Executive Summary
Project Description
The current world order forces its citizens to compete with each other for the governance of their choice and this leads to conflict and violence. Bitnation project aims to reverse this status quo and shift sovereignty to the people by developing a free marketplace where Voluntary Nations, City States and Autonomous Communities compete for citizens. The “governments” will do this by offering opt-in governance services to the people.
Bitnation can be described as a proof-of-concept Decentralized Borderless Voluntary Nation (DBVN) and the services that are likely to be found in its marketplace include the Bitnation Blockchain Public Notary, the Bitnation Refugee Emergency Response (BRER), and the Pangea Jurisdiction.
The Bitnation Blockchain Public Notary should serve the purpose of providing birth certificates, marriage certificates, freelance agreements, company registrations, wills and so on. The Bitnation Refugee Emergency Response is also expected to provide Blockchain IDs for stateless people. Lastly, Bitnation project plans to use the Pangea Jurisdiction for peer-to-peer agreements and dispute resolution. For now, Bitnation plans to run their platform on the Ethereum blockchain, but there is a likelihood that other chains (Bitcoin, Tezos or EOS) will be integrated in the future.
On the platform, people may decide to be citizens of whatever nation they wish to. As a result, there should no longer be much incentive for violence, and the potential competition for citizens will likely lead to reduced costs and improved quality of services on the platform.
The Pangea Arbitration token (PAT) is ERC-20 compliant and Bitnation’s plan is that it will serve as the governing currency on their platform. PAT should also govern the 3 non-tradable reputation tokens that Bitnation claim will be made available: POA, POC and PON. PAT will be earned when these tokens are amassed; the tokens are to serve as rewards when users create a contract, complete a contract and/or resolve disputes.
Bitnation has already conducted the world’s first Blockchain marriage, citizenship ID, and emergency ID. Bitnation also won the UNESCO NETEXPLO 2017 Grand Prix.
Hard Cap and Valuation
There will be a total of 42 billion PAT tokens, and Bitnation team aims to raise $27.3 million for 34% of the token total. The tokens will be sold in 3 phases:
- Phase 1: This phase was completed in December 2017 and 10% PAT tokens were sold with a 15% bonus.
- Phase 2: This is the public sale and it is due to start on the 25th of March, 2018. It is expected to end on the 25th of April, 2018 or when the hard cap is reached.
- Phase 3: If any more tokens are left unsold after the public sale, they will be sold over the following 24 months via exchanges.
The remaining 66% of the token total is shared as follows: 34% can be earned by Citizens on the Bitnation Pangea platform; 14% is to be reserved for future contributions, and the final 18% goes to the founders and core contributors. According to Bitnation, 50% of the founder and early contributors’ tokens will be locked for a year.
Price Per Token
Bitnation plan to use a reverse auction model with a variable price for their token sale. As a result, token price will be set by market demand. At the start of the auction, 1 PAT will be 0.0445$ and it will decrease (at a predetermined rate) till it reaches the minimum set point of 0.0089$.
During the public sale, the following bonuses are available to buyers:
- Investors that send payments within the first 60 minutes stand to gain 15% extra tokens.
- Investors that send payments between hours 2–24 (inclusive) stand to gain a 10% bonus.
- Investors that send payments within 2–7 days (inclusive) stand to gain a 10% bonus.
Important Dates
PAT public sale starts by 4 p.m. (CET) on the 25th of March 2018. Furthermore, Pangea BETA mainstream market launch is scheduled for the third quarter of 2018.
Marketing Power
As at the time this post was published, Bitnation Pangea had over 6,400 followers on Twitter, 5,700+ subscribers on Facebook, 1,000 members on Telegram, and over 570 followers on Steemit.
Prominent Advisors
Rick Falkvinge
- Founder of the world’s first Pirate Party.
Vinay Gupta
- Gupta helped coordinate Ethereum’s 2015 release, working as a project manager on strategy and communications.
- Strategic Architect of Consensys.
Well-Known Team Members
Susanne Tarkowski Tempelhof, CEO
Team Members’ Areas of Expertise
Business experts
Susanne Tarkowski Tempelhof, CEO
- Founder and CEO of Wise Strategic Communications — a service that provided government organizations with strategic communication solutions — for 3 years. (sold to IDS International in February 2011).
- Founder of Shabakat foundation, a small-scale cryptocurrency mining firm.
Target market experts
James Fennell Tempelhof, COO
- Adviser to the UK government on conflict prevention in West Africa and Afghanistan.
- Head of Emergencies for nonprofit humanitarian relief agency CARE for over 6 years.
- Consultant/Writer, publishing several articles about security, refugees and decentralized governance, for 8 years.
Marketing experts
Erik Vollstädt, Lead Ambassador
- Erik worked in Marketing at several firms, including Tink, Weever Media Limited and Barcelona Home.
Legal experts
Bitnation Pangea project has Sonja Prstec, a Legal Advisor, on their team.
Software engineering experts
Kent Dahlgren, AI Developer
- Product manager at several IT firms, including Tripwire, Tenable Network Security and iovation Inc.
Alberto R. Estarrona, Senior iOS / Android Developer
- Over the last 9 years, Alberto helped more than 50 projects develop and design their applications, including Medictapp Platform and GetaSponsor Platform.
Florian Lenz, Backend Developer.
- Florian is proficient in JavaScript.
Blockchain development experts
William Huang, Solidity Developer
- His GitHub.
Token sale structure experts
No team member with notable token sale structure expertise. However, one of their advisors, Vinay Gupta, has some experience from his time at Ethereum (above). Furthermore, one of Bitnation’s partners, Bitcoin Suisse AG, will be involved in their token sale and distribution.
Token economics experts
Same as above.
Disclaimers:
- Nothing written in this article is a legal or an investment advice.
- Information is provided on a best-effort basis and is subject to change without prior notice. Be sure to verify everything you read with a project team.
The analysis was produced by Research Center team members: Alexander Hinz, Mark Jedd, Eugene Tartakovsky.
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