Understanding The Concept of Pangea Arbitration Token
Bitnation, the Pangea Jurisdiction is a Blockchain-based platform where legal and governance services are accessible to the public. On Bitnation, users can create nations or become a citizen of any nation they want. As well, they can create a peer-to-peer contractual agreement or resolve a dispute. When the citizens do these, they are rewarded with a protocol token called Pangea Arbitration Token (PAT).
Pangea Arbitration Token (PAT) has different types or portions which are given out to different entities on Bitnation. Among these portions is the one that can be traded for other cryptocurrencies on exchanges while others are used in rating Decentralized Borderless Voluntary Nation (DBVN), users, user groups, legal codes, and governance services on the platform.
Master Pangea Arbitration Token (XPAT)
Pangea Arbitration Token (XPAT) is a tradable master protocol token that is used to reward citizens when a particular contractual agreement has been successfully executed and completed. This token is distributed through Ethereum ERC20 smart contract and can be traded on cryptocurrency exchanges. The master Pangea Arbitration Tokens are in-app tokens which are rewarded to users as they build up their reputation based on Point of Agreement. This indicates their performance on the platform and can be traded for other cryptocurrencies.
Apart from the master token, XPAT which is tradable on exchanges, there are three other protocol token portions of Pangea Arbitration Token (PAT). Each of these three is rewarded to a different entity and has its uses on Pangea platform. These are:
- Point Of Agreement (POA) protocol token.
- Point Of Collective (POC) protocol token.
- Point Of Nomic (PON) protocol token.
Point Of Agreement (POA)
This portion of Pangea Arbitration Token is created for users; citizens on Pangea platform. This serves as a proof of agreement (just as the name implies) and is rewarded to citizens after successfully creating a contract or resolving a dispute. This token holding indicates the reputation of a particular citizen on Pangea platform.
Unlike the master Pangea Arbitration Token (XPAT), the Proof Of Agreement portion of PAT cannot be traded for other cryptocurrencies on exchanges. This is made so, to prevent reputation from being sold or bought by citizens. Reputation is made through the creation and successful execution of a peer-to-peer contractual agreements, and dispute resolution. Hence, this is gotten based on performance of users on Pangea platform and not by their purchasing power.
Proof Of Collective (POC)
This is the portion of Pangea Arbitration Token that is created for Decentralized Borderless Voluntary Nation (DBVN), user groups and governance services, all of which can be accessed through the Pangea mobile application. This token is rewarded when a user group has successfully fulfilled a collected agreement service and it serves as a proof of collection.
Proof of Collection (POC) represents the reputation of a group and like the Proof of Agreement portion of PAT, it cannot be sold or bought. Since the reputation of a group on Pangea is dependent on the members, this token is beneficial to these members as well as the reputation of the group in which they are, represents them.
Proof of Nomic (PON)
The Proof of Nomic portion of PAT is meant for contracts, laws and legal codes which are the services that can be accessed on Pangea platform. This token is used to rate laws, contracts and legal codes based on users’ feedback and satisfaction. Smart contracts are a self-enforcing set of rules which are created on Pangea with the use of blockchain technology.
Pangea's core attribute is giving users the ability to create their nations and build their communities where they can live freely, and guided by their self-made code of conduct. Hence, laws, contracts and legal codes created on Pangea must be friendly and result in a high level of security and trustworthiness. Each code of conduct is rated with users’ feedback. The Proof of Nomic token is used to reward and serve as the reputation for laws, contracts and legal codes.
Just as the previous two that have been discussed above, the Proof of Nomic portion of PAT cannot be traded on exchanges. Again, this is to ensure that reputation cannot be sold or bought but are only gotten through the performance of citizens, user groups, contracts, laws and legal codes on Pangea platform.
Master Pangea Arbitration Token (XPAT) Reports
Bitnation’s XPAT entered the market on August 8th, 2018 with an initial price of $0.000263 USD and 0.00000004 BTC. It got a 24-hour market volume of $25,993 USD. It dropped to $0.000193 USD the next day due to the continued presence of volatility which has resulted in a massive drop in the value of all cryptocurrencies in 2018. By August 20th, this token rose in value to $0.000206 USD, 0.00000003 BTC, and $15,739 USD 24-hour market volume.
As at the time of writing, XPAT is traded at $0.000006 USD which signifies a -6.03% drop in value, 1.113e-9 BTC which represents -5.81% drop in value and 0.00000003 ETH representing -7% drop in value all in 24 hours. It has a 24-hour market volume of $3,681 USD and 42 billion XPAT have been supplied to date. 34% of the total of 42 billion XPATs were released to citizens based on their reputation on the platform.
Below are some screen grabs from Coinmarketcap showing how XPAT is doing in the market as at the press time.
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