Update of the Providing Economic Model

Update of the Providing Economic Model

On December 22, 2023, the news A New Stage of the Development of the Providing Economic Model was published on the official information resource of the Bitbon System[i] in which the First Bitbon System Operator[i] announced plans to develop the economic model of providing[i] towards complete autonomy and change the principles of remuneration formation for Providers[i], which will allow them to derive economic benefits through the value component of the remuneration.

In accordance with the plans, before the launch of network segments based on the Bitbon System infrastructure[i], the consensus in which will be ensured by Registrators of the 1st, 2nd and 3rd levels, several update stages of the economic model of providing are stipulated.

The first stage, as announced, stipulates updating the principle of remuneration formation for Users[i] in the role of Registrators[i] for ensuring the Bitbon System[i] decentralization. In accordance with this principle, the amount of remuneration distributed from the providing fund[i] every 72 hours will be based on two components: constant and variable. This update is scheduled for July 23, 2024 and will reduce tenfold the amount of remuneration received by Registrators compared to the current model.

The second update stage of the economic model of providing allows Registrators to add processes for suspending and resuming participation in providing. These events will be registered in the distributed ledger[i] of the Bitbon System through special transactions. The process of suspension of participation in providing is activated automatically if a Registrator does not accept the remuneration within 30 providing periods. After suspension of participation in providing, the power of the pool of such a Registrator will not be used to calculate remuneration. Thus, the amount of remuneration per unit of power for those Registrators who participate in providing will be recalculated upward. Also, as part of this stage, it is envisaged to increase the requirements for participation in providing as a Registrator depending on Users’ verification[i] level. Thus, only Users with the “Personal” ID Passport category[i] will be able to become a Registrator in the Bitbon System as well as accept remuneration for participation in providing. This stage will be preparatory to a fundamental update of the Bitbon System infrastructure with the launch of network segments of various classes, which will become the technological basis for the creation and operation of metaresources[i] and metacontracts[i], for example, such as E-commerce Deal Accounting Complex (eDAC) or services of the Regional Operator[i].

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.