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BitNation ICO: Analysis and Interpretation

While the world’s is becoming connected and gathering under a single virtual roof, why not go further and try to streamline ICO processes through tokenization? BitNation has designed a mesh network, which will build a shared web to be accessed via a user-friendly smartphone-chat interface for crowdfunding through an ICO. BitNation is empowering its processes with the native token Pangea Arbitration Token (PAT).

With the increasing number of blockchain projects surfacing on the market lately, potential investors and enthusiasts are becoming skeptical about their authenticity and sustainability. BitNation has also had its doubts and queries, but their project’s robustness, reasonable goals, and promising timelines are reassuring potential investors. Pangea Arbitration Token is the result of some innovative thinking.

It is a mesh network, creating a shared web, which can be accessed through a user-friendly smartphone-chat interface, purely empowered by blockchain smart contracts, giving further clout to the BitNation jurisdiction. The project is presently implemented and operated on Ethereum technology similar to other ICO tokens such as Rate Date, EtherJack, Global Spy, BunnyToken, Bountie, Fintechbit, KaratBank, HeadStart.

In short, Pangea/BitNation is a decentralized marketplace for legal services.

Its functionality

The platform is to be used for efficiently developing and executing P2P agreements and resolving issues and disputes honestly and efficiently. You can either choose an arbitrator or you can become one in your own field of expertise. On BitNation, you will be enabled to develop your own Decentralized Borderless Voluntary Nation (DVBN). Once this is done, you can immediately select your Law Code and Mechanism for Decision-Making, build your own Constitution and offer Governance Services to the people, who are called citizens.

Why is BitNation a good project?

Decentralized Pangea is making an Opt-In Jurisdiction for citizens to join and manage peer-to-peer arbitrators and build nations. This software/digital platform makes use of Panthalassa mesh, formed out of Interplanetary File System (IPFS) and Secure Scuttlebut (SSB) protocols.

This make Pangea robust and secure, and resistant to emerging threats, i.e. cryptography and high-performing quantum.

The creators of the project call it a blockchain agnostic, although it is run on the Ethereum blockchain for the moment. The developers of this platform are also working towards making it incorporative with Bitcoin, Tezos and EOS.

Technology and innovation

PAT (Pangea Arbitration Token) is compatible with ERC20 and it serves for the Pangea jurisdiction as an opt-In token. PAT is programmed to reward good reputations, and tokens are issued on the Pangea platform when citizens collect non-commercial reputation tokens, generating a contract by handling a dispute attached to the contract. PAT is an algorithm-enabled reputation token, or a settlement currency activated on performance. The sharing mechanism for PAT(s) on its own platform is done by an independent agent, named Lucy. Lucy initiates the launch on Ethereum by way of a smart contract. This mechanism is also ‘blockchain agnostic’ and is made in a way so you can port it to any accessible platform enabled by smart contract. BitNation has created an Oracle that will facilitate this semi-independent mechanism on an absolutely secure and decentralized.

Insights and judgment

Built in 2014, BitNation is now one of the most buzzed about blockchain projects. To be more technical, this is a citizenship system enabled within a blockchain network. Pangea Jurisdiction and the PAT are two of their recently launched key projects.

Below is a description of these two projects:

Pangea Jurisdiction

It is a decentralized platform designed for BitNation citizens. Citizens can make the most of this platform to conduct a P2P arbitration and build nations. The platform uses Panthalassa mesh, developed using IPFS and SSB protocols.

Pangea serves as a blockchain agnostic but is currently operational on the Ethereum blockchain platform. This jurisdiction ecosystem revolves around PAT. This token rewards the users, who already have a good reputation, and BitNation citizens can achieve a ‘good reputation’ when they can successfully accomplish a contract or may resolve a dispute that is attached to the contract.

How does it work?

This system enabled BitNation citizens to generate functional P2P agreements, contact governance services, and resolve disputes from DBVNs with the use of Code of Law, which are made by them only. This Decentralized Borderless Voluntary Nation was first conducted in 2016 by BitNation on its native blockchain. Here, any user can come up with their very own DBVN with the help of BitNation’s ‘genesis’ trait. To date, BitNation has a total of 200 nations.

So, basically, a Decentralized Borderless Voluntary Nation is a decentralized autonomous organization (DAO) crafted with more features that are nation-oriented. In addition to enabling users with an opt-in Code of Law, Pangea offers essential infrastructure for many other Voluntary Nations, meaning that Pangea is the decentralized jurisdiction, where Voluntary Nations can be built, joined, and survived in.

