NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

ETH-based Lottery Platform KIBO LOTTO Reaches Final Stage

newsbtc
newsbtc
5 years ago
3 mins read
Webp

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

After months of rigorous testing and subsequent performance updates, KIBO LOTTO has finally reached the final stage of the implementation of its global lottery system.

The Ethereum platform, which harnesses smart contracts to ensure a transparent formation and distribution of prize funds, confirmed this feat in a recent public announcement. The team is said to have combined 16 working smart contracts into a unified lottery mechanism. It also published the results of the individual and combinational working of these smart contracts to demonstrate its successful execution.

The expected outcome is a platform that can allow people to build their own lottery with a readymade infrastructure and unified growing jackpot. Further is a well-distributed net of branches, in which each owner of the platform will be safeguarded by the contract. At the present, KIBO has more than 6,000 motivates branches whose combing efforts amount to raising KIBO’s global presence and, ultimately, higher traffic from all the touched regions.

KIBO plans to introduce a $40,000,000 worth of a promo-round to stimulate users into getting acquainted with their lottery system. This money will be located at open wallets, the balance of which will be available for all to monitor.

“This model showed good results at the preliminary tests, which were carried out on a working prototype of the platform with real users’ involvement and support of owners of KIBO branches,” — updated the KIBO team.

Hurdles And Jumps

The KIBO demonstration arrives at the time when most of the Ethereum platforms are restrained by its hereditary gas price problems. This has particularly restrained KIBO from announcing the launch of its platform, confirmed the team, stating that the gas price problems, in addition to the limited bandwidth of the Ethereum net, is making their project economically unattractive.

Despite the shortcomings, the KIBO team is hopeful for a fix. The Ethereum core developers are already looking into such matters, and have even proposed a ‘Plasma Project’ to scale the network. As far as gas price issue is concerned, KIBO believes it will be “solved together with the beginning of POS era and implementation of the Casper protocol.”

“The first step of this process is planned to be taken in the end of September2017. However, it is not clear if the gas price issue is solved at this stage.”

KIBO also mentioned ‘Sharding’ as one of the proposed solutions for Ethereum scalability, stating that splitting blockchain into many chunks will help allow parallel processing of network transactions. It also added:

“If the Ethereum team manages to solve the gas price problem in the nearest future, it will allow us to launch the first release of KIBO being able to accept up to 10,000 users. As soon as the scalability issue in the Ethereum net is solved, we will be able to launch a promo campaign to erratic a big audience.”

ERC20 Token and Legal Compliance

The KIBO smart contracts’ structure contains several types of ERC20 tokens, which are intended for running in-house economical tasks more smoothly. These tokens are scheduled to be listed on stock exchanges once the Ethereum’s gas issue gets resolved. The KIBO team confirmed that their own tokens will be locked by a smart contract at the time of the launch, and will remain in a frozen state until the KIBO platform becomes bigger.

‘The KIBO tokens are also to be regularized as securities’, updated the team, and stated:

“The company’s legal structure is now being formed with regard to finally announced first explanations by SEC and MAS in Singapore about the identification of the digital tokens. It is a good news for us as we from the very beginning have been searching for a way to register KIBO as an absolutely clear legal business in order to let all our partners receive income legally in the future.”

Learn more about KIBO’s final stage of implementation at their Medium blogpost.

Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Коя криптовалута е по-вероятно да превърне инвеститорите в милионери: Solana или Ethereum?

Мечтата за забогатяване чрез криптовалути продължава да вдъхновява инвеститори по цял свят. В центъра на този дебат се намират два...

Georgi Petrov 1 week ago
Best Altcoin in 2025? SpacePay Is the Top Undervalued Pick For Long-Term Gains

Best Altcoin in 2025? SpacePay Is the Top Undervalued Pick For Long-Term Gains

The crypto market in 2025 is packed with flashy projects promising the moon, but sometimes the best opportunities hide in...

ericdunne519 1 week ago
$HYPER Token Is Exploding in Viral Crypto Presale – Here’s Why It Could 100x

$HYPER Token Is Exploding in Viral Crypto Presale – Here’s Why It Could 100x

Bitcoin Hyper is a bold attempt to fix Bitcoin’s biggest limitations: speed, cost, and flexibility. This new project, which is...

ericdunne519 1 week ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

SpacePay Is Solving the One Problem That Held Crypto Back for Years

SpacePay Is Solving the One Problem That Held Crypto Back for Years: Presale Is On

ericdunne519 1 day ago
Why SpacePay Is the Go-To App for Hassle-Free Crypto Payments

Why SpacePay Is the Go-To App for Hassle-Free Crypto Payments

ericdunne519 4 days ago

How Cryptomus Ensures Compliance: KYC & AML In Crypto Payments

News BTC 4 days ago

Premium Sponsors

Press Releases

  • 仮想通貨プレセール残り24時間で800万ドル目前 次の100倍銘柄となるか?

    ...

    10 hours ago
  • 1ドル以下で注目される仮想通貨おすすめ、Solana系トークンに割安銘柄あり?

    ...

    10 hours ago
  • Най-добрите криптовалути преди...

    11 hours ago
  • リップルとSECの訴訟終了後に注目すべき新しい仮想通貨プロジェクトとは

    ...

    11 hours ago
  • BTC

    仮想通貨 おすすめ:BTC Bull...

    11 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.