Exchange Request for Bitbon: Bitbon Asset Swap and System Promotion

What is Exchange Request for Bitbon

Friends, imagine that we now live in a digital world with many different digital assets, just like currencies from different countries. However, sometimes it’s hard to exchange these “currencies” directly, or you could say, they live in different “countries” and communication between them isn’t convenient. Exchange Request for Bitbon (ERBB), abbreviated as ERBB, acts as a bridge between these “countries”, or you could call it a special “interpreter” service.

Simply put, ERBB is a core service within the Bitbon System. The Bitbon System itself is a grand vision, aiming to build a decentralized social network for economic relations, allowing people to manage and trade various assets digitally within this network, including your property rights and more.

The main function of the ERBB service is to enable you to convert “Bitbon units” inside the Bitbon System into “ERBB units” circulating on the Ethereum blockchain (these are tokens following the ERC20 standard), and vice versa. This way, assets within the Bitbon System can interact with the broader Ethereum ecosystem. You can think of ERBB as Bitbon System’s “representative” or “passport” on Ethereum.

Typical usage process:

If you want to use ERBB, the usual steps are: you can exchange other crypto assets for ERBB units on some decentralized exchanges (DEX), then use the “One Space” mobile app provided by the Bitbon System to convert these ERBB units back to Bitbon units at a 1:1 ratio, thus entering the Bitbon System ecosystem.

Project Vision and Value Proposition

The vision of the Bitbon System and its ERBB service is to build a brand new, fairer, and more transparent digital economic society.

Core problems it aims to solve:

• Promoting digital economic exchange: As digital assets become increasingly abundant, asset circulation and interoperability between different blockchain networks is a challenge. ERBB, as an ERC20 token on Ethereum, provides the Bitbon System with a way to connect to mainstream blockchain ecosystems, solving the problem of Bitbon assets circulating externally.
• Enhancing e-commerce and asset management: The Bitbon System aims to leverage distributed ledger technology to provide new methods for bookkeeping and asset disposal in e-commerce, including financial asset trading and crowdfunding.
• Building trust and transparency: The project hopes to overcome crises in socio-economic relations, reduce uncertainty between contracting parties, and prevent forgery and theft through its technology and legal framework, thereby establishing a highly transparent and compliant economic environment.
• Connecting governments, enterprises, and citizens: The Bitbon System is committed to becoming a tokenized platform that connects socio-economic relations among governments, enterprises, and citizens.

Differences from similar projects:

The Bitbon System emphasizes its efforts in legal compliance, claiming that all activities are conducted within a legal framework and in accordance with international standards, which is an important feature for digital asset projects. In addition, it positions itself as a “decentralized social network for economic relations” and plans to eventually migrate to its own decentralized infrastructure, indicating that it is not just a simple token or blockchain, but a more comprehensive ecosystem.

Technical Features

ERBB and the Bitbon System have some noteworthy technical aspects:

Technical features of ERBB:

• ERC20 standard token: ERBB units are ERC20 standard tokens based on the Ethereum blockchain. This means they are compatible with wallets, exchanges, and decentralized applications in the Ethereum ecosystem, making it convenient for users to trade and manage.
• 1:1 conversion mechanism: ERBB and Bitbon units can be converted at a 1:1 ratio. This mechanism is implemented through “direct conversion” (locking Bitbon units and issuing an equal amount of ERBB) and “reverse conversion” (burning ERBB and unlocking an equal amount of Bitbon), ensuring value anchoring between the two assets.

Technical features of the Bitbon System:

• Distributed ledger technology: The entire Bitbon System is built on distributed ledger technology (DLT), a decentralized database technology that ensures data security, transparency, and immutability.
• Bitbon digital asset: Bitbon is the core digital asset in the Bitbon System, defined as a “system-forming digital asset” and “intangible asset” (in accordance with International Financial Reporting Standard IAS 38). It represents the right to use the Bitbon System infrastructure functions.
• Decentralization vision: The Bitbon System is committed to achieving decentralization in economic, legal, and technical aspects. The project plans to migrate its entire system to Simcord’s own decentralized infrastructure in the future to improve network scalability and performance.
• Instant and irrevocable transactions: All transactions within the Bitbon System are designed to be instant and irrevocable, improving transaction efficiency and security.

Tokenomics

Understanding a project’s tokenomics is like understanding a country’s monetary policy—it determines the value and utility of the token.

Basic token information:

• Token symbols:
  • ERBB: Refers to the ERC20 token circulating on the Ethereum blockchain.
  • Bitbon: Refers to the native digital asset within the Bitbon System.
• Issuance chain: ERBB is issued on the Ethereum blockchain, following the ERC20 standard. Bitbon runs on the Bitbon System’s own protocol.
• Total supply or issuance mechanism:
  • The maximum supply of ERBB is 100 million.
  • The total amount of Bitbon digital assets is also strictly limited to 100 million units, with no possibility of additional issuance. This means Bitbon is a scarce resource.
• Inflation/burn: The conversion mechanism between ERBB and Bitbon serves as a supply regulation. When Bitbon units are converted to ERBB, an equal amount of Bitbon units are “locked”; when ERBB is converted back to Bitbon, an equal amount of ERBB is “burned”, thereby unlocking Bitbon. This mechanism ensures total supply balance and value linkage between the two assets.

Token utility:

• ERBB utility:
  • Bridge function: Serves as a bridge connecting the Bitbon System and the Ethereum network, facilitating the circulation and trading of Bitbon assets in the broader crypto market.
  • Medium of exchange: Can be traded on global trading platforms and decentralized exchanges that support ERC20 tokens.
  • Acquiring Bitbon: Users can use ERBB to obtain Bitbon units within the Bitbon System.
• Bitbon utility:
  • System core: Bitbon is a key component of the Bitbon System infrastructure, providing access to system functions.
  • Transaction and rights management: Used for transactions within the Bitbon System and for managing various property rights.
  • Project financing (via Projectbons): Participants can provide funding for business projects by exchanging Bitbon units for Projectbons, representing their participation share and potential returns in the project.

