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If you are already familiar with the Bitbon System Decentralization Roadmap,
you can go straight to the Bitbon System Concept and Bitbon System Roadmap
One of the main priorities of Simcord is to create a completely autonomous decentralized ecosystem in technological, economic and legal aspects.
We plan to decentralize all key areas of the Bitbon System:
  • Consensus building algorithm
  • Storage of verified information
  • Economic model
  • Participation of the community in management and development

The implementation of this concept ensures high credibility of the Bitbon System and demand for its services.

In order to achieve these goals, we are following the plan presented below.

The decentralization of the Bitbon System is achieved in four fundamental stages:

Stage 1. Private Closed Blockchain
partial reading
access
restricted writing
access
partial reading access
restricted writing access
Stage 2. Private Open Blockchain
full reading
access
restricted writing
access
full reading access
restricted writing access
Stage 3. Public Blockchain
full reading
access
open writing
access
full reading access
open writing access
Stage 4. Simcord Blockchain
complete decentralization
of the Bitbon System
complete decentralization
of the Bitbon System

In order for you to see what has already been done by our team, what we are working on and what is planned for the future, each task will be assigned one of three statuses over the course of implementation:

Please note that additional tasks with the “planned” status may be added to the Decentralization Roadmap. It is due to the fact that, over the course of development and promotion of the Bitbon System, there is a need for constant adjustment of the System to the conditions of the rapidly developing modern world.

It should also be noted that there is no direct correlation between the order of the tasks with the “in progress” and “planned” statuses in the list and the order of their implementation. Such tasks will be completed depending on their priority and will be added in chronological order with the “completed” status. We will notify you of that in the relevant news articles on the official information resources of the Bitbon System.

This means that the Bitbon System Decentralization Roadmap is a dynamic and “living” resource that will constantly be supplemented and updated in order to fully display the progress in the development of the Bitbon System.

Stage 1 Private Closed Blockchain (restricted writing access, partial reading access)

Fork of the node of the Ethereum blockchain

As a result of Ethereum’s Geth hard fork, the test network achieved the performance of 1,000 transactions per second for the first time, which significantly surpassed that of the original version of Ethereum (up to 15 t/s). These indicators allowed cutting down the time to carry out transactions (from minutes to several seconds), as well as increasing the network capacity.

Why does Simcord use a separate version of the Ethereum blockchain?

Completed
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Deployment of the test blockchain network of the Bitbon System

The first test network of the private Ethereum blockchain was deployed. The research of the test network confirmed that the base technology and network topology were suitable for the private blockchain, which allowed using this architecture for further development of the blockchain network.

Assetbox storage was deployed. The performance of the network and storage of the Bitbon System were tested and, as a result, their performance and reliability were increased. The Assetbox storage was also tested for scalability with increasing amounts of data..

Processing components and storage network for trading platforms in the test network of the Bitbon System were deployed, resource and stress tests were conducted, characteristics and performance of the entire System as a whole were studied. The coordinated work of all components of the System achieved after the deployment allowed eliminating time delays and data loss when processing transactions and requests of Users. The storage network was confirmed to be ready for further interaction with new trading platforms.

Completed
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Bitbon System Public Contract coming into effect

On March 10, 2018, the Bitbon System Public Contract was published and came into effect. It is a basic constitutive agreement between SIMCORD LLC as the founder of the Bitbon System with all Bitbon System Participants. The Bitbon System Public Contract sets forth the rights and duties of all Participants arising from the management of the Bitbon System, as well as stipulates the capabilities of its Users.

Bitbon System Public Contract

Completed
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Creation of the production version of the blockchain network of the Bitbon System

In accordance with the plan for putting the Bitbon System into operation, the main network was deployed. The resource testing lasted 3 weeks, which included works on the final stage of preparing all components for the testing of functional capabilities of the System under load over an extended period of time. This confirmed that the System was ready to process the planned number of requests from Users and withstand the load on the network.

Completed
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Creation of a system of smart contracts of Bitbon and issue of 100,000,000 Bitbon digital asset accounting units

Creation and testing of the base set of smart contracts for recording transactions in the Bitbon System addressed the issue of security and laid the foundation for further development of the System’s functionality.

Issue of 100,000,000 Bitbon digital asset accounting units to allow Bitbon System Users to use the opportunities laid down in the Bitbon System, as well as to allow Bitbon System Participants to exercise their right to directly manage the Bitbon System in the interest of all its Users.

Additional issue of Bitbon digital asset accounting units in the Bitbon System is not possible.

