Nanda Crypto: Bitnation ICO Review

HELLO ALL

What is BITNATION?

Bitnation is the world's first Decentralized Borderless Voluntary Nation (DBVN). Bitnation started in July 2014 and hosted the world’s first blockchain marriage, birth certificate, refugee emergency ID, World Citizenship, DBVN Constitution and more. The website proof-of-concept, including the blockchain ID and Public Notary, is used by tens of thousands of Bitnation Citizens and Embassies around the world. Bitnation is the winner of UNESCO’s Netexplo Award 2017, and has been featured by the Wall Street Journal, Bloomberg, BBC, CNN, WIRED, VICE, TechCrunch, The Economist, Russia Today among many others.

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.

Pangea Arbitration Token (PAT)

The Pangea Arbitration Token (PAT) is designed specifically to reward the successful execution of contractual agreements on the Pangea platform and is not primarily a currency, even though the master token will be tradable on cryptocurrency exchanges. PAT is distributed via an Ethereum smart contract31 containing a tradable ECR20 master token which serves as a reward token on Pangea and also governs three non-tradable reputation tokens, each with specific functions and attributes:

● Proof-of-Agreement (POA): A non-tradable reputation token for Pangea users and arbitrators which is governed by performance criteria for smart contract creation and execution.

● Proof-of-Collective (POC): A non-tradable reputation token for DBVNs, user groups and governance services created on Pangea, it is governed by user satisfaction with collective contract creation and execution.

● Proof-of-Nomic (PON): A non-tradable reputation token for contracts, laws and legal codes governed by user satisfaction.

Pangea Business Model

The Pangea revenue model is based on two sources of income relating to contract creation and execution respectively:

A small transaction fee on the amounts arbitrators, judges and juries charge for their services on Pangea (in Bitcoin, Ether or other cryptocurrencies converted on-platform into PAT);

A small transaction fee on top of the amount miners charge to timestamp and execute smart contracts created on Pangea on Ethereum or other integrated blockchains (also converted into PAT).

Revenue is charged in PAT, convertible from other cryptocurrencies on the platform. Development priorities and budgets will be discussed through forums like consider.it and the final budget allocation will be made through the multisignature delegate

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.