WEB 2.0, WEB 3.0 differences, advantages, token, blockchain, US Congress explanation. Bitbon system
WEB 2.0 refers to the second generation of the internet characterized by the rise of social media, user-generated content, and the growth of web-based applications.
WEB 3.0, also known as the "Semantic Web," is the next stage of the internet where data and information are organized and interconnected, enabling machines to understand and interpret the meaning of the data. This results in a more intelligent and personalized web experience.
- Decentralization: WEB 3.0 eliminates the need for central authorities, providing users with more control over their data.
- Interoperability: WEB 3.0 enables seamless communication between different applications and services.
- Personalization: WEB 3.0 provides a more personalized experience, allowing users to access and share relevant content based on their interests and preferences.
- Improved security: With decentralized systems, there is no central point of failure, making it more secure.
A token is a digital asset that represents a specific asset or utility within a particular blockchain ecosystem. Tokens can be used to purchase goods or services, participate in decentralized governance, or access specific functionalities within the blockchain.
A blockchain is a decentralized ledger of digital transactions, maintained by a network of nodes. It is secure and transparent, allowing for the creation of secure and tamper-proof digital assets.
The United States Congress is the legislative branch of the federal government of the United States. It is responsible for passing laws and overseeing the implementation of those laws. With regards to blockchain and digital assets, the US Congress is responsible for creating regulations and legislation to ensure the security, stability, and growth of the industry.
Bitbon System is a decentralized platform that leverages blockchain technology to create a more secure and transparent digital asset accounting system. It utilizes the Community PoS consensus algorithm to ensure consensus and offers the opportunity for users to participate in the network as Registrars and earn rewards. The Bitbon System also serves as a social network, connecting users and organizations in a decentralized community.
The Bitbon System uses a Community PoS (Proof of Stake) consensus algorithm to secure its blockchain network. The nodes in the network perform different roles, such as Synchronization Node, Quorum Member Node, Block Producer Candidate, and Block Producer. The Bitbon System operates with the Assetbox pool of Registrars, who can participate in the automatic voting procedure by transferring their Assetbox capacities to the pool. The lottery-voting procedure generates a sequence of block producers for each round, based on the Assetbox capacities allocated between the candidates. The voting process starts at the end of the round and is performed within a 2-second interval, where each node randomly generates a list of possible positions and sends the hash of the list to all nodes in the quorum.
Chapter 1: Terms and Definitions
(1) The terms used in this Annex shall be interpreted
in accordance with the definitions set forth below:
1) Registrar's Assetbox is a component of the Bitbon System,
designed to register digital asset units in the System
Bitbon System and provides access to the storage address of the token accounting units
distributed registry in the distributed registry token accounting system
registry. Access of the User of the Bitbon System to Assetbox is provided
by means of an account in the Bitbon System.
2) UTC - Coordinated Universal Time, which is
international standard for Greenwich Mean Time
3) Base Power - the Registrar's Assetbox parameter, which
determined by the power of such Assetbox and the combined power of all
4) Base Balance - a parameter which is determined by the total
number of Bitbon units on the root Assetbox of the Registrar and the sum of
all balances of all Assetboxes of the first line of the Registrar's pool.
5) Assetbox balance - the number of Bitbon units on the Assetbox
6) Transaction block (block) - a special structure for recording
a group of transactions in a distributed registry (blockchain).
7) Block Producer - a candidate block producer, which has been
included in the sequence of block producers as a result of
the execution of the lot-voting procedure for signing and publishing
only one block at a given point in time (time slot) within a
Bitbon System Social Network Appendix
To the Public Contract of the Bitbon System
8) Block Producer Candidate - any node participating in the quorum,
that meets the established hardware requirements, with a rating
above the set value and provider mode enabled.
9) Root Assetbox - Assetbox, which is at the head of
of a particular Registrar's pool and to which all connections in the
10) Providing period - a time period, which is equal to 72
11) Registrar Pool - one or more Assetboxes involved in
Provisioning in the Bitbon System, between which by means of
special transactions is established between them and which form a
structure that operates according to the rules and technical
consensus protocols in the Bitbon System.
12) Provisioning cycle - a set of three provisioning
periods during which capacity is calculated and maintained
(base and social) for each Assetbox pool of the Registrar, as well as
The process of creation and verification of blocks with subsequent
13) Median (from Latin mediāna - middle) in mathematical
in mathematical statistics is a number characterizing a sample (for example, a set of numbers).
