Bitnation Announces Crowdsale to Fund Decentralized Governance Projects

When people speak of ‘taking on the state,’ it’s usually in the context of resistance to a rule or to some kind of display of force.
Bitnation is taking on the state in a much different way: It’s trying to compete head-on by offering the same basic benefits a modern nation-state would, but Bitnation’s primary technology is a blockchain rather than a border.
Participation in Bitnation’s revenue-generating activity is also voluntary (unlike paying taxes, for example), and that revenue-generation is about to get started in October.
On Monday, Bitnation announced on its blog that it would be holding a crowdsale of cryptoequity, scheduled to begin October 10 and last for three months. Each unit of equity, a token known as XBN, will be issued at an initial exchange rate of 1000 XBN per 1 BTC, and that price will scale up as development milestones are reached.
This crowdsale will represent one-fifth of all XBN that will be released. Here is how the total cryptoequity’s issuance will break down, according to Bitnation’s website:

This post was published at Coin Telegraph on 2014-09-16.