BitNation is a decentralized marketplace for legal services. The team believes that the main idea of each government is to defend and shield its civilians and their property from any type of attack through the legitimate jurisdiction. Citizens need to know that their lives are in safe hands and their property, including digital property, is secured from dispossession. This platform offers the possibility to create or join such societies where everyone can make agreements, deal with misunderstandings or arguments and approach governance services using legal codes.
The project aims to give individuals an opportunity to willingly join virtual nations. The next step the team sees in establishing Pangea Network empowered with the Pangea Arbitration Token (PAT). Civilians can buy and trade PAT tokens while using the network through an application on a smartphone. Another type of tokens established by a project, a so-called reputation type of tokens — it can't be purchased or traded, it can only be earned. These tokens will be carefully computed by a self-governing program which will eliminate the risk of frauds.
Pangea’s API (Application Programming Interface) will allow DApp (Decentralized Applications) and chat bot developers to create third-party applications as services on Pangea that Citizens or DBVNs that live on Pangea could choose to use. Examples could include applications such as:
● Peer-to-Peer Financial Redistribution: For instance, Johan Nygren’s work with resilience.me to build a peer-to-peer basic income protocol as well as a redistribution scheme called Taxeme could be opted into by individual Citizens on Pangea or adopted by DBVNs for all their Citizens.
● Crowd Arbitration: Pangea’s native arbitration system is focused on peer-to-peer arbitration. Other types of arbitration, such as Crowdjury, can be provided via a third-party DApp.
● Peer-to-Peer Security: For actual physical security, a third-party developer could develop a DApp to for instance provide a form of ‘neighborhood watch’ in their area - similar to the concept of for instance Cell 411 and other security applications.
Pangea Arbitration Token (PAT): Master Token Mechanism
PAT master tokens are tradable in-app tokens distributed through an Ethereum smart contract. They do not confer voting rights to holders. 34% of PAT master tokens are released on Pangea as rewards for Citizens who build up POA reputation. This portion will be used as a tradable token to reward the accumulation of individual and group reputation. Nevertheless, master token holdings are not indicative of reputation themselves and reputation cannot be traded on the platform. This portion of PAT master tokens also collects revenues generated by Pangea through small transaction fees on arbitration charges and contract timestamping on blockchains. Among other tokens, PAT can be used to pay for governance services on Pangea.
A seperate 34% of PAT master tokens will be sold to external stakeholders through a two stage Token Sale Event (TSE) to generate resources for the construction of Pangea and to empower a broad stakeholder community which drives user adoption. The remaining 32% of PAT master tokens are reserved to reward Bitnation founders, contributors, advisors and current Bitnation Citizens and early Pangea adopters for developing, improving and maintaining the system (18% pre-allocated33 and 14% reserved as options and bounties for future contributors).
Pangea Business Model
The Pangea revenue model is based on two sources of income relating to contract creation and execution respectively:
A small transaction fee on the amounts arbitrators, judges and juries charge for their services on Pangea (in Bitcoin, Ether or other cryptocurrencies converted on-platform into PAT);
A small transaction fee on top of the amount miners charge to timestamp and execute smart contracts created on Pangea on Ethereum or other integrated blockchains (also converted into PAT).
Revenue is charged in PAT, convertible from other cryptocurrencies on the platform. Development priorities and budgets will be discussed through forums like consider.it and the final budget allocation will be made through the multisignature delegates.
TOKEN SALE DETAILS
The token sale is split into three phases and a total of 14.28 billion PAT (34%) will be sold across the three phases of the sale. Sale phases: • Phase 1: Presale - completed in December 2017. • Phase 2: Public auction - 1 month auction of up to 7.3% of PAT supply. • Phase 3: Slow release - the remaining unsold tokens will be sold via exchanges over the following 24 months so that a total of 14.28 billion (34%) have been sold by April 2020.
The total amount of PAT in circulation 24 months after the public sale finishes (25 April 2020) will be 14.28B (34% of 42 Billion) in addition to the PAT allocated to the core team and issued for bug bounties.
The public sale begins March 25th, 2018 4pm CET and finishes when either the hard-cap is reached ($27.3M of Ether has been bid), or on April 25th 16h00 CET. The sale is hard-capped at $27.3M USD and the token price is set by the market. This is achieved using a reverse auction with a variable price for the token. One of the effects of this model is that we do not know how many tokens will be sold during the auction. The higher the market-set price of PAT, the fewer tokens will be issued in order to reach the hard-cap. At the same time, the beta launch of this platform is planned for the third quarter of 2018, which is very exciting and enticing. When you sell tokens, the bonus system will take place, while it will be virated from 10 to 15 percent.
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Eth addres: 0xd0D5d98857192B3931c831b7B809D47CD830da32