Terms and Definitions in the Bitbon System

Bitbon

Bitbon is a digital asset[i] of the Bitbon System[i] created by SIMCORD LLC as a result of tokenization of the nonmonetary asset “Asset of the Bitbon System Infrastructure — Simcord” (initial asset[i] for Bitbon). Due to the triune nature of the digital asset[i], a Bitbon digital asset unit[i] provides:

  • access to the Bitbon Protocol information resource[i] (original asset[i] for Bitbon);
  • right of access to the nonmonetary asset “Asset of the Bitbon System Infrastructure — Simcord” (initial asset for Bitbon) in accordance with the Bitbon Protocol information resource;
  • ability to keep records of access to the Bitbon Protocol information resource and nonmonetary asset “Asset of the Bitbon System Infrastructure — Simcord”.

The use of the Bitbon digital asset as a key component of the Bitbon System allows Bitbon System Users[i] to realize property and personal non-property relations by carrying out financial and management accounting of their property and personal non-property rights.

The Bitbon digital asset is a part of the Bitbon Protocol information resource derivative of the nonmonetary asset “Asset of the Bitbon System Infrastructure — Simcord”, which is kept on the balance sheet of SIMCORD LLC as noncurrent property owned by SIMCORD LLC.

Bitbon digital asset unit is a digital representation of the instrument for accounting of the right to use the nonmonetary asset “Asset of the Bitbon System Infrastructure — Simcord” in accordance with the Bitbon Protocol information resource as well as digital access of a Bitbon System User to the Bitbon System Social Network[i] as a Bitbon System Participant[i].

Bitbon digital asset unit is an integral attribute of a Bitbon System Participant.

Bitbon digital asset units determine the exchange value of all Bitbon System digital assets[i] and ensure their ability to circulate.