Explanation Video
Decentralized Governance
Bit Bastion
Bit Bastion will be a state with rules catered to blockchain technology and it will be the global hub of this tech. We will be able to design the very laws in the jurisdiction to fall in line with our ideals, no state in the world will be more forward thinking and technologically sound then our city. Tech companies and workers will flock to us to take advantage of our friendly rules. One of the ways this can be achieved is by using the special ZEDE program in Honduras.
Independent states and Bit Bastion hubs
There are many small independent nations out there in desperate need of things such as money, trade, work etc. that we could provide. In exchange for this we would receive independent land. A hub can be in any country, the hub itself doesn’t have to be sovereign and can operate within the legal framework of many nations. The reason for this is so it’s easier for citizens of a country to take part in the Bit Bastion movement
ZEDE
Zone for Employment and Economic Development, ZEDE is the name of a new type of administrative division in Honduras (colloquially called a model city) that is subject under the national government and provides a high level of autonomy with its own political system, at a judicial, economic and administrative level, and is in theory based on free market capitalism.
Governance
Governance in Bit Bastion will operate on the basis of a voluntary society, because of our smaller population and along with our common interest we could possibly be the most advanced voluntary society in the world. This way of doing things could be good for people that have very strong libertarian ideals. This will back up peoples right to self determination and allow them to reach their full potential.
Tokens
LRT (Land Rights Token)
LRT (Land Rights Token) is what you will use to aquire land in Bit Bastion. Land will be distributed to people equal to how much LRT they hold. So for example 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. Once you choose which land you want you will burn your LRT and you will then receive the deed to the property.
Bits
Bit Bastion will be creating it’s own national currency that will be what we use to conduct transactions within the Bit Bastion ecosystem. We will also attempt to get outside entities to use the Bit Bastion platform. The national currency will draw its value by being widely traded and being integrated with the platform. Another way the currency will have value is by the dapps of Bit Bastion paying some of their proceeds towards the currency as a dividend.
Casino
Crypto gambling has been huge, possibily being the most profitable industry this technology has brought us. Bit Bastion will be cashing in on this by creating a decentralized casino that will be one of the very first money making dapps for Bit Bastion. A percentage of the casino dapps profits will be paid out to holders of the BIt Bastion currency. The casino will have games such as dice, poker and blackjack
Distribution
The size and quality of the land we can buy will scale with how much we end up raising in the crowdsale. The crowdsale could potentially go into the 10s of millions. This might seem like a lot but step back and really think about it. In the crypto space these last couple years vapor ware after vapor ware has been funded for millions of dollars. But here we have something tangible an autonomous state and other lands based in multiple countries backed up by a universal protocol. This is the project that I think we’ve all been waiting for.