Bitbon Protocol

Completed
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Expansion of the blockchain network of the Bitbon System by increasing the number of nodes from 4 to 12

The performance of the blockchain network of the Bitbon System was tested, and it was expanded by adding new nodes. The geographic distribution of network nodes significantly increases the reliability of storing data in blockchain and ensures additional stability of the System as a whole.

Blockchain statistics

Completed
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Replacement of the Ethereum PoW consensus algorithm with Community PoS algorithm developed by Simcord

At this stage, the Community PoS algorithm was used with a representative set of Assetboxes to ensure the operation of Community PoS until the launch of Consensus building mining in the Bitbon System. The main objective of Community PoS is to provide complete decentralization of announcement and verification of transaction blocks with high network performance and short guaranteed transaction confirmation delay.

With the launch of the new algorithm, the power consumption of servicing tokens of the Bitbon System decreased, while the transaction processing speed increased to 5,000 per second, which brought the effectiveness of the Bitbon System’s blockchain to the transaction processing speed of global financial networks, such as Visa and Mastercard.

Consensus Building Using the Community PoS Algorithm in the Blockchain Network of the Bitbon System

Completed
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Expansion of the blockchain network of the Bitbon System by increasing the number of nodes from 12 to 20

On February 3, 2020, the blockchain network of the Bitbon System was expanded, and the number of its nodes was increased from 12 to 20 in 6 different locations. Therefore, the nodes of the Bitbon System’s network are now also located in Poland (Wrocław) and Germany (Saarbrücken).

Additional information

Blockchain statistics

Completed
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Software updates for the nodes of the Bitbon System’s blockchain and system of smart contracts

This update increased the reliability, fault-tolerance and security of the transfer system, as well as trust in digital assets and decentralized execution environment of the Bitbon System as a whole.

New ways of carrying out transfers at the node level were implemented, which will ensure the connection of Users to mining pools and distribution of remuneration for Consensus building mining in the Bitbon System.

Additional information

Completed
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Launch of the 1st stage of Consensus building mining in the Bitbon System

Consensus building mining in the Bitbon System is a completely new way of mining in the world practice of using the blockchain technology. The innovative approach in using the community of the Bitbon System ensures an exceptional level of trust in digital assets of the Bitbon System and the Bitbon System as a whole.

Consensus building mining is provided for in Clause 61 of the Bitbon System Public Contract and is an operating mechanism for maintaining the decentralized execution of the Bitbon System, as well as a legal and accessible source of additional income for the Bitbon System Participants for using their resource in the form of Bitbon when signing transaction blocks.

This mining method uses the Community PoS algorithm, which ensures complete decentralization of announcement and verification of transaction blocks with high network performance and short guaranteed transaction confirmation delay.

All about Community PoS Mining

Completed
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Expansion of the blockchain network of the Bitbon System by increasing the number of nodes from 20 to 33

The number of nodes of the blockchain network of the Bitbon System will be increased by 13 and will amount to 33 nodes. Such actions not only contribute to technical decentralization, but also increase the performance and fault-tolerance of the System as a whole, which, in turn, provides new opportunities to develop the decentralized infrastructure of the Bitbon System more actively.

In progress
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Publication of software source codes of the blockchain network node and modules of the Bitbon System in Simcord’s GitHub repository

In accordance with Clause 51 of the Bitbon System Public Contract, and following the principle of openness and transparency of its activities, Simcord as the first Bitbon System Operator will provide the software algorithms of the blockchain network node and modules of the Bitbon System in the Simcord’s GitHub repository for an open audit.

In progress
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Creation of a test network to ensure seamless integration of third-party services into the Bitbon System

A special test network will allow developers to create and check their integration systems in test environment for subsequent launch in the main network of the Bitbon System.

In progress
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Ability to deploy nodes of the blockchain network of the Bitbon System by Participants authorized by Simcord

Allowing authorized exchanges and Bitup-Agencies to connect their own nodes to the blockchain network of the Bitbon System and read all recorded transactions in real time.

In progress
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Stage 2 Private Open Blockchain (restricted writing access, full reading access)

Comprehensive software update of blockchain network nodes, modules and components of the Bitbon System

This update includes preparation and testing of software before the scaling of the blockchain network of the Bitbon System using solutions for sharding.

In progress
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Scaling of the blockchain network of the Bitbon System using sharding

Implementation of functionality to split the transaction flow in the Bitbon System among various interconnected network segments, which will provide a significant increase in the overall blockchain network capacity.

