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Team Kibo Lotto announced the distribution of $ 13 million between holders of tokens and platforms

In August, on its official blog, the Kibo team published a detailed report summarizing all the work done and the results of the completed testing of the first version of the Kibo Lotto gaming platform, which was supported by more than 1,000 token holders. 

The team shared plans for the near future and talked about the outstanding issues in Ethereum technology today that are a deterrent to the launch of Kibo and many other projects based on intellectual contracts.

As the team reported, despite the high degree of project readiness, the start is impossible due to the high cost of gas and significant limitations with the capacity of the network itself.

Recall that Kibo Lotto was the first decentralized platform for the lotto game, which was held by ICO in October 2016, and despite the DDoS attack of the Ethereum network during the sales period, the project managed to attract almost $ 4,000,000. The project is based on the so-called KiboPlatform affiliates, a platform through which each of its owners gets the opportunity to develop their own lotto with a fully-prepared infrastructure and a single growing jackpot whose working conditions are fully managed by smart contracts.

To date, Kibo has more than 6,000 well-motivated affiliates, joined in the ICO period, whose geography numbers dozens of countries. Many of these branches have their own significant traffic in their regions. All these branches will become points of growth and attract the first audience to get acquainted with the benefits of Kibo.

The main incentive for such familiarization for each user will be an unprecedented for the entire gaming industry promo rally. It was the purpose of raising funds for organizing such promo and was one of the main tasks of the ICO in October 2016. The amount of promo-prizes at the start will already be more than 40 000 000 USD
"The last months Kibo developers have focused on refactoring the code and implementing the updated concept, the work on which we plan to complete by the end of this early next year.

Our team has designed a new solution, which in preliminary tests has significantly reduced gas costs in counterattacks Kibo , which can become a solution that will allow the platform to launch in the current network environment

If we do not face unforeseen obstacles in the testing process, we will report the results of this work and strive to launch the first version of Kibo , which will be able to accept a limited number of users in early 2018 "

Reported on the official blog of Kibo

The other day the team reported that it was decided to go on an unprecedented step for the whole industry and distribute some of the funds belonging to the team between all those who supported the project at an early stage of development and took part in the ICO a year ago.

The total amount of allocations is $ 13 million.

The distribution plan will apply to all Kibo partners, including KiboPlatform platform owners, and will be made in the amount of the investment in US dollars at the time of the ICO, with an additional charge of double the amount.

"The decision to distribute part of the funds belonging to the team was made solely from the personal considerations of the team that is working on the project, so that our partners can wait until the launch of the platform starting from today, no longer carrying any financial risks for themselves.

And of course, we saw in this the best opportunity to thank all those who supported us in the beginning of the road and continue to support, despite the fact that we are faced with problems whose solution does not depend on our team.
The distribution plan does not in any way affect the further development of Kibo. - A large team is working on the project, and in the coming months we intend to publish a large number 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 for the current owners. "

Alexey Miller, CEO of the project, commented

All funds will be distributed from the marketing fund of the team, which increased due to the fact that the developers of the project did not convert part of the funds into fiat currencies and, predicting growth, left the prize fund of Kibo in ETH.

Now the team is focused on optimizing the platform to launch the first release of Kibo in the real network.

It is also possible in the first months of 2018, Kibo tokens will finally be released to the stock exchange. The team has not yet issued a token to open trades, since it initially decided to list the tokens only after the work was completed and the project was launched.

Given that the large-scale launch of Kibo is delayed until the scalability of the Ethereum network is resolved, tokens can be released when a limited version of the platform is launched, which can receive tens of thousands of users at the beginning of next year.