The Bitbon System Development. Latest Updates and Innovations

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14.09.2018 15:14
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Mining Fund — New Component of the Bitbon System

At present, the Bitbon System development is characterized by thorough elaboration of processes that are planned for the next stages, including those related to the peculiarities of future mining in the Bitbon System. At the current stage, Simcord specialists have developed a new component of the System — Mining Fund.

Mining Fund means a Bitbon System[i] component whose Assets[i] are designated exclusively in Bitbons[i] and are formed from the sources that do not contradict the Bitbon System Public Contract. The Mining Fund’s objective is to provide a mechanism, which allows accumulating received Bitbons and distributing remuneration among the Bitbon System Miners[i] based on the mining method(s) chosen by each Miner, in accordance with Clause 49[i] of the Bitbon System Public Contract.

Updated Version of Clause 49 of the Bitbon System Public Contract

To achieve the goals specified in one of the basic documents, the Bitbon System White Paper, we are significantly expanding the capabilities of the System regarding the implementation of mining by its Users. With regard to the above and based on Clauses 13[i] and 54[i] of the Bitbon System Public Contract, Simcord Company has decided to publish an updated version of Clause 49 of the Bitbon System Public Contract:

Clause 49. The Bitbon System Participant in the status of a Bitbon System Miner undertakes obligations to participate in supporting and developing the decentralized environment for the Bitbon System functioning. As the founder of the Bitbon System, Simcord Company establishes remuneration in favor of the Mining Fund[i] in the amount of 10% of the Bitbon Capitalization Fund’s benefit obtained from Contributing over a certain time period and designated exclusively in Bitbons.

The Bitbon System foresees two mining methods:

  • Consensus building mining. In order to participate in consensus building in the Bitbon System, the Miner allocates a certain amount of his/her Bitbons. The Miner’s remuneration is determined based on the amount of allocated Bitbons and the degree of participation in the process of organizing the Miner Community in accordance with the Appendix “Mining in the Bitbon System”, which is an integral part hereof.
  • Infrastructure building mining. In order to provide infrastructure of the Bitbon System, the Miner allocates his/her resources. The amount of remuneration received by each Miner depends 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, in accordance with the Appendix “Mining in the Bitbon System”, which is an integral part hereof.

The remuneration for mining is allocated from the Mining Fund and is distributed among the Bitbon System Miners based on the quantity and quality of the resources utilized by each Bitbon System Miner individually.

Update of the Term “Bitbon System Miner”

Adding a new component (Mining Fund) to the Bitbon System and updating Clause 49 of the Bitbon System Public Contract have determined the change in the definition of the Bitbon System Miner, which will become valid after publication of this news:

Bitbon System Miner means a Bitbon System Participant[i] who has the right to participate in supporting and developing the decentralized environment for the Bitbon System[i] functioning, by allocating for these purposes his/her resources.

In accordance with Clause 49[i] of the Bitbon System Public Contract, the Bitbon System Participants in the status of a Bitbon System Miner receive remuneration, which is distributed by the Mining Fund[i] among the Bitbon System Miners based on the quantity and quality of the resources utilized by each Bitbon System Miner individually.

You can find the above-mentioned terms and Clause 49 of the Bitbon System Public Contract published today on the official information resource of the Bitbon System, by clicking on the relevant links:

Mining Fund

Bitbon System Miner

Bitbon System Public Contract