PAT is the indispensable part of the ecosystem. This serves as the master token in the entire system. In collaboration with non-tradeable reputation sub-tokens, it creates a financial rewarding network on Pangea.

The reputation of the user is to be evaluated by Lucy, so it can eliminate human bias, errors, and also prevent reputation scores from becoming beauty or popularity contests. In the meantime, user reputation law of code is conducted by human review loops, just as eBay and Airbnb work.

Key factors such as dispute resolution, compliance and Nomic development of virtual laws are encouraged by PAT. (By the way, Nomic refers to a reasoning game from the era of the 1980s, which allows users to make alterations to the rules via a democratic voting system. This is a principle behind Pangea and DBVN’s decision-making mechanism).

Below are the features and benefits of the Pangea Jurisdiction:

Decentralization: Within the network of DBVN, decentralization refers to the both human and technological decentralization. The indispensable decentralization attributes of the software are modular interfaces, P2P technology, forkable code, and API layers. Each individual is given the chance to become its own nodes and modify the platform as they wish. Borderless: Characteristically, DBVNs are borderless. The services and solutions of the nations of BitNation are basically not limited to any particular ethnicity, geographical area, or any population category. They don’t have any ports or borders of entry. Voluntary: DBVNs do not use fraud or coercion, or force their citizens into peonage, slavery, servitude, or debt bondage. The only marketplace where DBVNs tends to compete is in a free market, where people will choose the DBVN that best-fits their respective preferences, such as legal and other indispensable requirements. Nation-based: Users can build DBVNs based on any common principle, or no principles at all. Pangea Jurisdiction will provide tools for conduction, but will never impose them because DBVNs are never needed to levy any explicit regulation or code of law. P2P contracts – One of the crucial parts of the Pangea ecosystem is its P2P contracts. These are complex legal agreements that can be made seamlessly through the app. The procedure is similar to sending a message over Facebook Messenger or Whatsapp. All you do is sign a secure contract with no involvement of notaries, middlemen, regulators, or lawyers. It is clearly mentioned in their white paper that this platform is worth using for business agreements, freelancer agreements, private agreements etc.

What is the Pangea Arbitration Token and how does it work?

PAT is one of the important segments of the Pangea ecosystem. The tokens have been designed to reward a smooth and seamless implementation of P2P contracts on the platform. This is, of course, not a primary currency, as the token is meant to be tradeable only on exchanges that are powered by cryptocurrency. PAT is currently compliant with ERC20 and distributed using Ethereum smart contracts. PAT also offers three sub-tokens and these include Proof of Agreement token, Proof of Nomic token and Proof of Collective token. These sub-tokens are non-tradeable reputation tokens, but they power the ecosystem. These sub-tokens form reputation contracts for individual users on Pangea. Citizens are supposed to build and complete contracts and solve disputes that are attached to the contract already. Once they have completed the requirement successfully, they will be rewarded with reputation.

BitNation ICO: ICO Tokens

With each new plan, money is needed to fund the plan. Similar to multiple blockchain ICO projects such as ORCA, Upline, Cappasity, Lotuscore, DIW, Koios, XYO, ORIGAMI NETWORK, BitNation is also planning to go LIVE with their first ICO for Pangea Jurisdiction and Pangea Arbitration Token. However, as the ICO market is not as seamless as it was initially, investors are becoming more skeptical new ICOs. So BitNation has come up with a promising timeline and reasonable ICO goals.

If you are looking forward to investing in any ICO that is currently LIVE in the market, better choose from a vetted ICO list online. While you are hunting down the best ICOs online, try to catch up through the ICO wiki. Learning the market better will help a beginner with smart investment.

Dates and details of the ICO

Token: PAT.

Main ICO Price: 474 PAT = USD1.

Start date: March 25, 2018.

End date: April 24, 2018.

Bonus: Available.

Platform: Ethereum.

Accepting: ETH, BTC.

Minimum investment: 1 BTC/20 ETH.

Hard cap: USD30,000,000.

Country: Switzerland.

Conclusion

BitNation is creating buzz in the current ICO market, as it has a promising timeline and reasonable goals for their ICO rounds. While BitNation was established in 2014, Pangea was their brainchild in 2015.

They have since launched the PAT project, which itself has three sub-tokens under it: Proof of Agreement token, Proof of Nomic token and Proof of Collective token. These three sub-tokens are non-tradeable. In addition to that, PATs are algorithmic tokens, programmed to aide P2P contracts between the users of Pangea platforms.

If you are looking to investing in an ICO, BitNation has proven to possess all the important elements to succeed in the future.

As well as reading this review, take your time to read through their whitepaper and webpage as well. It will help you to understand the details of this project from all possible angles.