Update of the Bitbon System Public Contract

Update of the Bitbon System Public Contract

Dear Bitbon System Users,

Today, as planned, the Bitbon System Public Contract[i] has been updated. In general, the update is related to the improved comprehensive classification of virtual assets[i]. Based on the research results of Simcord, the Bitbon System infrastructure[i] developer and the Bitbon System start-up founder, the classification of virtual assets has been clarified in terms of distinguishing between the types of tokenized asset[i] (digital asset and meta-asset).

This distinction made it possible to give a more detailed explanation of the essence of a digital asset[i].This in turn was the reason for clarifying the definition of the Bitbon[i] digital asset as software and as an information technology asset as well as allowed identifying a meta-asset[i] as a type of tokenized asset with attributes, properties and rules for its management. Meanwhile, Bitbon System Users[i] can create the following meta-assets and use them as tools for building their own services[i] and socioeconomic relations in general:

It is worth noting that the uniqueness and integrity of any meta-asset and its data as an object associated with a specific account in the Bitbon System[i] are guaranteed by the principle of value integrity, which is taken into account in the economic and legal infrastructure of the Bitbon System Social Network[i].

In this regard, new sections as well as corresponding Provisions and articles have been added to the Bitbon System Public Contract and to its Appendix “Terms and Definitions in the Bitbon System Social Network”, which reveal the essence of these concepts as Users’ personal tools.

Thus, it will now be much more convenient for Bitbon System Users to choose a tool for undertaking their activities in the Bitbon System[i] and pursuing their interests. In doing so, all actions in the Bitbon System are recorded through a service fee[i] transaction in Bitbon units[i].

Please note that as part of this update, the Bitbon Protocol[i] and Appendices to the Bitbon System Public Contract have been clarified. In particular, subcategory D has been added to the “Verified” ID Passport[i] subcategories, and information on how it can be received has been provided. A new Appendix “Decentralized Metafile Storage in the Bitbon System”, which is currently being prepared, has been added to the list of Appendices.

In addition, we would like to inform you that some terms and definitions have been clarified due to the need to provide more details on the relevant concepts and processes.

You can read the updated documents as well as terms and definitions by following the links:

One Space is a base service of the Bitbon System that provides the infrastructure for ensuring interaction of Bitbon System Users. One Space is the development of SIMCORD LLC (EDRPOU 37657823).
Simcord LLC. Technologies. Ukraine. (Company ID code 37657823). Based on the Bitbon System Public Contract, Simcord acts as t he first Bitbon System Operator.