In progress
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Decentralized storage of documents

The use of sharding will allow organizing a reliable and high-capacity system for decentralized storage of verified documents that can be used by the services integrated into the Bitbon System.

In progress
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Launch of Bon Exchange

Bon Exchange is a completely decentralized integrated service that will allow Bitbon System Users to securely and equally exchange digital assets without intermediaries based on the decentralized execution environment of the Bitbon System.

In progress
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Ability of Bitbon System Participants to install and launch the software of the node of the Bitbon System’s blockchain network on their personal computers

This software will provide full access to public data of the distributed ledger and methods of smart contracts.

In progress
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Ability of Bitup-Agencies and Bitbon System Operators to verify Users

Allowing Bitbon System Users in the statuses of a Bitup-Agency or a Bitbon System Operator to verify Users in order to assign a certain certificate to an account in the Bitbon System.

Planned
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Launch of the 1st stage of implementing the model of decentralized management of the Bitbon System

At this stage, the base model of interaction of Bitbon System Operators and Bitup-Agencies with state organizations and Bitbon System Users as a whole will be implemented.

Planned
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Creation of private segments of the blockchain network of the Bitbon System

The ability to create private segments of the Bitbon System’s network to be used in the infrastructure of various organizations and groups ensuring the verification of resources and assets of private segments in public segments of the Bitbon System.

Planned
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Stage 3 Public Blockchain (open writing access, full reading access)

Launch of the 2nd stage of Consensus building mining in the Bitbon System

At this stage, Bitbon System Participants will be able to install and launch the software of the block producer node of the blockchain network of the Bitbon System on their resources to participate in creating transaction blocks.

Planned
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Launch of the 2nd stage of Bitbon System Infrastructure building mining

This stage implies the ability to participate in Infrastructure building mining with distribution of Bitbon digital asset accounting units from the Mining Fund among miners based on the amount and quality of resources of each Bitbon System Miner individually. The level of participation of each miner in redistribution of Bitbon accounting units will depend on technical properties and characteristics of the resources provided by the miner, including the quality and speed of the Internet channel, CPU time and the amount of memory for long-term data storage.

Planned
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Decentralized storage of all information on Bitbon System accounts in the blockchain network of the Bitbon System

Information on accounts will be stored in fragments and encrypted, in several closed segments (subnetworks), which will provide security and reliability of its storage. Access to this information will be determined by the rules of the Bitbon System, credentials and corresponding certificates of Users’ accounts. Therefore, only authorized Users with permission from the owner of the information will be able to access it.

Planned
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Decentralized storage of information resources and digital asset protocols in the blockchain network of the Bitbon System

All information resources created by Bitbon System Users will be encrypted in distributed stores on the System’s nodes. Decentralized storage will provide high reliability and accessibility of information and create the foundation for subsequent steps towards decentralization of the Bitbon System.

Planned
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Stage 4 Simcord Blockchain (complete decentralization of the Bitbon System)

Global update of the hardware and software complex of the Bitbon System’s infrastructure

This update will significantly expand the functionality of the execution environment of the Bitbon System, which will allow the community to develop own modules of the Bitbon System, as well as expand the data exchange protocol in the blockchain network of the Bitbon System.

Planned
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Launch of the 3rd stage of Bitbon System Infrastructure building mining

The implementation of decentralized storage and processing of big amounts of information by integrating the tools for scaling the Bitbon System using computing resources of the community of Bitbon System Users and automatic distribution of the load to these resources.

Planned
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Ability to host specialized components on own resources and to create stores of local data

Launch of a set of tools to create private segments in the blockchain network in the infrastructure of the Bitbon System with the ability to exchange data and transactions with other nodes and segments of the network, as well as geographically localized segments and distributed stores for flexible management of data and transaction flows.

Planned
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Launch of the 2nd stage of implementation of the model of decentralized management of the Bitbon System

At this stage, the voting procedure will be implemented, using which Bitbon System Participants will be able to make decisions on the priorities of the System’s development.

Planned
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Complete decentralization of the Bitbon System

Transition of the Bitbon System to fully decentralized management only by Bitbon System Participants in accordance with Clause 67 of the Bitbon System Public Contract.

Bitbon System Public Contract

Planned
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Please note that, in accordance with the plan described above, some components of the Bitbon System are still being developed or prepared for launch, but bitbon owners can already use the existing services. We recommend you to purchase bitbons and join the community.
If you are already familiar with the Bitbon System Decentralization Roadmap,
you can go straight to the Bitbon System Concept and Bitbon System Roadmap