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Update of Terms and Definitions of the Bitbon System and of the Bitbon System Public Contract

Update of Terms and Definitions of the Bitbon System and of the Bitbon System Public Contract

8 February 2019

Within the framework of our cooperation with the National Academy of Legal Sciences of Ukraine, we have studied the possibilities of wide use of the Bitbon System in jurisdictions of many states, which resulted in the need to create new and clarify existing terms and definitions in the Bitbon System. We have also supplemented the Bitbon System Public Contract, which is the fundamental constitutive agreement between Simcord Company and all Bitbon System Participants.

1. The following terms have been eliminated:
Bitbon Crypto Value, Derivative financial instrument, Crypto asset, Crypto currency, Digital value, Crypto exchange.

2. The following terms have been added:
Divaunit (Digitized value unit), Asset Digitization Procedure, Bon, Digital Asset, Additional Benefit of the Bitbon System User, Digital Asset Protocol, Bon Protocol, Bitbon Protocol, Bitbon System Capitalization, Official information resources of the Bitbon System, IBO Certificate.

3. The following terms and their definitions have been updated:
Bitbon System global task (formerly Bitbon global task);
Projectbon Promoter (formerly Promoter of Projectbon Public Contracts);
Projectbon Protocol (formerly Projectbon Public Contract);
Operations with Digital Assets within the Bitbon System (formerly Operations with Bitbons or Projectbons);
Bitbon System Capitalization Fund (formerly Bitbon Capitalization Fund);
Asset (formerly Assets).

4. Definitions of the following terms have been revised:
IBO, SFO, APG, EFO, ABR, Contractat, Contributor, Contributing, Contributor’s Benefit, Obvents, Obventing, Benefit of the Bitbon System User, Bitup-Agency, Assetbox, Masterbox, Safebox, Bitbon System, Bitbon System Participant, Bitbon System User, Bitbon System Miner, Mining Fund, Bitbon System Operator, Bitbon, Projectbon, Bitbon nominal value, Bitbon Capitalization, Bitbon System Public Contract.

5. Bitbon System Public Contract:
New Clauses as well as Appendices, which are being prepared, have been added to the Bitbon System Public Contract. Amendments have been made to a number of existing Clauses, and their order in the Bitbon System Public Contract has been changed.

5.1. The Appendix to the Bitbon System Public Contract “Properties and Attributes of Bitbon and Projectbon” has been eliminated.

5.2. The following names of the Appendices, which are being prepared, have been updated in the Bitbon System Public Contract:
Bitbon System Capitalization Fund” (formerly Bitbon Capitalization Fund);
“Policy of Rights and Freedoms of the Bitbon System Users” (formerly “Policy of Rights and Freedoms of the Bitbon System Participants”);
“Use of Digital Assets for Mutual Settlements for Goods, Works and Services in the Bitbon System” (formerly “Digital Mutual Settlement Payments for Goods and Services in the Bitbon System);
“Resolving Disputes Between the Bitbon System Users” (formerly “Resolving Disputes Between the Bitbon System Participants”);
“Resolving Issues of Digital Asset Inheritance in the Bitbon System” (formerly “Resolving Bitbon and/or Projectbon Inheritance Issues in the Bitbon System”);
“Restoring Users’ Access to Their Accounts in the Bitbon System” (formerly “Restoring Users’ Access to the Bitbon System”).

5.3. The following names of the Appendices, which are being prepared, have been added to the Bitbon System Public Contract:
Bitbon System Management”;
“Bitup-Agency’s Functions in the Bitbon System”;
“Asset Digitization Procedure in the Bitbon System”;
Bitbon Protocol”;
“Currency Bon Protocol”;
“Property Bon Protocol”;
“Non-Property Bon Protocol”;
“Projectbon Protocol”;
“Commodity Bon Protocol”;
“Scientometric Bon Protocol”;
“Crypto Currency Bon Protocol”;
“Rules of Transferring Digital Assets in the Bitbon System”;
Bitbon System Legal Nature”.

5.4. The Appendix to the Bitbon System Public Contract “Making Amendments and/or Additions to the Bitbon System Public Contract” has been published.

This update is aimed at adjusting the Bitbon System infrastructure to the most modern requirements in both social and legal fields, which, in turn, makes its model more reliable, flexible and functional.