Terms and Definitions

Bitbon System Miner means a Bitbon System Participant[i] who has the right to participate in supporting and developing the decentralized environment of the Bitbon System[i] functioning, by allocating for these purposes his/her computing resources, amount of memory for long-term storage of information, which is under control of the Blockchain[i] technology, thus ensuring the reliable bandwidth of the Internet channel.

In accordance with Clause 49[i] of the Bitbon System Public Contract[i], the Bitbon System Participants in the status of a Bitbon System Miner receive remuneration in the amount of 10% of the Bitbon Capitalization Fund’s[i] benefit obtained from Contributing[i] over a certain time period and designated exclusively in Bitbons[i]. The established remuneration designated in Bitbons is distributed among the Bitbon System Miners in proportion to the results received based on the number of resources used by each Bitbon System Miner separately, taking into account their technical properties and characteristics, including the quality and speed of the Internet channel, processing time and the amount of memory for long-term storage of information.

Bitbon System Participant means an individual, i.e., a person, a participant of civil and other legal relations (holder of rights and obligations), or a Company (legal entity registered and operating in accordance with the requirements of jurisdiction of which it is a taxpayer), or a Company consolidation (any company consolidation registered and operating in accordance with the requirements of jurisdiction of which it is a taxpayer) that have directly performed an action, which has entailed an event within the Bitbon System.
Bitbon System means an integral decentralized system based on the Blockchain technology, which is basically a platform for implementing Contributing under the terms and conditions of Bitbon Public Contracts of various projects and managing legal relations between the Bitbon System Users, the key component of which is Bitbon.
Blockchain means a public distributed ledger, which constitutes a sequential chain of generated transaction blocks built according to certain rules. At the same time, each subsequent block of the structure contains information about the previous block, so on the whole, the chain stores the entire history of completed transactions.
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 of the Bitbon System functioning, by allocating for these purposes his/her computing resources, amount of memory for long-term storage of information, which is under control of the Blockchain technology, thus, ensuring the reliable bandwidth of the Internet channel. As the founder of the Bitbon System, Simcord Company establishes remuneration in favor of all Bitbon System Participants in the status of a Bitbon System Miner in the amount of 10% of the Bitbon Capitalization Fund’s share designated exclusively in Bitbons for a certain time period. The established remuneration designated in Bitbons is distributed among Bitbon System Miners in proportion to the results received based on the number of resources used by each Bitbon System Miner separately, taking into account their technical properties and characteristics, including the quality and speed of the Internet channel, processing time and the amount of memory for long-term storage of information.
Bitbon System Public Contract means a digital document, a basic foundation agreement between Simcord Company and all Bitbon System Participants.

This agreement identifies tasks and objectives of the Bitbon System, determines and establishes the basis for its development as well as stipulates a set of basic terms and conditions, fulfillment of which is mandatory for all Bitbon System Participants.

Bitbon Capitalization Fund means a component of the Bitbon System whose Assets are designated in Bitbons and Projectbons and which, like the Bitbon System as a whole, belongs to all Bitbon System Users in parts equal to the Bitbon amount in the Assetboxes of these Users. The purpose of the Bitbon Capitalization Fund is to provide a mechanism that allows the Bitbon System Users to directly manage the Bitbon System in the interests of all its participants in order to increase the volume of the Bitbon Capitalization that is generated through automatic Contributing of the Bitbon Capitalization Fund to Projectbons of specific projects on the basis of their admission to the IBO (Initial Business Offering) by Bitup-Agencies.
Contributing means a type of activity of a Bitbon System User aimed at receiving additional income from participation in the implementation of the selected business project under the terms and conditions of the Bitbon Public Contract of this project. The Contributing process starts when the User exchanges available Bitbons for Projectbons. The value of the Contributor’s Benefit is directly proportional to his/her share in Projectbons. The benefits of Contributing are shown as the income received in accordance with the amount of Projectbons that the Contributor is entitled to dispose of, at his/her sole discretion, at any stage of the business project implementation.
Bitbon means a digital derivative financial instrument having an identifier and nominal value in the amount determined in accordance with the procedure stipulated by the Bitbon Public Contract, which corresponds to a certain part of property rights to Assets designated in Bitbons or Projectbons. Any operations with Bitbon (Bitbon issuing, its transfer from one owner to another, splitting of nominal value and other operations) are recorded in the Blockchain as data that cannot be deleted or modified.