ICO Bitbon System Review - FFC Media
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ICO Bitbon System Review

Name: Bitbon System

Token symbol: BITBON

Website: https://​www​.bitbon​.space/

GitHub: No

Documentation: White Paper in RussianWhite Paper in English and Public Contract

ICO Status: completed

  • Internal sale and pre‐sale: from March 13, 2018
  • Public crowdsale: until October 10

100 million Bitbon coins were issued, 70 million of which are available for sale.

18.5 million coins were sold during crowdsale, the price for one coin was registered at $6.45235. The price was calculated online using a special formula and depended on the amount of purchased Bitbons.

About the Project

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The Bitbon System identifies itself as an alternative investment platform. The project offers tokenization of real assets of individuals and legal entities (real estate, trademarks, patents, securities, etc.) and gives investors an opportunity to earn from investing into these assets and participate in financing of new business projects.

The process of attracting funds is called IBO — Initial Business Offering. During the IBO, users can invest their Bitbons in the projects offered by the platform and receive profit.

The investment process is called “Contributing”, and investors are called Contributors, while entrepreneurs who attract investments — Contractats. The developers are introducing new terminology because, in their opinion, it better reflects the essence of the process, since the matter may involve not only investing, but also some kind of a charity campaign. As an alternative to the currently existing platforms, the Bitbon System offers the following advantages:

  • Bitup‐Agency. It is an organization with complete control over the project that requires financing at all stages: business idea audit, assistance in drawing up a contract with investors, admission to the exchange, ensuring the fulfillment of obligations, permission to receive financing, approval of additional fundraising, etc. In the near future, Simcord company will develop a licensing procedure for Bitup‐Agencies. The Company will act as a licensing body. Among the main conditions for such an organization is the staff that should consist of specialists in legal, financial and business fields. They have to professionally evaluate business projects, be able to correctly draft legal documents, conduct an audit of the company and check accounting reports.
  • Legal nature. All legal relations within the Bitbon System are regulated by Projectbon Public Contracts. These legal documents are similar to offers, which specify all terms and conditions of interaction, legal relations and obligations of Contributing parties.
  • Ability to obtain the right to acquire the right to property. This allows the business to back its obligations to investors with assets. In other words, should the obligations not be fulfilled, the property is not transferred to the investors but must be sold, and the funds received from the sale will serve as a compensation to the investors in the Bitbon equivalent, if this is specified in the agreement (Projectbon Public Contract).
  • Stage‐by‐stage financing. Stage‐by‐stage financing means that an entrepreneur who raised a certain amount of money for the implementation of his/her business idea during IBO, receives funds depending on the implementation stage of the idea and not all at once. The decisions on providing another payment is made by the Bitup‐Agency based on the submitted reports.
  • Trust rating of Bitup‐Agencies and all System participants. Speaking of Bitup‐Agencies, this will allow investors to make a maximally thought‐out decision in favor of a certain project. The rating of other users will also be important, when you try to resell tokens of projects.
  • Bitbon Capitalization Fund. The Fund participates in Contributing alongside private investors. The profit it receives is split among all System participants in accordance with the amount of Bitbons in their wallets, and it is not the security token mechanism. The system works on its own and the security token is called Projectbon. Investors receive Projectbons, when they invest their Bitbons in a certain project. Once the project starts receiving profit, its owner will have to buy out Projectbons or pay dividends.

The Bitbon System also has services that allow you not only to attract financing through Contributing, but also to exchange values and safely transfer property rights to any asset — movable and immovable property, bank deposits, copyright, securities, trademarks, shares in statutory funds, etc.

It is interesting to see how the company will manage to realize such a global idea.

What Does Blockchain Have to Do with This?

Issue, transfer to another owner and other operations with Bitbons are registered in the Blockchain. All investment documents including audit results are available to the public. This provides transparency: each user has access to all of the documents and ratings of each project.

