Kibo Lotto Team Distributes $13 Million between Token and Platform Holders
Bitcoin Press Release: Kibo has been making waves yet again. As we all know, Kibo, blockchain lottery based in Ethereum smart contracts, has a huge potential to make a significant impact on the lotto industry, bringing a new user experience on a global scale.
Now, Kibo has been making some progress in development, is doing a refactoring of the code, and might be able to launch the first version of Kibo Lotto with a limited amount of users in the first quarter of 2018. However, Kibo is far from being the only project the launch of which is restrained by the Ethereum platform. The issue of the gas price and number of currently available transactions in the net creates significant limitations and makes many projects economically unattractive.
From November 30, Kibo is launching a plan for distribution of funds to all its partners, including Kibo Platform owners, in an amount of investments in US dollars at the time of the ICO with an additional double-rate charge. The total amount of distributed funds will be about $ 13 million. All funds will be distributed exclusively because of the personal consideration of the team from the Kibo’s marketing fund, so that Kibo’s investors can wait until the launch of the platform, with no more financial risks for themselves. Also, the distribution is in no way 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. This won’t affect Kibo’s further development.
Currently, Kibo is doing a verification of users until December 20th because of a number of reasons. One of which is to date, KYC has become not only a common practice for large ICOs, but it is an obligatory procedure on all major cryptocurrency exchanges.
Based on the current situation where Kibo can’t predict the exact date for a large-scale launch of the platform, a long wait for a big launch may still last an indefinite period of time. Since the beginning, the team has made a decision to list tokens only after the project is launched. Hence, Kibo is planning to list tokens on exchanges in the first months of 2018.
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