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International startup, Kibo Lotto, designed to provide Blockchain technology-based lottery services, has made a number of recent announcements regarding their platform and the upcoming distribution plan.

Platform work

The Kibo team has continued to work toward a viable platform that can be released on the Ethereum network. The nature of the Ethereum platform at this time limits transactions. This limitation in transactions greatly hampers the ability of the Kibo lottery system to function properly.

Nevertheless, the Kibo team has been working on a viable solution to allow the platform to launch at the beginning of next year. By refactoring the code, the platform has been able to create a system with substantially lower gas costs, and making a launch a viable option in the near term. According to the official Kibo blog:

“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.”

Distribution plan

Of great interest to investors, however, is that the Kibo team has announced a funds distribution of approximately $13 mln to those who have invested in the platform.

Because of excellent fund management, the Kibo team has realized that they have enough support funds to complete the development of the project, and are therefore able to distribute some of the additional funds back to initial investors.

This distribution will take place at a two for one ratio. For example, this means that if an investor spent $500 to purchase tokens or platform, then, according to the distribution plan, the investor will be credited with $1000.

This substantial return on investment is intended to help initial investors of the platform to realize gains while the work on the project continues. Again, per the company blog:

“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.”

Going forward, the Kibo team will begin processing verification for those who are seeking to participate in the distribution. Investors or platform creators who have invested funds can fill out the verification application in order to be considered for the distribution.

These applications must be completed and submitted before December 20 in order to be considered for verification and validation. More information is available regarding the distribution here.

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