Bitnation – ICO

Bitnation – ICO

Author: Nikolay Dimitrov
Date: 2nd of November 2017

Do not make investment decisions based on this article – read the disclaimer before you proceed and leave the website if you disagree with it.

We do not endorse the ICO’s we are writing reports on – we just have a big pile of ICO’s that people have mentioned to us could be worth taking a look at and we are going through them one by one. All shared personal statements are a personal point of view.

Project/token summary

The name of the organization representing this project is called Bitnation. They have created this world called Pangea( the name of the old supercontinent). This is a virtual world where people can become citizens of it online and choose their nation. A new nation can be created by anyone, it can have its own conduct of law and have all sorts of ruling systems. One person can choose to be governed by the laws of more than one nation if he wishes and if he does not like the available options can create his own nation. These nations are Decentralized Borderless Voluntary Nations (DBVN).

The founder’s  and CEO’s name is Susanne Tarkowski Tempelhof. She is the driving force behind this new world. You can see the energy behind her vision and the passion she has for this project. She has her own personal reasons for creating a new world with the freedom handed to every person to be able to live as they please. There are a lot of interviews with her on their youtube channel –

The idea is that nations compete to provide better opportunities for more citizens. If you sign a contract on the platform it does not have a legal value in any physical country or court(if all the requirements are met for a contract to be “real” in the physical world then it really is), but It does on the platform. As people have agreed on the chat, creating a smart contract in this manner, they have to comply with the conditions. This influences their reputation on the platform. They get non-tradeable reputation tokens and at the same time also tradable PAT tokens as an incentive. The reputation score cannot be bought, you can only earn it, which is great.

Some of the activities you can do for PAT tokens and reputation are citizens creating a contract, successfully completing a contract or resolving a dispute attached to a contract. Every smart contract has a reputation rating and every entity has this also, being a citizen nation or AI. One of the jobs of the AI is rating of activities and distributing tokens for such.

The PAT supply is 42,000,000,000 tokens. The pre-sale is already running and it ends on the 9th of November 2017. It has made more than 1 million dollars in the first 24 hours, which signal a decent interest. But in order to participate you will have to invest a minimum of 2 BTC or 40 ETH, well I am not participating here, but maybe during the ICO if this requirement is not present. The main ICO will start at (UTC) 25/03/2018 12:00 PM CET (12:00 PM GMT) and be live until (UTC) 24/04/2018 12:00 PM CET (11:00 AM GMT) or until the hard cap of 30 million USD has been reached.  34 % of the supply goes for rewarding citizens who gather reputation.  34% of the supply is previsioned for the pre ICO and ICO and the rest goes for rewarding founders, contributors, advisors and current Bitnation citizens and early adopters for developing, improving and maintaining the system.

The project gets value out of small fees from the transactions paid for conducting services on the platform and transaction fees from payments to miners for timestamping and executing smart contracts created on Pangea.

A good incentive for token holders is that they will receive 40% of the platform’s revenue as dividends.

This is indeed a very interesting project. It is very early in adoption – around 10,000 citizens, work is already being done on it as there are more than 5000 contracts notarized already. The skeleton reminds me of RPX – Red Pulse and I love such concepts, they make sense.

The first citizen of Pangea was registered in 2014. Since then a lot has happened. The first marriage on the blockchain( you can even preset it for how long it will last), wills, birth certificates, company registration, land titles, freelance agreements, loan agreements etc. They also issues a world citizenship ID, birth certificates and refugee emergency ID’s to help during times of need.

How do I rate an investment in this project at the current price? (TL: DR)

I, along with perhaps many more people than currently invested, will maybe participate when the barrier for entry is lowered, in the ICO period, as I am currently spread a bit too thin among many projects (well diversified). This is one of the well founded, solid, highly unique and highly original projects I’ve reported on and I definitely want it in my portfolio.


As I said this project reminds at a basic level of Red Pulse and Steem, but it is not really a competitor as the focus is quite different, but it still could be. The internet is borderless, as long as you have a phone and internet connection you can be part of this world, no matter where in the world. You can read their constitution here, it is worth it –

Token utility

The token is used for paying for activities on the platform and receiving dividends for holding it.

