What is Bitbon System?

Bitbon System as a guide to the era of digital economy
03 September 2018   549

Nowadays,computerization and informatization play a significant role in the humanity’s existence. They have big impact one very aspect of human life. New advanced technologies, supercomputers, new ways of data storage and transmission influence all spheres of life. Modern digital trends bring changes to the economic life as well. Traditional fiat money is affected too. New developments are replacing the classic forms of settlements, make them easier, transparent, safe and reliable.

The team of developers understood the leading role and incredible significance of Distributed Ledger Technology. The main goal of the team was to find a solution to the issue that crypto money is not backed by assets and that it has increased volatility as well as the possibility of fraudulent use. Special attention was paid to those properties that would be fully consistent with the requirements of the modern world.

THE MAIN GOAL IS TO CREATE AND GIVE THE HUMANITY A TOOL, WHICH WOULD COMPLETELY CHANGE THE VECTOR OF ITS DEVELOPMENT, AS WELL AS THE SENSE AND MODE OF LIFE, PROVIDING EVERYONE WITH THE OPPORTUNITY TO REALIZE THEIR FULL POTENTIAL.

Combination of classic financial technologies and the latest developments made it possible to create the new concept of the Bitbon System, which is an integral decentralized blockchain-based platform for Contributing under the terms of Bitbon Public Contracts of various projects and managing legal relations between the Bitbon System Participants. The key component of this System is Bitbon — a digital derivative financial instrument with unique attributes and properties. This makes it a universal tool that can be applied in any field.

Bitbon System
Bitbon System

Bitbon is fully backed by a certain part of property rights to assets by means of automatic Contributing of the Bitbon Capitalization Fund. This is its key feature.

Assets can be many things, for example:

  • immovable property;
  • bank deposits;
  • machinery and production equipment;
  • securities;
  • patents;
  • trademarks;
  • know-how;
  • shares in statutory funds and in other companies;
  • shares in various projects with legal entities and individuals, etc.

The real value of Bitbon is based on the value of various assets. This factor determines the progressive possibilities of Bitbon as it combines all the properties of a crypto asset, which in its turn, is based on the cryptocurrency. All this is embodied in the Bitbon nature — in its crypto value. Bitbon crypto value is based on an integral system of properties; it allows determining the value of any property and has a process organization function as it is a key component of the Bitbon System that allows each System User to profitably and safely exercise his/her right to own and dispose of such a value, which is based on the potential of the development of global social significance in all spheres of public life.

The Bitbon System functioning is based on the Blockchain technology that ensures the decentralized management principle, safety of data storage and provides each System Participant with free access to the information on Bitbon issuing, transfer, splitting of nominal value and other operations with Bitbons. One of such operations should be mentioned separately: Users can exchange their Bitbons for Projectbons of a certain business project and receive the Contributor status as a result. The System Users store and transfer their Bitbons and Projectbons using the Assetbox functionality, which is the record (cell) with a unique alphanumeric identifier created in the Blockchain by a Bitbon System User. This ensures secure interaction of all System Users when receiving and transferring Bitbons and Projectbons from one cell (Assetbox) to another cell (Assetbox). Thus, the distributed nature of the Blockchain eliminates the threat of the Bitbon System hacking, while cryptographic methods used for confidentiality and protection make the fault tolerance as high as possible. It is important to emphasize that all the terms and conditions of Bitbon and Projectbon issuing, transfer rules and procedures for repurchasing Bitbons and Projectbons from Users are stipulated by the conditions of the Bitbon Public Contract of a specific project, which is a digital document that regulates the field of Bitbon application as well as all products and operations, which can be applied to Bitbons. Thus, circulation of Projectbon asaninstrument for Contributing is possible only in the Bitbon System asspecified under the terms and conditions of the Bitbon Public Contract of the given project. Therefore, the Projectbon Public Contract has a process organization function responsible for issuing new Bitbons and Projectbons.

The uniqueness of the Bitbon System and interaction principles of its components became aprerequisite for the emergence of a new type of activity — Contributing. This activity is aimed at receiving additional income by the Bitbon System Users from their participation in the implementation of the selected business project under the terms and conditions of the Projectbon Public Contract of a specific project by exchanging their Bitbons for Projectbons of this project.

It should be specially noted that the legislative regulation of Bitbon as the key component of the described System occurs exclusively in a legal field, which ensures transparency of all processes and transparent interaction of all Bitbon System Participants. Due to the laid down operating principle, the property owners (asset owners) and the Bitbon System Participants have an opportunity to establish and control their legal relations with the possibility of having in circulation only the right toacquire the property right to assets. Thus, the property itself remains in possession of its owner on the terms stipulated in the Projectbon Public Contract, solely as an object of ensuring obligations of the property owner (asset owner) to Bitbon owners.

In view of the above-mentioned properties of Bitbon,its global task and goal are to become the optimal tool for management, evaluation and measurement of the cost of any type of values and, consequently, to establish a foundation for the emergence of a common global database that is updated in real time and contains objective information on all assets and resources available to the world economy.This should result in the emergence of new methods of analysis, which allow using precise mathematical calculations, as well as the information on the rational use of all resources for the most effective management of the human society development.

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Pure Bit to Refund Investors' Money

Another cryptocurrency scam storu may have happy ending
15 November 2018   155

The founders of the South Korean exchange Pure Bit, who were suspected of stealing investors' money, announced the return of funds.

According to the local edition of BlockchainROK, representatives of the exchange have already partially returned the money to some users and pledged to return all other funds.

On November 4, the exchange team launched the ICO with the goal of collecting about $ 30 million to create a crypto exchange. However, on November 9, Pure Bit closed the site, said goodbye to its investors and removed everyone from the group in the KakaoTalk messenger. Also, the founders of the exchange withdrew funds from the account that was used for ICO.

According to CCN, one of the issues traced the Ethereum address of the exchange and asked Upbit to block the account and freeze the funds. Upbit fulfilled this request.

This is Pure Bit. First off, I would like to apologize to everyone that was affected by the ICO. Since November 5, I raked in 16,000 ETH and did not open a crypto exchange as promised. I kicked out everyone in our social media chat groups and disappeared without any message. I negatively affected investors in the project psychologically and financially. I made an unforgivable mistake that cannot be turned around, blinded by money. It has been less than a day and I have already started to suffer from guilt. Although it cannot be compared with the hardship faced by the investors, I also felt significant guilt. I sincerely apologize to all of the investors in the ICO who were affected by the operation.
 

CEO of Pure Bit

The founder of Pure Bit also notified that he would return ETH 16,000 to depositors without taking into account the payment of services to a third-party company that organized ICO.