Bitnation: the virtual nations of tomorrow!
With the help of technology, we might just change the face of jurisdiction forever. The current national system is outdated, and it’s due for an upgrade. That’s not to say it has become entirely obsolete but as the needs of the current civilization are ever changing we cannot expect that the old governmental practices will be able to withstand the test of time. It seems that blockchain technology is the perfect candidate to disrupt the way we perceive governments and nations as a whole.
Bitnation’s vision is to create an ecosystem where people can band together to develop Decentralized Voluntary Borderless Nations or DBVNs. A decisive shift must occur, where the sovereignty from nations or state must be brought back to the citizen by encouraging an opt-in culture without the incentives for coercion or violent behavior. The DBVNs will compete for its citizens with attractive services and available jurisdiction plans while considerably lowering the time wasting and running costs.
Through the Pangea client, Bitnation launched the Proof of Concept network that currently serves citizens and virtual Embassies from around the world. Essential services like Public Notary and Blockchain ID make room for other governance systems like blockchain marriage, blockchain emergency refugee ID, birth certificates and the DBVN Constitution. Currently the Bitnation main net is based on the Ethereum blockchain to benefit from the Smart Contracts feature, however, in the future the entire ecosystem will be blockchain agnostic, allowing Citizens to choose the blockchain platform they want freely.
PAT Pangea Arbitration Token
The Bitnation ecosystem will have its own cryptocurrency in the form of PAT tokens. Based on the well known ERC20 architecture Citizens will be able to access and create Smart Contracts that sustain a normal Nation or jurisdiction. Lawyers or Arbitration professionals will be able to leverage their knowledge of the platform by providing counseling to solve and create contracts within the platform.
To avoid game theory issues, a state of the art AI system called LUCY will evaluate each professional that creates or solves a Smart Contract and assign reputation tokens that in their turn can be exchanged for PAT tokens. The critical feature of the Bitnation ecosystem is that tokens will be awarded based on key performance indicators related to the reputation rather than popularity or purchasing power, thus ensuring a fair and trustworthy system for all of the Citizens involved.
The public sale date of the tokens is set on the 25th of March where 34% of the tokens will be up for grabs. The remaining unsold tokens will be sold over a period of 24 months. 18% of these tokens are reserved for the founders and core contributors while 14% is reserved for future developments and bounties. The remaining 34% will be allocated to the system for the Citizen to earn via the Smart Contracts created on the platform. Disrupting the public sector seemed to be a near-impossible feat, but with the technology behind Bitnation a positive change might be possible!
For future viewers: price of bitcoin at the moment of posting is 8548.40USD
Its really revolution!!