Terms and Definitions

Masterbox means a record (cell) with a unique alphanumeric identifier created in the Blockchain[i] based on admission of the Contractat’s[i] project to the IBO[i] (Initial Business Offering) by the Bitup-Agency[i]. In order to implement this project, Bitbons[i] are transferred from Contributors to the Masterbox according to their shares in Projectbons[i] and to the fulfillment by the Contractat of his/her obligations in compliance with the Bitbon Public Contract[i] of a specific project.

All actions for Bitbon transfer from the Masterbox to the Assetbox[i] must be confirmed by digital access keys. The actions are performed under the terms and conditions specified in the Bitbon Public Contract of a specific project.

Original digital keys to access the Masterbox of a specific project are automatically generated by the Bitbon System[i] based on the IBO result when Contributors exchange their Bitbons for Projectbons and reach 100% of the Projectbon amount.Masterbox

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.
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.
IBO (Initial Business Offering) means a process in the Bitbon System, in which three parties take part: Contractat, Bitup-Agency and Contributors. The IBO process starts when the Bitup-Agency publishes the Bitbon Public Contract of a specific project to raise the required amount of Bitbons from Contributors in exchange for Projectbons 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.
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.
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.
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.
Assetbox means a record (cell) with a unique alphanumeric identifier created by the Bitbon System User in the Blockchain for storing his/her own Bitbons or Projectbons and transferring them to other Bitbon System Users as well as for receiving Bitbons and Projectbons from other Bitbon System Users.
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.