Adapting the Bitbon System to Standards of International Law

News/Global News/Adapting the Bitbon System to Standards of International Law
29.05.2019 11:29

Simcord continues to adapt the Bitbon System to the standards of international law. According to the development plan of the Bitbon System, a number of new terms and definitions have been added, the existing definitions have been improved, and some of the Clauses of the Bitbon System Public Contract have been clarified.

1. 8 new terms and their definitions have been added:

  • Bitbon System Digital Asset;
  • Derivative of the right;
  • Identifier;
  • Token of access;
  • Information resource;
  • Value;
  • Class of the Projectbon Protocol;
  • Bon exchange.

2. The definitions of 7 terms have been updated:

  • Digital Asset;
  • Bitbon Protocol;
  • Bitbon System;
  • Bitbon;
  • Bitbon System Public Contract;
  • Asset;
  • Projectbon Promoter.

3. Bitbon System Public Contract:

3.1. Eleven Clauses have been updated: Clause 1, Clause 4, Clause 12, Clause 17, Clause 18, Clause 19, Clause 21, Clause 22, Clause 44, Clause 59, Clause 66.
3.2. Clause 44 has been changed to Clause 28, correspondingly, Clauses 28 – 43 have been shifted to the position below.
3.3. The names of new Appendices have been added: “Properties and Attributes of Digital Assets in the Bitbon System” and “Digital Asset Protocols in the Bitbon System”. The latter will combine the description of all Digital Asset Protocols: “Bitbon Protocol”, “Currency Bon Protocol”, “Property Bon Protocol”, “Non-Property Bon Protocol”, “Projectbon Protocol”, “Commodity Bon Protocol”, “Scientometric Bon Protocol”, “Crypto Currency Bon Protocol”.

These changes have been made by Simcord based on Clause 66 of the Bitbon System Public Contract, according to which, during the transition period, the Company solely performs the duties of the Bitbon System Operator in terms of its development and promotion.