There will be numerous applications and a high frequency of state transitions, currently not possible on the Ethereum main-net. Therefore we will create our own side chain or partner with another initiative, connected to the main chain with a trusted or trustless relay. This approach enables the KIBIS network to run at a reasonable scale, while allowing users to continue to directly own their digital assets and transfer them back to the main chain through a relay.
The off-chain process will mean that transaction will traverse KIBIS’ VPLS (Virtual Private Lan Service). Each transaction requires a SHA1 + RSA electronic signature. Sending the equipment code (unique code of equipment installed in payment acceptance outlet) in each package with the original saving of the code on server and further checking of it. If equipment code in the request does not match with the stored one, the packets are not cleared. This type of protection prevents theft of kiosk keys and use of them for fraudulent payments.
Due to our partner relationship we will deploy mining equipment in the existing self-payment kiosks in the UAE, Russia, Kazakhstan, Azerbaijan, Turkmenistan, Ukraine, Uzbekistan, Krygyzstan and Eastern Europe. Funds raised from the ICO will help install up to 18,000 new Kiosks across the world, these machines will all be fitted with mining infrastructure. KIBIS is opting for a multi algorithm mining platform; mining the most profitable coins on any given period. This will maximise return on investment.