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Project Overview: Bitbon - "Contributing" System, Financial Instruments

29 september 2018, 14:52

General Idea

Bitbon aims to create a universal blockchain-based financial instrument. It will enable anybody to exchange payment instruments, attract financing, keep records, as well as simply carry out a secure digital transfers of property rights to all kind of assets.

Main Features

The main features of Bitbon focus on providing transactions at high speed with the ability to split the nominal value with unlimited accuracy. The advantages provided by utilizing blockchain technology can be used by various companies to increase the protection and allow for easy validation of transactions, as everything is recorded and securely stored on the Blockchain. The information cannot be modified or deleted.

The smart contract system was designed in a way to make it much easier to deploy them, thanks to a set of adjustable modules and specially developed programming language.

The global task of Bitbon is to become an optimal tool for management, evaluation and measurement of the cost of any type of values. Moreover, with the development and wider adaptation of the project, they want Bitbon ecosystem to become sort of a global database of all assets and resources in World Economy. This kind of data can then be used by scientists and researchers to come up with more effective resource management strategies and to analyze the human society development.

Problems of Raising Funds and Investing

As Bitbon acts as a convenient tool for digitizing various assets, it can also act as a good method for financing and crowdfunding.

The developers behind the project noticed that current stock market have become rather speculative with high volatility and it requires bigger budget to entry. Therefore, with the Initial Coin Offerings acting as a more convenient method for raising funds for the projects, as well as investing in such, Bitbon wants to take this idea and improve the drawbacks.

There is a high risk that the project could simply turn out to be a scam. The DAO solution, which was meant to improve ICOs in the first place has its limitations and a large group of unorganized individuals turned out not to be the most effective management option.

Bitbon System

The projects wants to propose their own system of financing and investing in various project. The model is called "Contributing". To eliminate the risks connected with lack of regulations of Initial Coin Offerings and anonymity of the creators of such token sales, Bitbon will require legal relations to be established in a form of public contracts.

The Future Goals

In the whitepapers there is a rather well-written roadmap, which shows the nearest plans for the project. In 2018, they plan to launch the first version of asset exchange and Bitbon Space mobile version, which will give investors access to global and technical News. In 2019, the first projects are expected to use the "contributing" system, they plan to establish Agencies and all of the facilities to manage the system and the legal background.

After the whole network is established and fully working, the last phases include moving the Bitbon System from Ethereum Blockchain and increase the decentralization of the platform by adding mining based on the Simcord.

The ideal scenario would make Bitbon system act as a global financial platform, which as mentioned in the whitepapers could be used for:

"- Financing and investment platform with variety of different derivative financial instruments (bons, derivatives, indices) and trading venues (including decentralized ones).

- System of cumulative and insurance investments. Global system for macro- and micropayments as well as mutual settlements.

- Distributed accounting system for various statistical indices and distributed computing of metrics. Global system of discounts and bonuses. Platform for issuing local crypto currencies (for communities, companies, corporations, regions, countries).

- Secure messenger with the possibility of exchanging messages.

- Business-oriented social network.

- Adjustable and moderated information pool.

- Continuously operating highly reliable distributed storage of private and public information.

- Constantly accessible identification and authorization server.

- Global rating of Users and their competencies.

- Platform where the Bitbon System Users can host commercial and free services."

Token Sale

The Bitbon token is issued based on the Bitbon System Public Contract and is used for trading the assets on within the platform, but can also be used for calculating the index or other financial derivatives or instruments.

The token sale has already started and will run until 10th of October, 2018 or when the goal is met and they raise enough funds earlier. It's interesting that apart from regular cryptocurrencies as payment methods, one can also buy Bitbons through bank wire or Visa. The current price of Bitbon is set slightly above $6, however it will be stability raising throughout the token sale.

The Team

There isn't any clear information about the team behind Bitbon project.

Final Thoughts

The potential problem of Bitbon is how extensive they plan the platform to be. It might be easier to establish such system if it were focused on one thing in particular, while Bitbon aims to become the ultimate financial platform within few years only.

When it comes to the competition in the crowdfunding field, there are a lot of blockchain-based and cryptocurrency-focused projects that want to improve the sector of raising funds.

There isn't also too many technical information available. While the whitepapers provide enough details when it comes to the current plans and marketing strategy, the main features or advancements aren't clearly presented.There are a lot of promises of how Bitbon System is a solution to current financial problems, yet these statements aren't proved in an effective way.

As an disadvantage acts also the fact that the team behind the project doesn't seem to be transparently provided in any place, which is quite weird, as they want to solve the exact problem of lack of solid information among ICOs, which turn out to be fake or scams.

Therefore, it may be considered risky to buy Bitbon tokens at this early stage.

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