What are the limits of what blockchain can be used for?
If you have been reading any news in the latest year, or even just been browsing the internet, you are sure to at least have heard of blockchain technology. Most people in the world don’t know what it really is or how it works, but the general consensus is that it has the ability to completely change many aspects of the modern life and especially the economy. You might even have heard people say that blockchain will change the entire world in a way that most people can’t even comprehend. This would mean that the limits of what blockchain technology can be used for are almost endless. But can blockchain really have as big of an impact on our lives as some people make it sound like? well, it actually could. There are constantly being started new projects who are trying to apply the technology to new sectors of the modern world. One of those projects who is trying to create something huge and revolutionary with blockchain technology is Bitnation, a decentralized and borderless nation. This is a whole new take on the concept of nations where individuals are able to voluntarily become part of a nation, independent of location. All jurisdiction activities related to being a citizen of a nation can be solved directly with other citizens of one’s nation through Bitnation’s app, Pangea.
Source: Bitnation Litepaper
Can blockchain nations even exist?
The concept Bitnation has come up with is definitely very different to the current jurisdiction- and nation system. But Bitnation has proven that legal processes can be executed on blockchain technology, Bitnation notably hosted a blockchain wedding back in 2014, but maybe even more impressive, issued the first blockchain birth certificate, world citizenship, and refugee emergency ID. This proves that establishing a worldwide society with legal documentation stored on a blockchain truly is possible, and just like some people have preached in the media, this would be a more fair and secure system for everyone, as documents would be interchangeable. A current issue in blockchain based social platforms is that voting power is heavily affected by the funds or popularity an individual has. A single user can completely control what goes to the top without anyone having a chance to intervene. Bitnation has identified this problem and has come up with a solution so the Pangene app doesn’t have a problem similar to this, where money and popularity affect results. Because Pangene is a jurisdiction platform, it is essential that rewards are purely based on results and performance, which is why users are rewarded with a non-tradeable reputation token when successfully resolving an issue on the platform or completing contracts. Users will then, later on, be rewarded with tradeable ERC20 tokens, the PAT token.
To fund their project, Bitnation is raising funds through an initial coin offering (ICO), selling their ERC20 token PAT. PAT tokens are going to be an essential component of the Bitnation platform, as it rewards citizens who have gained a good reputation through fairly completing tasks and resolving issues.
The token sale started the 25h of March
The token sale ends the 24th of April
22 PAT = 1 USD (Bonuses apply to different phases)
- Total amount of tokens minted is 42,000,000,000 PAT
- A maximum of 4,200,000,000 PAT will be for sale during the ICO
- Hard cap is 30,000,000 USD
Bitnation has a vast team full of talent in different fields, these are just some of the members of the Bitnation project.
Source: Bitnation Whitepaper
If you find this project interesting and wish to learn more about it or their token sale, you can visit the following links below and read their whitepaper. To keep yourself up to date on the project, you can follow their social media accounts also linked below.
ANN Thread: https://bitcointalk.org/index.php?topic=2290580
Bounty Thread: https://bitcointalk.org/index.php?topic=3081168.0
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