Blocnation, a new blockchain project developing digital payment solutions for the emerging Southeast Asian markets, recently launched the first-ever decentralized ICO (dICO) through a partnership with the Komodo Platform.
Thanks for your patience – @KomodoPlatform, @pouchnation and us have done the last minute checks, all systems go! 🚀 🚀 🚀 – https://t.co/HQynjSMYLT#dICO #decentralized #worldsfirst #cashless #crypto #blockchain #Blocnation #launch $KMD $BNTN #eth pic.twitter.com/ncT9VRpkJv
— Blocnation (@bloc_social) May 3, 2018
A decentralized ICO enables complete privacy and equality for early adopters via a few major elements. First, when a dICO is released, coins are split up and scattered across upwards to 100+ separate servers. This works to inhibit ‘whale’ investors from swallowing up the available supply, as it would require them to purchase everything at each server simultaneously.
dICOs allow project administrators to control the release of tokens at a customized rate, which works to further hinder whales by forcing them to make purchases across multiple days. Additionally, dICO transactions are instantaneous and made with atomic swaps that remove the need for escrow and improve privacy options.
Blocnation (BNTN) is conducting the unique token sale with the goal of raising $30 million to build out its payment platform and token ecosystem. Blocnation’s vision is to provide an alternative payment option for emerging markets within the lifestyle ecosystem. Toward that end, Blocnation will look to leverage technology provided by the Komodo Platform, as well as the infrastructure of an existing business created by the founders in 2012, PouchNATION. Based in Southeast Asia, PouchNATION has become a leader in cashless payment solutions.
In an interview with crypto blog ChipIn, Blocnation CEO Graeme Perkins explains the importance of building digital solutions for Southeast Asia (SEA).
“Emerging markets face many problems daily that a token like BNTN can solve. Currently, 70% of SEA’s population do not have bank accounts and 90% do not have credit cards. With so many people being discriminated against by traditional banking facilities the gaps we could fill are only limited by our imagination.”
According to the Blocnation white paper, growth projections show Southeast Asia’s current $50 billion in Gross Transaction Volume increasing to $220 billion by 2022. Blocnation plans to use its proximity to PouchNATION to ride this wave of growth, while also identifying adjacent geographies for further expansion.
Interested in Blocnation? Here’s a quick rundown of the project:
Platform & Development
Blocnation’s platform is made up of a few integral elements, including the Blocnation lifestyle app and the BNTB tokens. The lifestyle app, which will initially be utilized with PouchNATION, will function as a hub for the entire Blocnation ecosystem, enabling users to hold altcoins, acquire event tickets, book stay at venues, top-up online, and get cash-back.
This functionality will ultimately be fueled by technology from the Komodo Platform, including atomic swap protocols and a decentralized blockchain that leverages a Delayed Proof of Work (dPoW) consensus system, enabling both BTC and ETH transactions. Together, this technology will facilitate the direct trading of altcoins with zero fees, and the storing of various coin balances in a single wallet.
The BNTN token will first act as a utility token of PouchNATION’s community of cashless events and venues. However, the flexibility of Blocnation’s decentralized blockchain will provide a path to new territories and verticals outside of PouchNATION’s niche market. Additionally, as outlined in the project’s roadmap, Blocnation is planning to release a masternode system that will work to further secure its blockchain, while offering incentives for investor participation. The accessibility of the BNTN, as well as its easy exchange through a highly liquid DEX and swaps, could work to further propel its utility as a cryptocurrency.
As highlighted in the white paper, Blocnation will go through a distinct three-phase process to reach product maturity across Southeast Asian markets:
- Phase 1: The initial build of the app will establish a marketplace for traders and crypto holders while providing a mobile wallet capable of holding multiple currencies. Users will have the ability to trade, or swap currencies directly via atomic swap protocols, without the transaction fees that normal exchanges apply.
- Phase 2: Expanding on the initial adoption by investors, Blocnation will launch functionality for BNTN Tokens holders will be able to buy tickets to music festivals & concerts, sporting events and conferences & exhibitions across Southeast Asia. This will be possible due to Blocnation’s relationship with PouchNATION.
- Phase 3: Once users are actively using BNTN in the real world, Blocnation will extend it from a closed loop payment application at PouchNATION events and venues to an open loop payment system at merchant locations that accept BNTN Tokens.
Blocnation seems to have a very capable team, with direct expertise building payment solutions in the Southeast Asian markets. Given that the project is able to leverage the lessons learned and infrastructure of an already-established business, Blocnation will likely build out its team with the specific expertise to facilitate growth in S.E. Asia and beyond.
Blocnation is approaching its initial market penetration and long-term growth very thoughtfully and is tackling a real pain point with tangible solutions. Given its strong team, partnerships and unique application of cutting-edge blockchain tech, Blocnation is certainly a project to watch moving forward.
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