KIBO’s Roadmap end of 2016, beginning of 2017.The attack on Ethereum network, which began on September 23, has become an unpleasant surprise for all crypto community. Unfortunately, Kibo was one of the projects that first-handed fully experienced all the difficulties. On the planned main date of sales there was a peak of DDoS attack that temporarily almost completely suspended the work of the entire Ethereum network and its smart-contracts. During the process of preparing for the ICO Kibo team faced the problem of a sharp decrease in the amount of gas in the block, from 4.5M to 1.5M, thus creating problems with uploading Kibo contract on a working network. In order not to disrupt the scheduled start of sales date on October 1, the team had to urgently reduce the contract and upload incomplete version with stripped-down functionality. This excluded the possibility to transfer tokens to external users’ wallets, as it became necessary to restart the contract after the network recovery.
Despite all problems, the team has managed to solve this issue and on October 1 the Kibo ICO began. Within two days the network was working more or less stable, and during this time sales went up close to $ 3 million, then DDoS attack on Ethereum network increased, and Kibo contract almost completely stopped processing payments. To somehow solve this issue, the transition on the parity has been made, but it helped only a little, because the main part of the network continued to work on the geth. Subsequently, attacks on the parity also began to increase. At the same time Kibo support began to receive a large number of messages, which lasted until Hard Fork on October 18, that partially solve the problem with attack on the network. Despite the fact that the minimum threshold for implementation of Kibo in the amount of $ 3 million and 5,200 platforms was reached, in fact Kibo ICO was ruined, because during all this time sales have been almost completely suspended, and a huge number of people weren’t able to purchase tokens and platforms. Today Ethereum network is stable despite the fact that there are still some insignificant problems due to continuing attacks on the network, which will be finally eliminated after another scheduled hardfork.
Due to these circumstances Kibo team makes some adjustments to the Roadmap.
KIBO’s Roadmap end of 2016 — beginning of 2017
Change in the terms of sales for the remaining period of ICO.KiboPlatformIn order to compensate for the lost opportunity to purchase a platform at an early stage and to increase the attractiveness of each branch the restrictions for available levels of client base will be lifted for the remaining period of sales.
All platforms that purchased at any time throughout the ICO, including the remaining days, all platforms will have 5 levels of the client base, which is equivalent to the terms of the first days of sales.
KIBIT tokenThe price for Kibo tokens will remain at the same level and will increase according to planned schedule until the end of the ICO — November 9.
How will Kibo develop after ICO?
After the sale we will work according to the plan:
STEP 1Preparing the platform Complete the work on the code.
Update Kibo contract after the network recovery back to 4.5 million gas
Tokens transfer to ERC-20 standard and their charging according to ICO conditions.
Kibo contract’s testing and safety audit by third parties. Publication of the results of this work in the open access.
Preparation and final alpha testing before the release of the first version of Kibo Platform.
Legal aspect. Completion of the work on the legal structuring of Kibo companies work.
Receiving permit documentation for the legal status of gaming platform activities, along with affiliate network and customers status, taking into account all the specifics of smart-contracts work and application of this technology into the gambling field.
Implementation of strategies for international tax planning and payment algorithm for customers and platform owners to be able to fully legally and justifiably receive payouts and prizes on the territory of the largest possible number of jurisdictions.
STEP 2Run a test version of Kibo.
Launch of Kibo beta version in real Ethereum network.
Closed test version of the platform with a fully ready-to-start functional, mechanisms to attract and retain clients, which will take up to 100 thousand of the first players.
The goal of the beta version will be the final identification of the maximum number of errors in the platform for their subsequent removal before the beginning of the start promotion. In particular, the assessment of the state of Ethereum network readiness for the stable operation of the network with a large number of transactions.
At the time of the beta version start platform owners will be able to attract early adopters, using available at this stage promotion items.
Entering a stock exchange and freezing of tokens.Start Kibo tokens trading on stock exchanges.
Along with the launch of the platform beta version the preparation of Kibo tokens trading will start. Once first players get to the platform and identified during the test errors are corrected, Kibo tokens will be issued on stock exchanges and can be traded on any external sites that support ERC -20 standard.
What will happen with tokens owned by Kibo team and the part that won’t be sold during the ICO?All of the remaining tokens, including 250 million tokens owned by the development team, will be frozen according to the terms of smart-contract. This means that they will not be traded on stock exchanges at the time of the platform launch and up to the moment when Kibo develop into a platform with a large audience.
Once the platform will exceed 500 thousand users, control tokens will start defrosting process, which lasts 6 months. At the end of this period, the tokens can go on the stock exchange, as well as tokens sold during the ICO, if the team decided so.
What is the purpose of that?Team’s tokens weren’t originally intended for sale, but have the same technical component with tokens, distributed as part of the ICO. This is done to ease their perception in the future as a single digital asset of the company.
For example, part of the tokens can be implemented by team staff that can be obtained during closing of the optional program.
After the gain of the audience token price will be formed mostly based on the profit amount for each KBT, in the form of deductions according to the distribution conditions written in the contract. In this case, even if at this point some of them is sold, it won’t affect the market price of already traded on the stock exchange KBT.
Start of the promotion and aggressive gain of client base.After the result of the beta version and the optimization of all work processes we will begin to actively attract the mass of users to Kibo platform.
The global promotion start will launch, attended be over then 5,000 Kibo branches worldwide. As part of this launch, each user who logs on to the platform will receive free tickets to take part in daily drafts for 3 months with a prize fund of at least 1.5 million dollars.
The implementation of a marketing strategy will begin by launching a loyalty program, acquaintances with the advantages of gaming platform and following conversion of each promotion participant into a permanent user of Kibo platform.
We continue to move forward to our goal.
You can follow us on our official blog and social media for all the latest updates.
Sincerely,
Kibo team.
