Bitnation ICO Reviews #3 - PAT Mechanism and the Sale Timeline

cryptobench (52)in #bitnation • 7 years ago

From the previous article, the details of the Pangea project has been discussed including the roadmap of the project and the team behind it. You can use the information we provided to judge the prospect of the project, whether it is worth-joining or not. If you are interested in the project, it’s better to learn about the PAT token. Here is the information.

Master Token Mechanism of PAT

Bitnation released to tradable in-app tokens named PAT tokens which are distributed through ETH smart contract. These tokens cannot be used by holders to confer voting right. Some of the PAT tokens are released to incentivize Citizens for their contribution in establishing POA reputation. The other main function of this token is to pay the governance services available on Pangea. Another portion of the tokens will be allocated for external stakeholders. It is because the role of stakeholders in the platform is quite crucial that is to trigger user adoption. Meanwhile, the rest of PAT tokens are sold reserved for advisors, contributors, the founders of Bitnation, and early Pangea adopters.

ICO Timeline

There are two stages of PAT token sale. The first one was the presale. It was completed last year in on 24 December 2017. At the moment the public sale is ongoing. It started on 25 March 2018 and will run for a month. So it will end on 25 April 2018. The goal of the public sale is 30.000.000 USD. The price of 1 PAT is 0.0091 USD. After this public sale, actually, there will be the third sale that is called slow release. This third phase aimed to sell the remaining unsold tokens from the previous sales through exchanges. This is scheduled in April 2020 or two years after the public sale finishes.

Use of Resources

The sales will generate resources. As Pangea project deploys a lot of technology use, the largest portion of the resources will be utilized to develop the technology required by the platform. The rest of the resources will be used for other things dealing with the platform operation, marketing of the project, and ecosystem.

Pangea Business Model

Pangea uses two sources of income for its revenue model. The first one is from the small transaction fee charged from judges, juries, and arbitrators services. The sources can be in the form of ETH, BTC, or other cryptocurrencies. Then, these cryptocurrencies are converted into PAT tokens. The second source is from the fee charged from the miners of executing smart contracts. You can see here, that the business model takes small fees for transactions into account. However, there won’t be significant potential increases in PAT value.

After five years, it is projected that Pangea will generate $ 36,880,000 revenues in total. This amount is obtained from dispute resolution market, smart contract development market and smart contract notarization.

So, what do you think about the project? If you are interested in participating in the PAT Token sale, you can visit the token sale website and follow the steps.