We have updated the foundational documents of the Bitbon System, in particular the Bitbon System Public Contract, which is a fundamental agreement on using the infrastructure of the Bitbon System. This update is one of the most important as it lays the foundation for a set of future updates of the Bitbon System infrastructure.
As you know, since the very beginning, the development of the Bitbon System followed the Roadmap: update of components and base services contributed to the improvement of the mechanism of interaction of Bitbon System Users and, therefore, clarification of their certain statuses and roles. Results of Simcord’s scientific activity allowed for the development of a classification of virtual assets as well as contributed to development of their legal regulation. All of that led to an important stage of developing the infrastructure of the Bitbon System and, as a result, the need to review the structure and content of the Bitbon System Public Contract as a public offer agreement.
Now the information in the document is systematized for more convenience, and its new format contains 7 sections:
- “General Provisions” establishes the framework and structure of the Bitbon System Public Contract that allow understanding the goals, objectives, organization and mission of the Bitbon System Community.
- “Nature of the Bitbon System” contains the description of the Bitbon System as a decentralized information platform and determines one of its key principles — decentralization.
- “Key Component of the Bitbon System” provides detailed description of Bitbon as digital access to the Bitbon System Social Network and its triune nature as a digital asset.
- “Bitbon System Users” establishes 9 statuses of Users as parties to the Public Contract and opportunities that correspond to each status.
- “Bitbon System Infrastructure” describes a number of structural elements of the Bitbon System — its components and services as well as elements of the User’s account.
- “Transitional Provisions” determines the conditions for the transition period of the Bitbon System’s development as well as fully decentralized management of the Bitbon System exclusively by its Participants.
- “Final Provisions” establishes the rules for making amendments and/or additions to the Bitbon System Public Contract and interpreting its clauses.
The relevant changes have also been made to the Bitbon Protocol clarifying and supplementing the provisions related to the triune nature of the Bitbon digital asset as a method of managing the initial asset — non-monetary asset “Asset of the Bitbon System Infrastructure — Simcord”, which significantly expands the legal aspect of the Bitbon System’s functioning.
Overall, this update of the Bitbon System Public Contract contributes to the operation of the Bitbon System Social Network on the international level and provides the ability to freely cooperate with state and commercial organizations due to the improved mechanism of legal support.
Additionally, these changes strengthen the legal and functional protection of the Bitbon System and its Users because they contribute to the implementation of the decentralization principle, which consists in legal, technological and economic aspects:
- legal decentralization means availability of the status of a Participant and equality of rights to manage the Bitbon System without limitations on citizenship, place or state of residence, i.e. international operation of the Bitbon System in the interest of the Bitbon System Community;
- economic decentralization means management of the Bitbon System infrastructure by its Participants in order to organize and develop the decentralized economic ecosystem;
- technological decentralization means development of the decentralized technological scaling of the Bitbon System infrastructure by means of computational and telecommunication resources of Bitbon System Providers.
We would like to draw your attention to the fact that the Bitbon Space website updates related to the changes in the legal documents will take place in stages. Currently, the changes can be found in the Appendix to the Bitbon System Public Contract “Terms and Definitions in the Bitbon System Social Network”.
You can find the updated documents and materials describing the legal nature of the Bitbon System and Bitbon digital asset as its key component as well as new terms and definitions by following these links:
- Bitbon System Public Contract: https://www.bitbon.space/en/bitbon-system-public-contract.
- Bitbon Protocol: https://www.bitbon.space/en/bitbon-protocol.
- Legal Nature of the Bitbon System Social Network: https://www.bitbon.space/en/bitbon-legal-nature.
- Bitbon in the Economic and Legal Field: https://www.bitbon.space/en/bitbon-economic-and-legal-field.
- Appendix to the Bitbon System Public Contract “Terms and Definitions in the Bitbon System”: https://www.bitbon.space/en/terms-and-definitions.
- Video commentary on YouTube on the update of the Bitbon System Public Contract from a specialist of Simcord: https://youtu.be/CN7Vx0ptT-I.