Being a successful graduate of Belarusian State Economic University (BSEU), Maria has acquired competencies in economic and social studies. Given Maria’s previous research working experience, and desire to explore what's really shaping the future, the main research focus is placed on FinTech and Blockchain Technology.
Kibo Lotto, gaming platform based on Ethereum smart contracts, announced that the project development is complete.
When presenting the concept of the decentralized gaming platform a year and something ago, the team behind Kibo Lotto also announced their decision to make Ethereum smart contract technology a basis for all gaming processes, since it is believed to eliminate a number of industry-connected flaws.
Now following the range of tests conducted over July and Augustin in the Ethereum testnet Ropsten, the Kibo’s team is close to the platform launch, according to the company’s official blog post.
How Kibo Works?
Kibo’s infrastructure totals to 16 contracts combined into the unified working mechanism, which ensures completely decentralized work of a client, partner and administrative parts.
Each game is a group of contracts which are regulated by internal rules and rules that are specified in the core of the platform. Since the platform contains games of various characteristics and individual time interval (currently these are four games that are already implemented and connected to the core), winning numbers for each of them are assigned by two random numbers generators.
Smart contracts ensure execution of all operations at the platform, leaving no place for external intervention, making it completely transparent and 100% honest lottery game, according to the Kibo team.
To make the platform more user-friendly, Kibo offers special access types, through which the contract interaction is carried out. These types include:
- Holder of a managing token;
- Platform administration;
- Client solutions service.
The client, for example, interacts with the platform through the developed lotto gaming interface.
Kibo’s convenient control panel enables each partner develop his own lotto, conduct clients’ data analysis, monitor statistics of token income. Developers claim that smart contracts (where all the terms of all partner’s incomes generation are established) ensure the most transparent working conditions and an opportunity to receive a stable income from cooperation with an operator.
The management functions are conducted by managing and administrative tokens through voting for each decision build into the contract.
Managing tokens, for example, may participate in voting on all issues, and even manage administrative tokens. In the future Kibo plans to distribute managing tokens between the partners, in case there is clear understanding that it wouldn’t harm the overall speed and quality of management.
Administrative tokens, in their turn, are created to solve current issues related to everyday maintenance of the platform like control of a ticket price or drawing interval.
To secure the balance between absence of possibility to influence the gaming process and the possibility for the platform’s further development, smart contract architecture ensures a number of parameters that cannot be altered by anyone. These among others include:
- the whole process of ticket purchasing and conditions of distribution of sales revenue,
- generation of random numbers and distribution of winnings among the winners,
- size of a winning from a game with friends,
- size of income and all accruals from sold tickets for owners of the KiboPlatform.
Marketing instruments inbuilt into the platform are aimed at not only motivation of getting acquainted with the Kibo advantages. Kibo team’s experience in ramification sphere helped them implement strong stimulus for step by step involvement of a user as a paying gamer with formation of further loyalty to the platform.
Kibo tokens will be listed at stock exchanges and will be open for any external sites supporting the ERC-20 standard after the Kibo is launched in the real network.
Total issued tokens amounts to 350M and only investor-owned tokens, purchased during the ICO, will be traded at stock exchanges.
Tokens owned by the developing team will be frozen in the smart contract till Kibo becomes a platform with the big audience, i.e. after the number of active platform users exceeds 500 thousand.
The team’s tokens were primarily not intended for sale and will act as a source of revenue for the Kibo developers.
Challenges Kibo’s Launch Faces
The first problem, which Kibo faces, is that the Ethereum does not take into account the appreciation of gas price if expressed in fiat currency which has been growing together with the price of ETH for more than a year.
The second restraining factor is limited bandwidth of the Ethereum net with max daily transaction number constituting 443,356 K. Given that, daily gas utilization in a block amounts to 60–80% on the average and is permanently growing, disabling projects with large target audiences.
If the gas cost issue is solved, Kibo team will launch the first release of KiboLotto with the limited number of users (up to 10,000). And only solving of scalability issue will allow Kibo launch in full potential with a promo campaign to attract a big audience. The amount of promo winnings will initially constitute $40M, right now they are located at team’s open wallets.
Speaking about legal issues, Kibo tokens are most likely to be regulated as securities, with regard to explanations of SEC and MAS about identification of the digital tokens. Considering the gaming license, Kibo plans to work with regulators to obtain it as soon as the first ones of the appropriate type are issued.
Despite the Kibo project is ready for its first release, they still need Ethereum team to solve current issues to be able to launch the first release. Team is saying that they will publish some development updates. For those who are interested, the team has created the web-site, on which main process characterizing metrics are displayed.
Main code will be open at GitHub after the project launch in the real system in order to keep original designs in safe.