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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Blockchain lottery platform Kibo Lotto builds momentum ahead of launch by distributing $13 million among token holders

Aayush Jindal
Aayush Jindal
4 years ago
3 mins read

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In recent months the technology and finance industries have been in flux with the activities of new companies finding novel use cases for blockchain technology and the parallel rise in the value of cryptocurrencies. One company is ramping up its plans for a launch of its blockchain lottery platform, which has been a year in the making.

An unprecedented step for Kibo’s token holders

Kibo Lotto is a platform developed by an international team that uses blockchain to make lotteries more convenient and transparent, and in recent days they announced an early Christmas present for their token holders by offering a distribution of $13 mln of their team funds to investors in the platform. Per their blog, the rate of distribution for investors is as follows:

“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.”

This is essentially a first in the ICO world, meaning that users are making returns on investment even before the platform is launched – as a way for the company to give a “thank you for your support” message to the community. This is feasible since the Kibo team had decided to keep part of the ICO-raised funds in ETH and not convert to fiat. User verification for the distribution is until December 20th, with users being required to process a verification request.

The company discussed the distribution plan they are providing to token holders on the official blog site, saying:

“The distribution plan does not in any way affect the further development of Kibo. As we already mentioned earlier, a 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.”

In this way, the Kibo team wants to say thank you to everyone who supported them from the beginning. Given that the project is at a high stage of readiness, and today the launch of Kibo is mostly restrained due to unresolved issues of scalability, and this doesn’t depend on the project team in any way. This is really an interesting experience for the entire ICO industry, and it demonstrates the openness and the desire of the team to better consider interests of its partners.

Platform work

The team is also hoping to release the platform for a limited number of users in the 1st quarter of 2018, while the global launch dependents on potential upgrades to the Ethereum network.

The distribution announcement comes as the platform nears completion, with the Kibo dev team on to the testing and code refactoring stage.  The platform allows participants to set up their own lotteries and competition above-board and securely, which will completely decentralize the lottery industry. Until now there were no feasible means for an individual to transparently run such competitions and guarantee trust of their participants.

The Kibo team have been working on the finger details of the platform in recent months, aiming to make it as accessible to users and investors as possible. The largely untested at scale Ethereum protocol has been put under the microscope by the team, aiming to make transactions as cheap as possible for users.

 

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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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

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