“When people hear we are going to create an independent state using blockchain technology they are amazed,” said founder of Bit Bastion, Crypto Dawn. Bit Bastion, a proposed "state" with rules catered to blockchain technology, plans to launch at the end of October a ‘Land…
“When people hear we are going to create an independent state using blockchain technology they are amazed,” said founder of Bit Bastion, Crypto Dawn.
Bit Bastion, a proposed “state” with rules catered to blockchain technology, plans to launch at the end of October a ‘Land Rights Token’ crowdsale for a libertarian paradise in the free market-inspired Zone for Employment and Economic Development, a new administration type in Honduras which allows for the creation of political entities within the nation’s borders. When Crypto Dawn explains all this to me on Bit Bastion’s Slack channel, he copy and pastes Wikipedia’s description, as only a true proponent of free market ethics might.
Bit Bastion has been in business for six months, but the concept for a libertarian state has been around for a couple of years.
The Land Rights Token (LRT) represents a digital token people can use to claim land in Bit Bastion. Land will be distributed to people equal to the amount of LRT they own. Bit Bastion will launch its LRT on top of the Ethereum’s blockchain.
“If Bit Bastion is 10,000 acres and there are 10,000 LRT then if you have 10 LRT you will be entitled to 10 acres in Bit Bastion,” according to Bit Bastion’s website.
When an investor chooses land, they will burn LRT. “They will then receive the deed to the land,” Crypto Dawn said. “LRT itself is a simple token and simply shows how much land you are entitled to in accordance with what percentage of total LRT you hold.” Although Bit Bastion is uncertain where it will buy property, it’s focusing on developing countries.
“Developing countries have so much potential,” Crypto Dawn said. “People often overlook these locations because it takes some imagination to see what it could become. However, if you look at the numbers, land in developing countries provides a far greater return on investment then land in developed countries.” Of course, which developing country plays a big role in just how much an investment might make.
So far, people have show enthusiasm for Bit Bastion, just as they have for other blockchain-related crowdsales. “People are taking part in our project because it’s truly groundbreaking and something that has never really been done before, a libertarian state that utilizes blockchain technology,” according to Crypto Dawn.
Bit Bastion plans to create an online virtual casino and perhaps a physical casino, as well, on its land. Profits from the casino will be distributed to holders of Bit Bastion’s bits currency over the blockchain.
“Casinos were the most used application in the Bitcoin ecosystem,” Crypto Dawn explains why the potential foray into gambling.
If people were using a Bitcoin application chances were it was a casino. Casinos also had some of the best return on investment in the bitcoin space. So it seemed to be fitting to create a casino since it has such a high chance of having a good return on investment for Bit Bastion.
Bit Bastion chose not to have a maximum cap on the funds with hope of creating the state based on how much they bring in during the crowdsale.
“We believe we have one of the unique situations in which it is better to have no cap on our crowdsale,” Crypto Dawn said. He says the “fairly ambitious projects” has a chance to “skyrocket in value.” Crypto Dawn admits it’s a fairly ambitious project.
“What people should understand is we’re basically crowd funding a nation,” he said. “We are looking to make something tangible that people can live in and be a part of. Compared to some other crowd sales that have been going on in the ecosystem lately I think we provide more of a solid thing.”
He concludes: “A libertarian state has been a dream for many for a long time, what I hope for is for this dream to finally become a reality.”
Last modified: January 25, 2020 11:59 PM UTC