Launch of the Base Rate Calculation Mechanism in the Bitbon System
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Launch of the Base Rate Calculation Mechanism in the Bitbon System

Dear Bitbon System Users,

We inform you that the current stage of the Bitbon System [i] development involves the gradual development of the System’s economic model in anticipation of a global update of the Bitbon System infrastructure[i] and the One Space service. In particular, the latest news published on the official information resource of the Bitbon System[i] was devoted to two stages of providing[i] economic model update towards complete autonomy.

One of the key elements of the Bitbon System economic model is the Bitbon є base rate[i], the main task of which is to maintain the internal economic balance as well as provide mechanisms for adjusting the economic model of the Bitbon System to other economic models outside the Bitbon System. In accordance with paragraph 3 of Article 6 of the Appendix to the Bitbon System Public Contract Service Fees in the Bitbon System: the Procedure for Their Deduction and Distribution until the implementation of the mechanism for automatic calculation of the base rate stipulated in the Bitbon System Roadmap, the base rate was set by the First Bitbon System Operator[i] at the level 0.001 bitbons. To develop the economic model of the Bitbon System, the development and implementation of a mechanism for automatic calculation of the base rate is an important task and is planned in two stages.

Today the first update stage of the mechanism for the base rate calculation in the Bitbon System was implemented and included:

  • launching a component for calculating the base rate value based on information about the cost of ERBB (Bitbon) on various trading platforms and in services;
  • publication of the document “Mechanism for the Base Rate Calculation in the Bitbon System”;
  • updating the Service Fees page on the official information resource of the Bitbon System;
  • setting the base rate in the Bitbon System at the level of 0.01 bitbons;
  • making appropriate changes to paragraph 3 of Article 6 of the Appendix “Service Fees in the Bitbon System: the Procedure for Their Deduction and Distribution.”

Please note that the value of the base rate established by the First Bitbon System Operator as part of the current update in paragraph 3 of Article 6 of the Appendix “Service Fees in the Bitbon System: the Procedure for Their Deduction and Distribution” will remain relevant and will be valid until the implementation of 2nd stage, which implies the full implementation of the mechanism for calculating the base rate and its automatic application in the Bitbon System. The 2nd stage of update is planned for November 2024.