Token allocation and unlocking information:

Currently, there is no detailed information found regarding the initial allocation and unlocking schedule for ERBB or Bitbon, but it is emphasized that Bitbon is a “strictly limited resource.”

Team, Governance, and Funding

The success of a project depends on a strong team, effective governance mechanisms, and sufficient funding support.

Core members and team features:

• Development company: The Bitbon System is developed by Simcord LLC in Ukraine.
• Operational role: Simcord LLC fulfills the role of “the first Bitbon System Operator” according to the provisions of the Bitbon System Public Contract.
• Quality certification: Simcord LLC is certified to the ISO 9001:2015 international quality management standard, indicating a high level of expertise and quality control in the development of high-load software solutions for distributed computing and storage.

Governance mechanism:

• Public contract: The Bitbon System is governed by a “public contract” that regulates its operation and the rights and obligations of participants.
• Decentralization vision: The system is described as a decentralized social network for economic relations, aiming to give participants the right to manage the Bitbon System.

Treasury and funding runway:

Currently, there is no detailed public information about the size of the Bitbon System’s treasury or specific funding reserves.

Roadmap

The roadmap is like a map guiding the project forward, showing important past milestones and future directions.

• Launch model: The Bitbon System adopts a phased launch model, with a total of 5 planned stages. Currently, the project is in stage 4, which focuses on launching key components and services.
• ERBB service launch: On July 5, 2023, the ERBB service was officially launched, in line with the Bitbon System’s roadmap. The launch of ERBB aims to promote the Bitbon System on global trading platforms.
• Future plans: According to the roadmap, the Bitbon System plans to migrate its entire infrastructure to Simcord’s own decentralized infrastructure in the future. This move aims to significantly improve network scalability, thereby enhancing the overall performance and functionality of the Bitbon System.
• Implementation report: The project also mentions a document called the “Launch Implementation Report” (2025-2026), which may contain more detailed future development plans.

Common Risk Reminders

Investing in any crypto project comes with risks, and understanding these risks is crucial.

• Market volatility risk: The cryptocurrency market is known for its extreme volatility. The prices of ERBB and Bitbon may fluctuate sharply due to market sentiment, macroeconomic factors, regulatory policy changes, and other influences.
• Technical and security risks:
  • Smart contract risk: As an ERC20 token, ERBB’s smart contract may have vulnerabilities. Although the project may have undergone audits, smart contract risks cannot be completely eliminated.
  • System stability: As a complex distributed ledger system, the stability and security of the Bitbon System depend on the robustness of its underlying technology.
• Economic risks:
  • Liquidity risk: Although ERBB aims to improve Bitbon’s liquidity, its liquidity on external trading platforms still depends on community activity and market acceptance.
  • Competition risk: The blockchain and digital asset space is highly competitive, with similar projects emerging constantly. ERBB and the Bitbon System need to continuously innovate to maintain competitiveness.
• Compliance and operational risks:
  • Regulatory uncertainty: Global regulatory policies for cryptocurrencies and digital assets are still evolving. Although the Bitbon System emphasizes compliance, future regulatory changes may still impact its operations.
  • Centralization risk: Although the project’s vision is decentralization, Simcord LLC currently acts as “the first Bitbon System Operator”, which may pose a certain degree of centralization risk until the system is fully migrated to decentralized infrastructure.

Please note: The above information is for reference only and does not constitute any investment advice. Be sure to conduct thorough independent research and risk assessment before making any investment decisions.

Verification Checklist

When delving into a project, it’s helpful to check some key public information sources.

• Block explorer contract address: The ERBB Ethereum contract address can be found on block explorers like Etherscan, for example, a search result mentions the address
  0x5702...0cd839
  . Through the contract address, you can view the token’s transaction history, holder distribution, and more.
• GitHub activity: Currently, search results do not directly mention the GitHub repository activity of the Bitbon System or ERBB project. Generally, an active GitHub repository reflects the project’s development progress and community engagement.
• Official websites:
  • Bitbon System official website:
    bitbon.space
  • One Space service:
    one.space
  • ERBB service related page:
    erbb.space
• Whitepaper/core documents: Although no explicit “ERBB whitepaper” was found, the Bitbon System has its “Bitbon System Concept”, “Bitbon Protocol”, and “Public Contract” core documents, which together form the project’s technical and legal foundation.

Project Summary

In summary, Exchange Request for Bitbon (ERBB) is a key service in the Bitbon System ecosystem, playing the role of a bridge connecting the Bitbon System with the broader Ethereum blockchain world. By converting Bitbon units into ERBB ERC20 tokens on Ethereum, the project aims to enhance the liquidity and accessibility of Bitbon assets, enabling them to circulate on global trading platforms.

The Bitbon System itself is an ambitious project dedicated to building a decentralized social network for economic relations, leveraging distributed ledger technology to revolutionize e-commerce, asset management, and property rights digitization. The project is developed and operated by Simcord LLC, and emphasizes its efforts in legal compliance and international standards. Both Bitbon and ERBB have a strictly limited total supply of 100 million units, and maintain value linkage between the two assets through a unique conversion mechanism.

Although the project demonstrates a grand vision and certain technical strength, like all cryptocurrency projects, it also faces risks such as market volatility, technical security, liquidity, and regulatory uncertainty. For anyone interested in ERBB or the Bitbon System, it is recommended to visit their official websites and read relevant documents, conduct in-depth independent research, and fully understand the potential risks involved. Remember, this is not investment advice.