business in order to let all our parters receive income legally in the future. Despite the fact that this possibility is already becoming available and we actively elaborate this direction, it is necessary to understand that this process requires time as legislators are still uncertain.
As for the gaming license for the company, at the present moment still no jurisdiction issues a license for gaming platforms based on smart contract technology. At present, most projects on smart contracts operate on the basis of disclaimer statements. Within the long process of communication with regulators, we agreed on the fact that the fist licenses of that type will be issued in certain jurisdictions not earlier than the end of 2017–beginning of 2018. We monitor the regulation situation in our sphere; as soon as necessary changes happen in the legislation, we will immediately continue to work with regulators in order to obtain the license. Certainly, we will inform about this on our official resources as soon we obtain any results.
Despite the fact that the Kibo project is considerably ready for its first release, and its launch is mostly restrained by the possibilities of the Ethereum net, we are still in the beginning of our way. At present, we have significantly enlarged our team and actively work to realize updates, which will be implemented in the next versions of the platform. We plan to announce some results of these work in the first part of October.
We want to express our gratitude once again for all support that has been given within work on Kibo.
Do not forget to monitor our official social networks in order to receive updates instantly:
Twitter, Medium and Facebook
https://medium.com/@kiboproject/kibo-lotto-on-the-final-stage-of-implementation-a16dc134c890
https://twitter.com/KiboPlatform
https://www.facebook.com/KIBOPlatformOfficial
Join our new official Telegram channel:
https://t.me/joinchat/C8o-Z0OMRAjfqPJhaG5Ppg
Please, continue sending us your offers and recommendations. We want to create the best user experience in the lottery word. It definitely can’t happen without your support.
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