Introduction of New Terms — Obvents, Obventing

News/Global News/Introduction of New Terms — Obvents, Obventing
04.10.2018 08:58
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We would like to inform you that, today, two new terms, Obvents and Obventing, have been published in the “Terms and Definitions” section on the official website www.bitbon.space. These terms directly relate to Contributing in the Bitbon System, which allows defining with maximum precision a specific concept and process that can occur exclusively in the Bitbon System.

  • Obvents mean a Contributor’s[i] income designated in Bitbons[i], which is based on the Projectbon[i] amount that the Contributor has in accordance with the terms and conditions of the Projectbon Public Contract[i] of a specific project.

The concept “Obvents” originates from Latin “obventio” — income. This term means accrual of income designated in Bitbons by Contributors based on their share in a specific project and in accordance with the terms and conditions of the Projectbon Public Contract.

The procedure for distributing Obvents basically corresponds to the Obventing process.

  • Obventing means the process of distributing the income designated in Bitbons among Contributors of a specific project in accordance with the terms and conditions of the Projectbon Public Contract.

In accordance with the terms and conditions of the Projectbon Public Contract of the Contractat’s[i] project, he/she converts the received income, designated in the project implementation currency, to Bitbons and allocates these Bitbons to his/her Assetbox[i] to be transferred subsequently to the Masterbox[i] for the purpose of distributing Obvents among Contributors of the project.

Obvents

Obventing