If all elements of a sample are different, the median is such a number, that
half of the elements in the sample is greater than it, and the other half is
less. More generally, the median can be found by ordering
of the sample elements in ascending or descending order and taking the middle
14) Assetbox power - Registrar's Assetbox parameter, which
determines the legal weight of a particular Registrar in the Social Network
"Bitbon System" when certifying transactions in the Bitbon System. Power
Assetbox is calculated as the sum of basic and social power
This section defines the terms used in the annex of the Bitbon System. The terms include:
- Registrar's Assetbox - a component of the Bitbon System that registers digital asset units and provides access to the storage address of the token accounting units registry.
- UTC - Coordinated Universal Time, which is the international standard for Greenwich Mean Time.
- Base Power - a parameter determined by the power of the Registrar's Assetbox and the combined power of all Assetboxes of its first line.
- Base Balance - a parameter determined by the total number of Bitbon units on the root Assetbox of the Registrar and the sum of all balances of all Assetboxes of the first line of the Registrar's pool.
- Assetbox balance - the number of Bitbon units on the Registrar's Assetbox.
- Transaction block - a special structure for recording a group of transactions in a distributed registry.
- Block Producer - a candidate block producer selected through a voting procedure for signing and publishing a block at a given time.
- Block Producer Candidate - any node that meets the hardware requirements and is participating in the quorum.
- Root Assetbox - Assetbox at the head of a particular Registrar's pool.
- Providing period - a time period equal to 72 hours.
- Registrar Pool - a group of Assetboxes involved in provisioning in the Bitbon System.
- Provisioning cycle - a set of three provisioning periods during which capacity is calculated and maintained for each Assetbox pool of the Registrar.
- Median - a number that characterizes a sample of numbers and separates it into two halves.
- Assetbox power - the parameter of the Registrar's Assetbox that determines its legal weight in certifying transactions in the Bitbon System.
This section of the Bitbon System Public Contract is about the relationship between Users of the Bitbon System in the role of Registrar. It outlines the fundamental principles and procedure for the operation of the Bitbon System Provider as Registrar, and regulates its rights and obligations to ensure economic and legal decentralization of the Bitbon System. The chapter on "Ensuring Consensus in the Bitbon System Blockchain Network by the Community PoS algorithm" outlines the concept of economic and legal decentralization of the Bitbon System. According to this, Users can carry out transactions through basic services of the Bitbon System to account for economic relations.
The Community PoS consensus in the Bitbon System is designed to ensure decentralized data storage, publication, and verification in a secure, transparent, and efficient manner. The pre-agreement scheme, the centralized network during block formation, the strict synchronous rhythm of the network nodes, and the "denial of service" state of the network are key features aimed at achieving the goals of the Community PoS consensus. These features aim to prevent block forks and collisions, provide a clear definition of the blockchain network state, and capture the value of uncertainty periods. The ultimate goal is to build a robust and responsive Bitbon System social network.
A network node in the Bitbon System blockchain network is a hardware and software complex that stores all or part of the blockchain data and can perform several roles, such as synchronization node, quorum member node, block producer candidate, and block producer. A synchronization node performs synchronization with other nodes by receiving and verifying blocks of transactions and storing them in its local storage. The node's timestamp is synchronized based on the time stamps of the last valid block and other nodes in the network. If the time metric for the node is less than a set value, the node accepts transactions for processing, and if the quorum of the blockchain network nodes is not reached, the node returns a "denial of service" error.
block producers for the next round.
2) The final sequence of block producers for the next round is formed by the nodes on the basis of the results of the lot-voting procedure.
This text describes the procedure for the lottery-voting system in the Bitbon System, which is used to form the sequence of block producers for the next round. The procedure consists of rounds with a duration equal to the number of block producers multiplied by 1 second. The procedure begins at the end of each round and involves randomly generating a list of possible block producers based on the distributed Assetbox Registrar capacities, followed by forming the final sequence of block producers based on the results of the lot-voting procedure. The process is repeated at the end of each round.
The Bitbon System Social Network Public Contract outlines the rules for forming blocks in the Bitbon System. A block is formed by a block producer from the transactions in its transaction pool during its assigned time slot. If no transactions occur during the time slot, the block is not formed, and a time-stamp is sent to all nodes. The block producer can only form one block per round and cannot form two blocks in a row. All nodes play the role of synchronization nodes, receiving transactions, executing them, and checking the validity of incoming blocks. If the block is valid, it and its transactions are committed to storage, and if it is invalid, the node waits for a valid block with the same number. If the block producer fails to verify the previous block, it forms a new block with the same number, including all transactions in the pool sorted by time. The block producer sends out a message about the downgrade of the previous block producer.