Public access to information and means of communication played an important role in the development of digital technologies. Crypto currencies and Blockchain were some of the most significant and large-scale inventions of the last decades because they helped to better understand the power of the Internet and revealed new methods for management of the social and economic field.
Currently, there are over 1,000 different digital currencies, and many of them claim relevance and high liquidity. But not all tokens have qualities, which are valuable for the user and can increase the demand for them. The larger number of crypto currencies emerges, the more selective investors have to become, which means, they have to be more careful when estimating the capabilities and reliability of certain digital instruments as well as their profit generated by using such instruments. That is why software development companies try to modernize and improve their products. A perfect example of the new approach to application of the Blockchain technology is the Bitbon system — a digital platform, which lately has been actively discussed in the media and on crypto forums.
What Is the Bitbon System and Why Is the Crypto Community So Interested in This Project?
The Bitbon system is an integral decentralized system based on the original code of the Ethereum project. The system is basically a platform for investing and attracting financing for business projects as well as managing legal relations between its users, disposing of rights to assets and transferring property rights to these assets. The key element of the Bitbon system is Bitbon, a digital financial instrument with all the properties of a crypto asset. However, Bitbon is different from other existing digital instruments because it is backed by a certain part of property rights to real assets. Bitbon enables interaction with all system participants and can be used in other areas of activity. Each transaction in the Bitbon system is recorded in the Blockchain public ledger and is visible to all participants, which ensures non-repudiation and makes it impossible to cancel any of performed actions.
The principle of system functioning improves the efficiency of information storage by ensuring its absolute safety and confidentiality. In addition, business relations between people can become as transparent and honest as possible due to decentralization of the Bitbon system network infrastructure and application of smart contracts. Another feature of the Bitbon system is contributing, which allows entrepreneurs to raise the amount of funds required for implementing their own business ideas using investments from other system users that wish to participate in the commercial project.
What Is Contributing?
Contributing means a type of activity in the Bitbon system aimed at receiving income from participation in the implementation of a certain business project. To some extent, this process is similar to crowdfunding but has an improved mechanism functioning due to:
- application of the Blockchain technology;
- more efficient resource allocation;
- system for management and preliminary audit of business projects.
For example, a participant doesn’t have to waste time trying to independently determine the validity of a business project during crowdsale or waiting for the underwriting results from a bank during an IPO (Initial Public Offering). The Bitbon system foresees the IBO (Initial Business Offering) process, which solves legal issues relating to the projects proposed by entrepreneurs in accordance with the law. It means that the Bitbon system participants invest only in the business ideas, which have met the requirements of the experts from a Bitup-agency and can be financially lucrative for the system users. The Bitup-agency is a Bitbon system participant, which provides its services relating to public contract execution as well as monitoring the fulfillment of terms and conditions of the contract. Bitup-agencies include such experts as lawyers, auditors and business analysts. A public contract in the Bitbon system means a digital document based on smart contracts, which establishes rights, obligations and conditions of interaction for each party to the contract.
In addition to saving time, the Bitbon system can minimize transaction costs due to the absence of intermediaries such as financial institutions during the implementation of commercial projects. It is likely that, in the future, popularization of this business interaction scheme may solve main social problems related to the functioning of social, economic, industrial and even political structures. Decentralization and complete transparency are the basis of future business relations, and the larger number of people realizes this fact, the sooner many global issues will be addressed. The Bitbon system developers say that their priority is facilitating many processes of human activity and improving the overall quality of life of the Bitbon system users.