Asset Digitization

In innovative way to use information through the Asset Digitization Procedure[i] and the Right to the right[i] principle, which is laid down in the Bitbon System[i] promotes the development of an emerging market of information resources, products and services based on distributed ledger technologies[i].

Each Bitbon System User[i] who has decided to create his/her Bon[i] digital asset for safe and registered circulation in the Bitbon System, can digitize his/her assets[i] for an equal exchange for another digital asset[i] without intermediaries and money, among other things. The mechanism laid down in the Bitbon System allows you to digitize any asset: property, goods, services, money and other values. To do this, you need to go through the Asset Digitization Procedure, which consists of four stages.

Stage 1

Creation of a unique digital copy of the asset

At this stage, a unique digital copy of the asset is created, and the value of the asset is determined in accordance with the evaluation methods of the country where such an asset is located and/or registered, taking into account the limitations established by the legislation. Also, measures on the asset safety are determined for the period of existence of its unique digital copy in the Bitbon System. The unique digital copy of the asset is registered in the Register of Unique Digital Copies of Assets[i] of the Bitbon System.

Stage 2

Creation of Divaunit[i] ( Digital value unit)

At this stage, a digitized value unit (Divaunit) is formed on the basis of the unique digital copy of the asset. Divaunit is registered in the Register of Digitized Value Units[i] of the Bitbon System.

It is Divaunit that indicates the existence of a unique digital copy of an asset and its value in national currency in the Bitbon System, since it contains a reference to a unique digital copy of the asset located in the corresponding register.

Stage 3

Creation of the Digital Asset Protocol[i]

At this stage, a type of the digital asset is determined — Bon or Projectbon[i].

The Bitbon System User selects and fills in a form for one of the types of Digital Asset Protocols. The form of the Digital Asset Protocol includes mandatory columns (the general ones that are typical for a specific type of Protocol) and recommended (individual parameters).

When determining the Bon digital asset based on Divaunit, a certain type of Bon Protocol[i] is created and registered in the Register of Digital Asset Protocols[i].

When selecting the Bon digital asset, the Bitbon System User decides on the type of the Bon Protocol. Then he/she fills in the form of the selected type of the Bon Protocol, which already has the filled in columns (mandatory for this type of Protocol and determining its type). By filling in the individual columns of the form, the Bitbon System User gives the created Bon digital asset additional attributes and properties, as well as a unique name (name_Bon), establishes the mutual rights and obligations of the owner of the asset and the owner of the Bon digital asset, sets the rules and conditions for the creation, transformation and circulation of a specific Bon digital asset in the Bitbon System, as well as the execution procedure of the Bon Protocol of a specific digital asset.

When determining the Projectbon digital asset based on Divaunit, a Bitup-Agency[i] creates a Projectbon Protocol[i] of a certain class and registers it in the Register of Digital Asset Protocols.

When selecting the Projectbon digital asset, the Bitbon System User fills in the Projectbon Protocol form and determines the attributes and properties of a specific Projectbon digital asset, rules and conditions for the creation, transformation and circulation of a digital asset in the Bitbon System, conditions for its exclusion from the Register of Digital Assets of the Bitbon System, mutual rights and obligations of the Contractat[i] and Contributors[i], as well as the rules and conditions for the implementation of the business project of the Contractat by means of Contributing[i]. The category and class of a specific Projectbon Protocol is determined based on the filled in form of the Projectbon Protocol.

The Bitbon System User independently generates a claim right to his/her own asset and determines the conditions for exercising the claim right in the Protocol of a specific digital asset.

Stage 4

Creation of a digital asset

At this stage, based on the Digital Asset Protocol, a digital asset is created and registered in the Register of Digital Assets[i] of the Bitbon System.

The registration of the digital asset in the appropriate register confirms the registration of the claim right for the Bitbon System Users.

When registering a digital asset in the appropriate register, the Bitbon System User expresses his/her consent to the registration of the claim right backed by the asset.

The Digital Asset Protocol also determines a list of acceptable claims of the owner of the digital asset to the owner of the asset. Thus, a digital asset can express the claim right to the property, ownership right, right to use and other types of rights. Thus, when creating the Digital Asset Protocol, the Bitbon System User independently determines the amount of claims for himself/herself backed by his/her asset.