Bitnation, the world’s first project aimed at the creation of a decentralized blockchain-based nation, published the summary of its progress and accomplishments over the one-year period ending in July 2018. According to the project’s team led by Susanne Tarkowski-Templehof, this period was the most groundbreaking one since the very founding date of Bitnation back in 2014.Whereas in previous years the project had very limited funding, while being mainly driven by volunteers, now the Bitnation’s subproject Pangea Web 3.0 Jurisdiction had already raised over $3 500 000. The team comprises 30+ full-time persons and Pangea updates are being released every three weeks straight onto main net and to the app stores. This enables high-velocity engineering development which calibrates to high-response marketing, relative to citizen need.
So, here are the main highlights of the past year:
Pangea Jurisdiction Development v.03 – v.05
The core functions on Pangea are making smart contracts, resolve disputes and create nations. Pangea is live on Android and iOS (via TestFlight).
Pangea went through a 100% restructuring of both the backend and the frontend from the previous v. 02 and 0.1 releases.
The backend is a blockchain agnostic mesh network, using Protocol Laboratories libp2p code. It’s currently connected with Ethereum (you can choose to use main net or testnet on the app) but we plan to integrate more chains soon, including Bitcoin (via Rootstock), EOS and Lisk.
The frontend is a user-friendly end-to-end encrypted chat application, optimized for mobile first markets, because people increasingly make business using chat applications (WeChat, WhatsApp, Telegram etc), and a contractual agreement always starts with a conversation between two or more parties.
The source code is 100% open source, under the MIT license, and everyone is welcome to participate in its development on GitHub.
In late Q2, early Q3, 2018 the platform plans to kickoff a more aggressive approach to marketing strategy, through working directly with communities that need Bitnation and helping them design customized nations and governance applications.
In Q4, 2018, Pangea is to conduct rigorous market studies including polls, focus groups, and A/B testing, to prepare for a mass market launch in Q1 2019, based on the results from the previous months of crypto community outreach and autonomous community customization. For the next yearly report more than +1 million app installs is expected.
Current functionalities on Pangea
Identification and Reputation
The reputation system driven by our AI Lucy has been under development for nearly a year, and the first version of it will be live by the end of Q3 this year (end of September).
Encrypted smart contract chats
Private chat conversations between two persons on Bitnation are always end-to-end encrypted (using the Signal protocol). Currently, all group chats are unencrypted and public, but at the end of Q3, encrypted group chats will be added.
In the private chat conversation you can create smart contracts which gets executed directly on chain. Simply choose the function from the menu (payment, escrow, etc) and drop it into the chat. You don’t need any background knowledge about smart contracts or coding to create a smart contract. You can also add your own contracts as dApps, whether it’s a marriage contract, freelance contract, rental contract, or anything else you might want.
Nation and community creation
You can create your own nation on Pangea, which currently includes choosing your legal code, law enforcement mechanism, decision making mechanism, what category of services you offer and more. Once the constitution outlining the above aspects is created, it gets deployed on the Ethereum chain. You can chat with the Citizens of any nation in the group chat of the nation, to coordinate direction and services. In Q3, the nation functionalities will be upgraded to include significantly more sophisticated features, including the ability to create and manage your own nation currency, appoint officials, package custom dApps for governance services, etc.
Wallet and ERC20 tokens
Currently the Pangea wallet supports ETH and XPAT. In the v. 0.5.7 due in late July we’ll be able to add other ERC20 tokens as well. If you want to add your ERC20 token to our wallet, please contact info@bitnation.co for prices and timelines. There are currently no transaction fees on the wallet, other than the Ethereum gas fees. You can choose your own gas fee.
DApp Engine, SDKs and API
DApp engine was released on June 30, along with SDKs and API. The final goal is to build a few in-house dApps including Notary and document storage, but the main bulk of the dApps will be built by 3rd Party Developers including individual developers, startups, or other forms of organizations. 3rd Party dApp ideas, which people have started to plan and work on, include peer-to-peer security, basic income, land registry, marriage and midwife applications. The dApp store will be launched on Pangea in August.
XPAT, Tokenomics and Fundraising
The Pangea Arbitration Token (XPAT) was released on April 25, after six months of fundraising. It’s currently trading on a range of exchanges, including LAToken, Bancor, TokenJar, ForkDelta, Komodo, Citowise and Chainrift.
XPAT is an Ethereum based ERC20 token used to power the Pangea software through providing incentives to uphold agreements you have voluntarily entered into. When you create a contract, complete a contract or solve a dispute added to a contract, you get rewarded with non-tradable sub-tokens called proof-of-agreement, through the Lucy bot. The reason they are non-tradable is because reputation shouldn’t be bought, sold, or gained through popularity or attention. Once users collect enough non-tradable reputation tokens, they get awarded with XPAT by Lucy. There are two additional non-tradable reputation tokens – proof-of-collective (for nation builders) and proof-of-nomic (for smart contract and dApp creators).
Phase III of the ICO (the slow release phase) will start in September. The slow release structure enables people to participate based on development benchmarks being met, and market adoption of the technology, rather than on speculation.
The projected goal for the next 12 months is to reach a market cap of $500M for XPAT, and be trading on top 5 exchanges. The pull of XPAT owners is expected to exceed 100 000 persons in 2019. Starting from July 21, 2018, more ERC20 tokens will be added on Pangea wallet starting, whereas several non-Ethereum tokens are to join in by this time next year.
To sum it all up, here is the brief
Pangea Roadmap for the next year:
• Lucy and the Exocortex (the reputation system)
• Mediation and Arbitration market (dispute resolution)
• Desktop client
• Encrypted group chats
• Upgraded nation functionalities
• Addition of more blockchains (Bitcoin, EOS)
• UI/ UX improvements
• DApp and Smart Contract Store
• Main iOS store (as opposed to TestFlight)
• +1 million installs of Pangea
• +$500 000 000 market cap for XPAT
• +$1 000 000 of daily trading volume for XPAT
• +100 000 wallet addresses of XPAT holders
https://en.bitnovosti.com/2018/07/18/bitnation-comes-up-with-the-yearly-summary-for-2017-2018/