BitNation has finally confirmed its public sale of PAT tokens will begin tomorrow, 25th March. The token sale will take the form of a Dutch auction and will run for 30 days, or until the $30 million hard-cap has been reached.
A Dutch auction allows investors to bid for a USD investment amount at the highest price they are prepared to pay. Tokens are then allocated starting with the highest until the funding target has been reached.
Blockchain Virtual Nations
All investors will then pay the lowest price amongst the qualifying bids, with the number of tokens allocated depending on the final price. Around 10 percent of the token supply will be sold during the sale, after which close to 1 percent will be sold via exchanges each month for two years.
Pangea Arbitration Tokens (PAT) will be the native currency of the Pangea Jurisdiction. The network allows anyone to voluntarily create and join nations, create smart contracts and arbitrate disputes.
These virtual nations will provide citizens with alternative jurisdictions to nation states. BitNation, which was founded in 2014, already offers blockchain IDs for stateless people and public notary services.
The team behind the project has also released the latest version of its mobile application in the Google Play store, with the iOS release expected soon. The app allows users to create a profile, create and join nations and chat with other citizens within each nation. It also includes a PAT token wallet.
Over the course of 2018, new functionality will be released, allowing users to create smart contracts, resolve disputes and build online reputations. Mac, Linux and Windows desktop applications will also be released later in 2018.