Initial Coin offerings are becoming the norm in the world of cryptocurrency these days. A new project based on the Ethereum blockchain, which goes by the name of KIBO, wants to become the world’s first decentralized lottery. To achieve this goal, the developers will use blockchain technology and smart contracts.
KIBO Wants To Decentralize The Lottery System
It is not difficult to find ambitious people in the blockchain industry right now. While KIBO may seem to be dreaming big, it is not that infeasible to create a decentralized lottery system. By combining the Ethereum computer with smart contracts, such a solution could eventually come to fruition. In fact, it would be possible to create a global lottery system anyone can participate in.
Development of KIBO started in 2015, and significant partnerships have been forced ever since. According to a company spokesperson, KIBO has partners in over 20 countries, although none were named individually. Moreover, the current plan will see over 2,500 people participate in the project launch.
So far, the project has collected 94,538 ETH worth of investment. However, that will not be sufficient to fund this project in the long run, which is why an ICO will be held in September of 2016. The team decided on this course of action to raise additional funds to further develop KIBO. Additionally, it will be possible for anyone to take the project’s source code and start their lottery in the future.
The KIBO announcement further states:
“We plan to complete the tests and full functionality this Autumn. Then we will open KIBO’s gaming platform for the first users – for those who share the ideas of honesty, transparency, accessibility and anonymity, and who are just like us inspired by the ideas of new technological products. In the coming weeks, we will launch our new website and publish the tech documentation so that any interested person could find out more about the concept of KIBO”.
For now, it remains unclear if KIBO will only accept Ethereum or will embrace other cryptocurrencies as well. The announcement makes a mention of Bitcoin, though. All of the payouts will occur instantly, and the whole process is supposed to take place in a transparent environment. Technical documentation for this project will be released in the coming weeks.
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