About The Bitbon System

The Bitbon System is an integral decentralized system based on the Blockchain technology, which is basically a platform for implementing Contributing[1] under the terms and conditions of Projectbon Public Contracts[2] of various projects and managing legal relations between the Bitbon System Participants, the key component of which is Bitbon[3].

The Bitbon System is intended to be used in the financial and law fields, for business management, management of rights to Assets, evaluation of property rights to Assets, transfer of property rights to Assets of various types including movable and immovable property, machinery and production equipment, bank deposits, copyrights, financial instruments, securities, know-how, trademarks, shares in statutory funds and in other companies, shares in various projects with legal entities and individuals and other assets.

The Bitbon System includes services that allow you to keep records, exchange payment instruments, attract financing by means of Contributing and close safe transactions, as well as to carry out a secure digital transfer of property rights to Assets[4]. Thus, the stages of Contributing can be divided into basic processes (more information you can find in the article How the Bitbon System Participants Interact in the Contributing Process). All transactions in the Bitbon System are instant and irrevocable, and the System functioning is based on the principle of providing all Participants with ability to create and use their Assetboxes[5] for the direct management of their property rights to Assets designated in Bitbons.

One of the main advantages of the Bitbon System is an increase in the efficiency and functionality, security, fault tolerance, storage reliability of information on property rights to Assets by optimizing the management system of property rights to Assets and by applying innovative hardware and software solutions as well as creating a convenient and effective digital way of redistributing, transfer, accounting and managing of property rights to Assets designated in Bitbons.

In addition, the Bitbon System increases the transparency of contractual relations between the Bitbon System Users in the transfer of property rights to Assets and their management by providing the possibility of free access to the Blockchain and the system components, which ensure its functioning. It should be noted separately that the Bitbon System provides an opportunity to automatically record all transactions[6] in the Blockchain.

In general, the Bitbon System extends to all types of human and state activity on a transnational scale and is based on the absolute potential for the development of the global social significance in all spheres of public life.

1 Contributing means a type of activity of a Bitbon System User aimed at receiving additional income from participation in the implementation of the selected business project under the terms and conditions of the Projectbon Public Contract of this project. The Contributing process starts when the User exchanges available Bitbons for Projectbons. The value of the Contributor’s Benefit is directly proportional to his/her share in Projectbons. The benefits of Contributing are shown as the income received in accordance with the amount of Projectbons that the Contributor is entitled to dispose of, at his/her sole discretion, at any stage of the business project implementation.

2 Projectbon Public Contract means a digital document of a certain class according to the classifier accepted in the Bitbon System, which defines and regulates: rights and obligations of the Contractat, Bitup-Agency and Contributors as well as the procedure, manner and conditions of their relations as three parties to the Projectbon Public Contract of a specific project; field of Projectbon use, as well as all products and operations that may be applied to Projectbon. The Projectbon Public Contract of a specific project can define the terms and procedures for Projectbon issuing, Bitbon and Projectbon transfer rules, procedure for repurchasing Projectbons from the Contributor as well as the reference to the procedure for evaluating Assets.

3 Bitbon means a digital derivative financial instrument having an identifier and nominal value in the amount determined in accordance with the procedure stipulated by the Bitbon System Public Contract, which corresponds to a certain part of property rights to Assets designated in Bitbons or Projectbons. Any operations with Bitbon (Bitbon issuing, its transfer from one owner to another, splitting of nominal value and other operations) are recorded in the Blockchain as data that cannot be deleted or modified.

4 Assets mean property that is legally owned by the Bitbon System User, including real estate, bank deposits, machinery and production equipment, securities, patents, trademarks, know-how, shares in statutory funds and in other companies, shares in various projects with legal entities and individuals, Bitbons or Projectbons of another Bitbon System User and other assets.

5 Assetbox means a record (cell) with a unique alphanumeric identifier created by the Bitbon System User in the Blockchain for storing his/her own Bitbons or Projectbons and transferring them to other Bitbon System Users as well as for receiving Bitbons and Projectbons from other Bitbon System Users.

6 Transaction recording means a process of saving a set of transactions in the Blockchain and recording all operations with each Bitbon and Projectbon in a special block structure, each block of this structure contains information about the previous block.