Terms and Definitions in the Bitbon System: Towards Integration into the New Digital Economy

News/Global News/Terms and Definitions in the Bitbon System: Towards Integration into the New Digital Economy
21.08.2018 16:03

The accelerated dynamics of transformations, which take place in all areas of the modern world, naturally contributes to the development of existing and creation of new progressive technologies. In many ways, the rapid emergence of innovations and their implementation into our daily lives create an environment in which the definitions used before can no longer fully explain the essence of new concepts and terms.

Taking into account such trends, when developing the Bitbon System[i] , we paid attention to the complex designation of components and mechanisms of the System in view of their innovative nature, unique properties and qualities. That is why, under the conditions of the Bitbon System implementation based on the Blockchain[i] technology, it became simply necessary to develop the set of terms and definitions, which would ensure a comprehensive and accurate interpretation of the processes occurring in the System and the opportunities being provided. Furthermore, this approach greatly simplifies understanding, since it is easier to use an existing term to describe the entire process.

The need to create new terminology is also predetermined by the global potential of the Bitbon System and its integration into the global digital economy. Thus, the Bitbon System development team has offered a ready set of terms and definitions to the multilingual world, providing an unambiguous comprehensive interpretation of all concepts in the Bitbon System. In turn, this will promote the development of new types of activities using digital technologies and the Blockchain all over the world.

New terms and their definitions within the Bitbon System allowed adapting the System mechanisms and forms of interaction of its Participants to the existing economic model, which is already in the process of transition to the new digital economy.