Maret 20, 2018

BITNATION - World's First Decentralized Borderless Voluntary Nation

A movement I am writing today is to follow those steps and create the closest thing a utopia might do to this human development moment. The name of the movement is  Bitnation  , and they change the world with  their Pangea Project .

Bitnation movement begins in 2014 as the first decentralized, decentralized voluntary state and has attracted tens of thousands of its members to join and become a Bitnasi citizen. The main idea behind Bitnation is based on improving the quality of government by transferring power from the hands of the state to the hands of citizens.  It gained world popularity and media coverage by winning the  UNESCO Netexplo award in 2017  and also through some of the world's first such events as World Citizenship, first marriage blockchain, emergency emergency and others.  With the development of the Pangea project, the Bitnation team decided to go further and start creating internet sovereignty.

In one sentence; with Pangea, you can create your state and government and make your own rules and laws, or you can join other decentralized countries created by others.

Pangea is a blockchain based distributed network that uses Pangea Arbitration Token (PAT) as a reward for its users and payment assets for network services. The main base of Pangea is the foundation based smartic chat based policegal, the active version of the network can write a smart contract to any unified blocker.  Pangea users can join (DBVN) Decentralized Borderless Voluntary Nation or create one of their own.  Future development will provide many new network functions in Pangea so that users can access group or private chat and can write smart P2P contracts in it, plus resolve disputes and access local government governance services.

The Purpose

Bitnation aims to help overcome political, economic and geographic barriers by utilizing decentralized blockchain technology. Bitnation strives to pioneer decentralization, smart contract-based governance and help tackle the political, economic and geographic barriers posed by border rules and over-bordering regulations. Superseding the traditional structures provided by these countries; This new etereum-based platform is set to provide the best “better, cheaper, and fairer service in a distributed and voluntary way.

Bitnation, Pangea and PAT Token Token Token FAQ

Pangea Arbitration Token (PAT) is a mark in a compatible ERC20 application for Pangea Jurisdiction. The PAT system is a proof of Citizen's reputation, issued when a Citizen contracts, successfully completes the contract or settles a dispute related to the contract. PAT is an algorithmic reputation token; arbitrage currency based on performance, not purchasing power, popularity, or attention.

Bitnation Pangea Technology

The Pangea Software is a Decentralized Optical Jurisdiction where Citizens can perform peer-to-peer arbitration and create their own country. Pangea uses the Panthalassa mesh, which is built using Interplanetary File System (IPFS) and Secure Scuttlebutt (SSB) protocols. This allows Pangea to be extremely resilient and secure, providing resistance to emerging threats such as high-performance quantum cryptography. Pangea is an agnostic blockchain, but uses the Ethereal block for now. Going forward, other chains like Bitcoin, EOS and Tezos can be integrated with Pangea.

SAFE AND TRANSPARENT

PAT is industry standard token based on ERC20 (Ethereum), easy to integrate with wallet and bursa. The PAT code, the DBVN Multisignature code, and the BITNATION TSE Contract code have all been designed and audited by leading Solidity experts. All contracts are open source and can be found in our GitHub. Funds are secured by Bitcoin Suisse AG in a multisignature purse.

HARD CAPPED

The PAT TSE will raise funds for Pangea development and to power Bitnation’s ecosystem. 34% of PAT will be sold during the TSE, including a pre-sale. To ensure the token is not diluted, the TSE is hard capped at US $30 Million. This is designed to increase PAT token value as Pangea evolves and gains market adoption.

POWERS PANGEA

More than a third of PAT is reserved to power the Pangea Jurisdiction. Citizens garner non-tradable reputation tokens based on successful contract execution. Arbitrators and contracts also accumulate non-tradable tokens. Citizens are rewarded with PAT for accumulating non-tradable reputation tokens when milestones are reached.

PAT Token Sale

The token sale is split into three phases and a total of 14.28 billion PAT (34%) will be sold across the three phases of the sale.
Sale phases:
• Phase 1: Presale – completed in December 2017.
• Phase 2: Public auction – 1 month auction of up to 7.3% of PAT supply.
• Phase 3: Slow release – the remaining unsold tokens will be sold via exchanges over the following 24 months so that a total of 14.28 billion (34%) have been sold by April 2020.

The total amount of PAT in circulation 24 months after the public sale finishes (25 April 2020) will be 14.28B (34% of 42 Billion) in addition to the PAT allocated to the core team and issued for bug bounties.

The public sale begins March 25th, 2018 4pm CET and finishes when either the hard-cap is reached ($27.3M of Ether has been bid), or on April 25th 16h00 CET. The sale is hard-capped at $27.3M USD and the token price is set by the market. This is achieved using a reverse auction with a variable price for the token. One of the effects of this model is that we do not know how many tokens will be sold during the auction. The higher the market-set price of PAT, the fewer tokens will be issued in order to reach the hard-cap.

Roadmap

Conslusion

To be sincere, I heard about Bitnation yesterday for the first time and had enough time just to scratch a surface of this utopian project. I find it extremely interesting and potentially successful if team succeeded in attracting enough people willing to try and support this idea. I will spend more time and make deeper research of Bitnation idea, their business plan, and tokenomics in next few days and write an article with more details about this project.

Team & Advisors