In August, on the official Kibo blog, we published detailed report, in which we summarized the results of all the work done. We shared our plans for the near future and told about what unsolved issues in Ethereum technology today are constraints to the Kibo launch and to many other projects based on Ethereum smart contracts.
Undoubtedly, KIBO has a huge potential to make a significant impact on the lotto industry, bringing a new user experience on a global scale, but the blockchain technology, which is the foundation of the platform, is still in the era of development, which significantly limits the ability of developers to launch full-fledged products that are able to handle millions or even hundreds of thousands of transactions.
Over the past months, our team has focused on several tasks, one of which was the search for possible ways to optimize contracts, as well as in-depth study of all existing technologies at different stages of development for possible application of them for launching Kibo, without the need to wait for scalability solution from the Ethereum team.
Today we managed to make significant progress on this issue.
Our team designed a new solution that in preliminary tests allowed to significantly reduce gas costs of Kibo contracts, which can become a solution that will allow the platform to launch in the current network conditions and accept the first users.
Now we are focused on refactoring the code and implementing this concept, we plan to complete this works by the end of this year — beginning of the next year. If we don’t encounter unforeseen obstacles in the testing process, we’re planning to report the results of this work and seek to launch the first version of Kibo, which will be able to accept a limited number of users, in the first quarter of 2018.
But despite all the measures we take, the network’s capabilities don’t allow us to launch a global promo and accept even a few hundred thousand users before solution of scalability issue from the Ethereum team. Today we can’t tell how long it will take to solve this problem. Different dates are named — from six months and more. We, of course, will hope that the issue will be solved sooner, but it must be understood that the everything can happens and these are the common problems of the entire blockchain industry.
Based on the current situation, where we can’t predict the exact date for a large-scale launch of the platform because of reasons independent of us, already a long wait for a big launch may still lasts indefinite period of time, our team decided to take an unprecedented step and do the following:
We decided to distribute some of the funds belonging to the team among all our partners.
From November 30 we are launching a plan for distribution of funds to all our partners, including KiboPlatform owners, in an amount of investments in US dollars at the time of the ICO with an additional double-rate charge.
For example, this means that if you spent $500 to purchase tokens or platform, then, according to the distribution plan, you will be credited with $1000.
The distribution plan does not in any way affect the further development of Kibo. As we already mentioned earlier, large team is working on the project, and in the coming months we will publish a lot 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 to the current owners.
All funds will be distributed exclusively because of the personal consideration of the team from the Kibo’s marketing fund.
Thanks to the right actions on the attracted funds in the early stages, today we have such an opportunity and we can afford to take such step without significant damage to the further development of the project.
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 investors can wait until the launch of the platform, starting from today, with no more financial risks for themselves. And what’s more — get a real benefit right now from the fact that a year ago you decided to support the idea of Kibo.
And of course, we see this as 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 have faced problems, solution of which doesn’t depend on our team.
The total amount of distributed funds will be about $ 13 million.
For this purpose, part of our prize fund will be used.
The rest promo funds will be placed on the open wallets of the team, where they will remain before the actual launch of the platform, which will be accompanied by an unprecedented for the entire gaming industry multi-million-dollar promo.
The second important event will be verification.
Together with the implementation of the plan for the distribution of funds, we begin to verify all users of the platform.
To date, KYC has become not only a common practice for large ICOs, but it is an obligatory procedure on all major crypto-currency exchanges.
By conducting the verification of users, we not only strive to meet the requirements of KYC/AML, but also make an important step in the implementation of several tasks at once.
● To date, many large exchanges requires KYC.
● KYC is necessary to comply with the rules of issuance of gaming license.
● And of course, it is important that this procedure is necessary in order to establish further cooperation with the bank in the legal justification of the revenue for each owner of the platform and holders of Kibo tokens in the future.
Considering all of the above, the role of KYC passing is of great importance for solving many tasks related to the future development of the platform. Including: the passage of verification will be an integral step in the process of distributing funds, in order to avoid controversial situations.
The procedure is implemented as simply as possible and will not be different from the usual forms of identity verification, which is carried out by the vast majority of services that Internet users face every day.
For these purposes, we have created a special resource that will allow you to step through all the necessary steps, including creating a new wallet that will be your main and only wallet in the back-office of KiboPlatform after the platform is updated.
On this wallet your tokens will be credited after contract update, as well as all the revenues you will receive in the future.
In order to fill in the application for distribution, go to this address https://reg.kiboplatform.net; use your login and password from kiboplatform.net to log in. Be very careful and follow the instructions, if you lose your password from a new wallet, you will never get access to the funds credited during distribution period and will forever lose access to your future income from KiboPlatform.
We hope that we will implement the plan for distribution of funds in the shortest possible time.
Application for distribution of funds can be submitted no later than December 20.
After that, the funds will not be distributed anymore and we will proceed to the next step of preparing listing of Kibo tokens to the free market, with access to open trades on several exchanges.
To date, we are negotiating with several trading platforms and we already have preliminary agreements. More accurate release dates and names of exchanges we will report on our blog just before listing.
KIBO team