Expert Coin

Analysis of ICO Bitnation



The creators of the project Bitnation seriously offer everyone to become citizens of a decentralized virtual state and receive high quality public services. Any member of the Bitnation can create a nation with all the state attributes. The key function of any nation is to protect the rights and property of virtual citizens.

Bitnation also offers public notary services on the basis of blockchain, blockchain ID for all the stateless, partnerships with third party providers of public services.

Marriage has already been registered on the basis of Bitnation. A birth certificate, certificate for a land plot have been received on blockchain.

In Pangea's world citizenship jurisdiction, citizens can enter into transactions, resolve disputes and receive public services. The main feature of the jurisdiction of Pangea is its decentralized nature and unbounded geography.

The project oppose itself to the state, considering the state as a compulsory instrument of governance, and the nation as voluntary one.

In the future, the Pangea system will evolve into a market place for smart contracts, and qualified lawyers and developers will be rewarded for creating, auditing and improving smart contracts.

On the one hand, the product looks like a game in a virtual state. On the other hand, the project intends to compete with real states and provide similar services. It is unlikely that the project has commercial value because its concept is social-philosophical rather than economic in nature.

Business Plan

The first version of the platform was developed in 2015. In 2017, there was a third version.

The token on the platform is used as a reward for certain duties of citizens of a nation. Tokens are also used for reputation evaluation. The funds from the tokensale will be spent on further development of the platform and attracting authors, as well as on marketing and operating expenses.

TPlatform earns on commissions from rewards received by users, as well as on commissions from miners marking "smart contracts".

For 5 years, the platform plans to receive an income of 36 880 000 US dollars.

Perhaps there are enthusiasts who want to marry in the jurisdiction of Pangea or notarize transaction. But will people pay for what only reflects their idealistic attitudes, but has no practical value?

Marketing Strategy

Since the project is of a socio-philosophical rather than commercial nature, there is no marketing strategy. The creators of the project promote their product not due to its commercial value, but due to common interests of the target audience for which the project is intended.


The project team includes 26 people. The project website contains only names and positions of team members. Accordingly, it is impossible to understand what are competencies and past experience of the team. The team is supported by 7 advisers. It is not clear whether all these people exist in reality.

The Vision of the Market

The project team did not analyze the market and competitors. Perhaps simply because the project is unique, despite its commercial and practical uselessness.

Understanding of the Target Audience

«Technically experienced self-determined citizens of the world» are mentioned as the target audience, as well as other people disappointed in the state.

Thus, the founders of the project distinguish the target audience not on commercial, but on socio-philosophical criteria. This is not very compatible with commercial demand for the product. Perhaps the product will be interesting to those who like virtual reality, people who will want to play «state».

Competitive Advantage

One of the technical advantages of the project is its resistance to quantum threat. In general, the project has no commercial value, so it is difficult to talk about its competitive advantages. Perhaps the technology used in the project is unique. But if the creators of the project wanted to commercialize their technology, they went the wrong way.