Team

Simcord LLC. Technologies is the developer of the Bitbon System. It combines a group of companies. Alexander Kud, Simcord CEO, is the main ideologist and creator of the Bitbon concept. According to the legal information on the website, Alexander has experience of owning several other companies: Simcord LLC. Technologies (software development), Simcord Advanced Marketing Solutions LLP (marketing activity), Simcord Information Services SIA (consulting and accounting), Integrated ECN Limited (software distribution), Bitbon Transfer Ltd (a company that provides access to Bitbon trading) and Information Agency “PROK” (research and development in the fields of economy and finance).

The longest experience is with UBK Markets — an international brokerage company, which was registered in 2011.

You can find links to the profiles of employees on the official LinkedIn page. In total, this social network has 77 staff profiles. Simcord employs specialists in such fields: UI/UX Design, Software Development, Front‐End Development, .Net Development, QA Automation Engineering, Customer Support, Marketing, Business Analysis, System Administration, etc.

Friendly Attitude Towards Investors

Simcord company is very active on social media. There are official pages of the company and its brands —Bitbon System, UBK Markets and Integrated ECN on Facebook. Users have an opportunity to ask questions in private messages, and the representatives quickly respond to comments. Aside from Facebook profile, the Bitbon System has an official YouTube channel, Twitter, Medium, Reddit pages and a Telegram community.

The company has developed a Bitbon Space mobile app for Android and iOS. For now, it is only an informational space, but in the future, the app will be transformed into a complete mobile platform, where you will be able to manage your funds, execute transactions, invest in projects, pay for goods, receive bonuses and discounts.

The Bit Trade exchange, where Bitbon is currently being sold, has Customer Support for registered users. Its hours of operation are: from 09:00 to 19:00 (UTC +2) on business days.

Positive Indicators

  1. Sustainable idea.
  2. Thought‐out stage‐by‐stage road map up until 2025.
  3. The Bitbon founder has experience working in hi‐tech and Blockchain fields as well as patents that include the ones related to the transfer of digital values.
  4. Simcord company has an impressive number of software products and registered trademarks all over the world. The Simcord website contains information about the registered trademarks and logos in more than 35 countries. They include trademarks and logos of Simcord, UBK Markets, iPro Marketplace, iPA, Bitbon and others.
  5. Simcord company owns three patents: patent on a management system for electronic trade of financial instruments, patent on the method of management of property rights to assets and the system for its implementation and patent on the method for executing a digital value transfer transaction and the digital value transfer system for its implementation.
  6. Simcord has successfully passed ISO 9001:2015 quality management system certification. Very few ICO projects can say that.
  7. The company already has a number of loyal customers from other projects like UBK Markets and Integrated ECN.

Negative Indicators

  1. No GitHub. According to the “FAQs” section, at the second stage of development, after October 10, the company plans to release software with open source code to attract third‐party developers. Also, Simcord promises to release a special Bitbon Blockchain Viewer app, which will allow users to download and store the full version of the Bitbon System Blockchain.
  2. Absence of its own Blockchain. At the first stage of its development, the Bitbon System uses the Ethereum Blockchain with additional tools and utilities meant for vertical and horizontal scalability of the decentralized network of applications. The company has achieved the performance of 1,000 transactions per second.

Our Rating

Based on the conducted analysis, the project seems to be very promising. A big company with a lot of experience in the fields of IT and finance aimed at creating transparent relations between business owners and investors, high social activity, huge interest of investors — it all speaks to the seriousness of intentions of the team.

Rating 8 out of 10

Official information website — https://​www​.bitbon​.space/

Bit Trade exchange — https://​www​.bit​.trade/

Official Simcord website — https://​www​.simcord​.com/

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  1. «Бусцентр»

    February 28, 2019

    Нормально 🙂 По данным компании‐разработчика системы Bitbon и одноименного цифрового актива с 16.11.2018 г. по 26.02.2019 г. зарегистрировано 10589 пользователей. Большая цифра, думаю, что это очень даже положительная тенденция!) Следим дальше))

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