Pangea Arbitration Token PAT ICO – BitNation’s Sovereign Blockchain?
Bitnation is a blockchain-based citizenship system established in 2014. The platform recently introduced the Pangea Jurisdiction and the Pangea Arbitration Token (PAT). Here’s our review.
What Is The Pangea Jurisdiction?
The Pangea jurisdiction is a decentralized opt-in platform built for Bitnation citizens. Citizens of Bitnation can use Pangea to conduct peer-to-peer arbitration and create “Nations”. Pangea uses the Panthalassa mesh, which is built using Secure Scuttlebutt (SSB) and Interplanetary File System (IPFS) protocols.
Pangea is also blockchain-agnostic. However, like many other blockchain-agnostic platforms, it’s currently built on the Ethereum platform.
The ecosystem revolves around use of the Pangea Arbitration Token, or PAT, an ERC20 compatible in-app token. The PAT token is designed to reward users who have good reputations. Citizens have a “good reputation” when they complete a contract or resolve a dispute attached to a contract.
How Does The Pangea Jursidction Work?
The Pangea jurisdiction allows citizens of Bitnation to make peer-to-peer agreements, resolve disputes, and access governance services from DBVNs using the legal code of their preference.
A DBVN is a “Decentralized Borderless Voluntary Nation”. In 2016, Bitnation recorded the first DBVN constitution on its blockchain. Anyone can build their own DBVN using Bitnation’s “genesis” feature. Today, the platform has approximately 200 nations.
Essentially, a DBVN is a decentralized autonomous organization (DAO) built with more nation-oriented features in mind.
In addition to allowing users to choose their preferred legal code, Pangea provides core infrastructure for other Voluntary Nations, which means Pangea serves “as a decentralized jurisdiction on which Voluntary Nations can be created, joined and lived-in,” explains the official whitepaper.
The Pangea Arbitration Token (PAT) is a key part of the ecosystem. It’s a master token that, together with the three non-tradeable reputation sub-tokens, forms a financial incentive network on Pangea.
A user’s reputation is calculated by the autonomous agent Lucy to remove human bias and prevent reputation scores from becoming popularity contests or beauty contests. Meanwhile, reputation for individual laws and whole legal codes is monitored using human feedback loops – similar to how Airbnb and eBay work.
PAT tokens encourage contract compliance, dispute resolution, and Nomic evolution of digital laws. Nomic, by the way, refers to a logic game from the 1980s that allows players to change the rules through democratic voting. It’s a key philosophy behind the DBVN system and Pangea’s decision-making.
Pangea Jurisdiction Features
Pangea jurisdiction is built with all of the following features and benefits in mind:
Decentralized: In the realm of DBVN, decentralization means both technological and human decentralization. Some of the key decentralization features of the platform include P2P technology, modular interfaces, API layers, and forkable code. Every user can become its own node and transform the platform however they like.
Borderless: DBVNs, by nature, are borderless. The services of that nation are not limited to any specific geographical area, ethnicity, or other population category. There are no borders or ports of entry.
Voluntary: DBVNs, according to the whitepaper, “do not use force, fraud, or coercion, nor subject their citizens to involuntary servitude, peonage, debt bondage, or slavery.” They’re voluntary mechanisms. DBVNs compete in a free market, where users can choose the DBVN that best suits their preferences, legal desires, and other requirements.
Nation-Based: DBVNs can be built around any common principle – or no common principles at all. The Pangea jurisdiction provides the tools for governance, but does not impose them. DBVNs are not required to impose any specific code of law or regulations.
Peer to Peer Contracts: P2P contracts are a crucial part of the Pangea ecosystem. Complex legal agreements can be created through the app as easily as you would send a message on WhatsApp or Facebook Messenger. You sign a secure contract while avoiding the use of middlemen, notaries, lawyers, and regulators. Pangea’s whitepaper recommends using this for business agreements, private agreements, and freelancer agreements, among other services.
How Does The Pangea Arbitration Token Work?
The Pangea Arbitration Token, or PAT, is a crucial part of the Pangea ecosystem. The PAT is designed to reward the successful execution of P2P contracts on the platform. It’s not primarily a currency, despite the fact that the token will be tradeable on cryptocurrency exchanges.
It’s an ERC20-compliant token distributed via an Ethereum smart contract.
As mentioned above, there are three sub-tokens under PAT, including a Proof of Agreement (POA) token, a Proof of Collective (POC) token, and a Proof of Nomic (PON) token. These are non-tradable reputation tokens that power the ecosystem. The non-tradeable tokens build an individual user’s reputation on Pangea. When citizens create and complete contracts, and resolve disputes related to these P2P agreements, they receive a reward in the form of the tokens listed above.
34% of the total supply of PAT tokens were released during the token generation event. 34% of tokens are reserved to power the Pangea Jurisdiction through the non-tradeable token mechanism mentioned above. 18% of tokens are going to core contributors, and 14% are reserved for future contributors.
Bitnation has partnered with Bitcoin Suisse AG to secure funds in escrow throughout the token sale.
The token sale was announced on October 2. The sale is scheduled for “this autumn”, although a specific date has not yet been announced. Visit https://tse.bitnation.co/ for the latest information about the token sale.
Bitnation’s Pangea Conclusion
Bitnation has been around since 2014, and the Pangea platform was developed in 2015. In 2017, the decentralized citizenship platform is launching Pangea Arbitration Tokens, or PATs, which are designed to facilitate P2P contracts between members of the Pangea platform – including among Decentralized Borderless Voluntary Nations, or DBVNs.
You can learn more about Bitnation, Pangea, and the Pangea Arbitration Token by visiting online today at Bitnation.co.