What Is BitBon?
Bitbon is a blockchain-based platform that can be used to both borrow and lend assets; businesses or other borrowers have the ability to publish a contract describing their project, and lenders can then purchase shares of the project's eventual earnings. The company is also launching an ICO for its Bitbon token, which will be the sole currency used on the platform.
Bitbon is the work of a Russian team, and at time of writing, neither the company's website nor its whitepaper have been translated into English. A thread on Bitcointalk.org introduces the project in English and describes it in detail, but it has generated little discussion, and it's not clear if these posts (which appear to be the work of a user participating in a bounty program) represent the latest statements from the actual company.
Who Is Behind BitBon.Space System?
Bitbon's website doesn't identify any developers, but the Bitcointalk discussion about the company mentions that it is a project of a corporation called Simcord, founded by Alexander Kud in 2003. Though none of the project's team members are named, Simcord has already created several pieces of financial and brokerage software, suggesting that its developers are well qualified for this sort of project.
Bitbon's Russian-language social media pages are becoming popular, with over 2,000 followers on Facebook and nearly half that on VK. However, it appears that the company hasn't yet received any coverage from online publications.
How BitBon Blockchain Cryptocurrency & Smart Community Works
Bitbon's platform depends on two separate, but closely related, digital assets: Bitbon tokens and Projectbons. Bitbons are a cryptocurrency, which will be sold in the company's ICO and later traded on public exchanges, which can be lended or borrowed through the platform.
Companies interested in securing a loan can publish a public contract on the platform, which explains how much funding they're seeking, the offer available to investors, and the specific terms of the loan's repayment. Investors are then able to read these public contracts and use Bitbon tokens to purchase Projectbons, which are essentially shares of the profits from borrowers' proposed projects.
All loans and repayments are recorded on a fast, secure, and scalable blockchain platform, and executed using smart contracts that can automatically distribute payment as loans are granted and repayment goals are met.
Aside from this main platform, Bitbon seems to have further plans for expansion into retail and finance projects; based on a computer translation of its website's homepage, it appears that by 2019, the company hopes to integrate its investment offerings with more traditional portfolios, and by 2020, it intends to introduce features to use Bitbon tokens in brick-and-mortar stores.
A Bitbon app is available in both Google Play and Apple's App Store, but at time of writing, it includes only news updates about the project.
BitBon.Space System ICO Details
Few details are readily available in English about the Bitbon's ICO. However, several important details are clear:
- The token complies with the ERC-20 standard, ensuring its compatibility with fully customizable smart contracts.
- The token's ICO began on March 15, 2018; an end date is not available. At the beginning of the ICO, Bitbon tokens cost $5.30838 apiece, but the Bitcointalk post that reveals this mentions that the purchase price is dynamically determined by an algorithm.
- Unlike many ICOs for Ethereum-based tokens, the Bitbon is available for purchase with major credit cards or bank transfer, rather than strictly cryptocurrency.
- While the company mentions that a know-your-customer verification is required to “get all the opportunities of the exchange,” it's not clear whether or not this means certain features are available without this verification.
BitBon.Space System Verdict
Bitbon's platform could be very useful for both startups that lack access to traditional funding, and investors who are looking for exciting new opportunities. However, the company's lack of clear information in English will surely alienate many potential customers; to gain the largest possible user base, Bitbon ought to publish as many possible translations of its website and whitepaper.
Investors curious about the Bitbon token should observe the platform's popularity, consider the company’s long-term plans, and seek clear information about the project in their own language to guarantee that they thoroughly understand it.