Terms and Definitions

IBO (Initial Business Offering) means a process in the Bitbon System[i], in which three parties take part: Contractat[i], Bitup-Agency[i] and Contributors[i].

The IBO process starts when the Bitup-Agency publishes the Bitbon Public Contract[i] of a specific project to raise the required amount of Bitbons[i] from Contributors in exchange for Projectbons[i] in order to implement this business project.

The IBO process is completed when Contributors determine their shares in the amount of 100% of the total number of Projectbons. From this moment on, the terms and conditions of the Bitbon Public Contract of this business project automatically come into force. After that, the Contractat begins to fulfill his/her obligations aimed at successful implementation of the project.

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.
Contractat means a company (legal entity registered and operating in accordance with the requirements of jurisdiction of which it is a taxpayer), or an individual, i.e. a person, participant of civil and other legal relations (holder of rights and obligations). The Contractat initiates creation of the Bitbon Public Contract of his/her own project, which is accepted into the Bitbon System on the basis of admission to the IBO (Initial Business Offering) by the Bitup-Agency.
Bitup-Agency means a Bitbon System Participant, which has the right to make a decision on the admission of the Contractat’s project to the IBO (Initial Business Offering) and to supervise its implementation in the Bitbon System under the terms and conditions of the Bitbon Public Contract of a specific project by representing and protecting the Contributors’ interests.
Contributor means a Bitbon System User who exchanges his/her Bitbons for Projectbons to receive a certain amount of benefit from Contributing and thereby participates in the implementation of the selected business project.
Bitbon Public Contract means a digital document of a certain class according to the classifier accepted in the Bitbon System, which defines and regulates: rights and obligations of the Contractat, Bitup-Agency and Contributors as well as the procedure, manner and conditions of their relations as three parties to the Bitbon Public Contract of a specific project; field of Projectbon use as well as all products and operations that may be applied to Projectbon. The Bitbon Public Contract of a specific project can define the terms and procedures for Projectbon issuing, Bitbon and Projectbon transfer rules, procedure for repurchasing Projectbons from the Contributor as well as the reference to the procedure for evaluating Assets.
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.
Projectbon means a derivative instrument from a specific class of the Bitbon Public Contract intended for Contributing, which has unique attributes and properties with the ability to circulate only in the Bitbon System under the terms and conditions specified in the Bitbon Public Contract of a specific project. Projectbon represents obligations of the Contractat to the Bitbon System Users expressed in a legal form as well as an actual opportunity to monitor the fulfillment of obligations of the Bitbon System Users as a whole.