Bitnation: What’s The Big Idea?
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A team of ambitious visionaries wants to bring forth a software stack that will allow the creation of Decentralized Opt-In Jurisdiction where Citizens from all over the world can conduct peer-to-peer contracts, provide arbitration services and even create DBVNs (Decentralized Borderless Voluntary Nations).
All of this will be possible with state of the art technologies like Secure Scuttlebutt (SSB), a technology that allows users to securely store personal information even when they are not connected to the internet via other technologies like WI-Fi or GPS and the Interplanetary File System or IPFS. These two protocols coupled with the blockchain technology of Ethereum will usher in a new age of the way we currently perceive Governance and States.
Could DBVNs be the future?
The proof of concept network currently serves thousands of DBVN Citizens from around the world with jurisdiction services like blockchain ID, a public notary service, blockchain legal marriage, issuance of birth certificates and even blockchain refugee emergency IDs. Gone are the days where you are just assigned to a nation or a state by default.
Bitnation envisions a world where Citizens can opt-in to the nation or jurisdiction of their choice while the Nations provide enticing service offers and safety measures to the detriment of coercive measures. To achieve this, one must decisively shift the sovereignty from a state level back to the Citizen without ever encroaching on the fundamental freedoms that a State must guarantee!
Pangea Arbitration Token (PAT)
Based on the popular ERC20 architecture, the Bitnation ecosystem will issue it’s own cryptocurrency that’s earned through blockchain reputation rather than game theory measures like purchasing power or popularity. LUCY the AI system will distribute reputation tokens based on internal algorithmic procedures that consider Proof-of-Origin. Citizens will be able to create all sorts of Smart Contracts on the platform, and for completing said contracts, LUCY the AI system will automatically assign reputation tokens that can be exchanged for PAT tokens.
Professional users like paralegals or Lawyers will be able to offer their services on the platform for Contract solving or Contract Issuing. Based on key performance indicators that measure the satisfaction levels of the contract resolution, they will grow their reputation within this innovative ecosystem. The Bitnation prototype is currently based on the Ethereum Main Net, but as the platform grows, it will eventually become blockchain agnostic, allowing each Citizen of this brave new world to choose the blockchain platform of their choosing.
The total supply of PAT tokens is 42 billion. 34% of this total will be sold during the ICO phases with a large scale auction that will take place on the 25th of March. The remaining unsold tokens will be slowly released to the public over a period of 24 months. 18% of the total is allocated to the core members and founders while 14% is reserved for bug bounties and future developments. The Bitnation users will finally earn the remaining 34% of the tokens.
If you are interested in joining this new age of governance head on over to Website, Telegram, BOUNTY Thread, ANN Thread
Great insight, I encountered Bitnation sometime last year, but It is still on my watchlist, not investing in them just yet. However, I recognized the importance of self-sovereignty and the the shift from analog identity (static, hence prone to attacks) to a digital one.
my only concern is Bitnation, Proof-of-reputation concept, because if I got this correctly, it is issued if you start, complete, or settle a contract in the platform. users need to build it and it takes time. I dont know how sustainable this concept would be and I sense a lack of incentive mechanism for users to use it, as compared to POS. I like the hybrid approach by Decred, integrating both POW and POS component to the governance model. in order for Bitnation to be successful, they need the effective approach towards the users, not just the tech but the incentives and social reward as well. my two cent.
re: proof-of-stake and proof-of-work, an idea I have been working on as a contribution to the Bitnation project, is proof-of-power,
Whitepaper: Proof-of-power, using a swarm to select miners through majority consensus
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