BitNation: Decentralized Goverment
When the idea of decentralization and Bitcoin first came into play, the first main opposition was the government. I’m here with BitNation, a blockchain based cryptoequity that plans on providing services originally provided by the government in a decentralized fashion.
1. Can you tell me a little bit of what BitNation is?
Bitnation is a new blockchain-based startup that will provide services traditionally thought to be the domain of governments. Traditionally, governments usually provide people with services such as land registration, dispute resolution, incorporation, title insurance, notary services, wills, family contracts, and education. The use of Decentralized Applications (DAPPs) can revolutionize the way people do business with each other in many respects
Cryptographically secure ID systems will allow people to obtain reputation is maintained for all of their financial contracts. Blockchain-based marriage contracts will give people the opportunity to bundle their assets without the permission of central authorities.
Similarly, the land registry will give people in developing nations a chance to document their land ownership for the first time. The services will be offered all over the world. We are just aggregating them in one place for everybody, everywhere. We also encourage forking of our open source software to create your own DAPP.
2. What are some motives and goals behind Bitnation?
Bitnation wants to help people utilize the blockchain technology worldwide. We want to create ways for people to opt-in to better, more efficient governance services. Many people worldwide do not have access to reliable governance services or access to capital markets.
As these systems grow organically, so too will the repertoire of services on the blockchain. It is our goal to create a borderless community which has the power to change the world.
3. How do you plan on achieving these said motives and goals?
Once we fund our project through the cryptoequity crowdsale of XBN, we will begin developing the platform and decentralized applications. XBN is the token issued on top of the blockchain to represent equity in Bitnation.
Community outreach through the ambassador network is an essential component of Bitnation and is necessary for it to succeed. The more communities we can get involved and design DAPPs for the better off they will be.
4. I see a crowdsale is coming up. What will you be doing with the funds?
Our crowdsale for Bitnation crypto equity (XBN) starts on October 10th, 2014 and lasts 3 months ending on January 10th, 2015. From there we will have the funds to continue our open source software development, ambassador community outreach, and business development around the globe. We at Bitnation will be completely open with everything we do. All of our company funding and expenses will be made public on the blockchain.
The total XBN supply will be 5 times the amount issued during the initial crowdsale.
15% of the equity will be sold in a Series A offering within 8-12 months after the initial crowdsale, at least 5% being placed with private investors
15% will be sold in a Series B 20-30 months after the initial crowdsale, with 10% placed privately
30% retained for Founders/Employees
20% retained for Ambassadors and Advisers
5. How is Bitnation currently doing?
Bitnation is doing well! We are gearing up for the crowdsale and getting all of our ducks in a row. Working at a startup is always a unique experience. When you bring people with like minds and different talents together it’s amazing to see how they collaborate and distribute the work to get things accomplished.
Explaining how blockchain technology works and why it is secure for this purpose is often challenging. I would say one of the most difficult hurdles is crafting the message of what Bitnation aims to accomplish for the general public, who may not be aware of how Bitcoin works.
7. What can we expect from Bitnation in the future?
Based on how our cryptoequity sale goes, which we are confident will be successful, you can expect Bitnation to start popping up in many places all over the world. The interest from the community to join the ambassador network is immense. People from all over the world are submitting their applications and all we have is the idea. This is extremely encouraging for the future of decentralized applications on the blockchain.
For more information: http://www.bitnation.co/
Photo Sources: Bitnation