Red flags

This is definitely not a scam. It has been around since 2014 and the founder has put her soul into this project. Troubling is connecting it more with the real world life and getting more adopters. But it is being worked upon.



  • Website: does it look good/presentable – the website looks heavy to digest, a lot of points of focus, it is informative and looks quite good.
  • Whitepaper is on the website, from where you can download it, it does not open in a new tab.
  • Roadmap – it is in the whitepaper at the bottom. Does not have a lot of bullish events compared to most roadmaps.
  • What is their progress according to the roadmap – Pre-ICO stage.
  • Website: Is it a quick wordpress template, a 2-hour html job or a custom design with lots of work, money and thought thrown at it it is either custom or heavily customized, or expensive WP template. What we are looking for here – effort/money/time spent (in order to prove that its not a quick grab-the-money-and-run operation), is apparently alright.
  • What new does this cryptocurrency bring to the worldwhat problem does it solve, what does it stand for – It creates a new world where you can have your own nation with your own rules. You can get married there and have a world citizen ID – well you won’t be able to enter the US with it but who knows what can happen.
  • How does the cryptocurrency name sound (does it sound legit and like a good brand name)Bitnation – the nation of the blockchain/bitcoin and Pangea – the old supercontinent without separation. Great names.
  • How does the logo look – a chain – the blockchain presumably, surrounded by a circle. Looks good.
  • Is it a PoW, PoS or PoW/PoS coin, what is the mining difficulty or APR, does it suffer from inflation No inflation for this token. It is divisible by 18. According to the whitepaper they are a proof-of-concept type of coin.
  • Who is behind the cryptocurrency – are they shady figures, or have they placed their names and pictures on the website; what is their track record and reputation; do a quick google/githubresearch on them The CEO Susanne Tarkowski Tempelhof has around 5000 followers on Linked in, she has had a rich life up until now as a teacher, journalist, author, founder and CEO for the second time. Also a lot of good developers and advisers.
  • What is the limit on supply of coins in circulation 42,000,000,000
  • How many developers participate in the coding – On the website we can see 5 developers listed.
  • Source code – there’s a GitHub link on their website – – has 44 repositories, looks solid.
  • What the project survival relies onmore people joining and more integration with real life applications.
  • Will this project survive a cryptocurrency bubble burst and does/will it have enough of a following that needs it every day – so far the project has survived for 3 years, it looks solid, but it has yet to prove itself.
  • Competition – did not find any direct competitors in the blockchain sphere



  • Is there a Bitcointalk forum Announcement thread –
  • How many pages is it 1
  • History of the coin according to the forum and general public impression of the coin throughout with only 1 page there is nothing there to get an impression of.
  • Do they have a blog, anything interesting on it? they have an announcements section on the website and a steemit account –
  • Is there a slack channel yes, but unfortunately the invite link has been discontinued for new users.
  • Is there a telegram channel –
  • How many members on telegram – 79 members, it is active, but you can not post there. Really low community wise so far. Even some pump and dump shitcoins have a bigger community on these communication channels. This means it might be undervalued currently, which provides a great entry point.
  • Is there a Twitter profile for the cryptocurrency and does it post regular updates, how many followers followers, that’s more like it! They are active here.
  • Is there a Facebook page for the cryptocurrency and does it post regular updates, how many likes – 4000+ likes. Also very active here.


Popularity and perception

  • What does a quick google search tell us about the project mainly information about the website and links to their different online exposure. Did not see anything alarming.
  • Are there youtube videos about the coin – here is their youtube channel
  • What is the general sentiment in the comment section below the videos (constructive, fud/hype, calling out scam etc) – mostly people amazed by their awesome advertisement video some positive comments about the project.
  • Is the coin associated with illegal/criminal activity or the dark web  no.


Thank you for your time spent reading this article. The internet is huge and I might have missed some information or read something that is not true. Feel free to criticize and point out any mistakes.  In fact, please do criticize, this is the best growing mechanism. All good luck to all crypto-enthusiasts. Let us make some money.


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