Enter Pangea

The Internet of Sovereignty

PAT Token Sale

Funds raised (ETH)

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Confirm the facts in the checkboxes below in order to proceed:

How to Participate in the Bitnation PAT Token ICO

Step 1. Create your Ethereum Wallet

Although you can use any wallet that supports ERC20 tokens, we recommend MyEtherWallet (MEW) and will be using MyEtherWallet in this example.

Visit myetherwallet.com and create a New Wallet.

Double check that you are at the correct domain and that the connection is using the correct SSL certificate.

We recommend using MetaMask, Ledger Wallet (as in this example) or TREZOR to access your MyEtherWallet because these tools help protect your seed phrase/private key.

Step 2. Buy Ether

It is only possible to purchase PAT tokens using Ether (ETH).

If you don't already have ETH to exchange for PAT tokens, you will need to use a cryptocurrency exchange to convert another currency into ETH.

There are many exchanges to choose from, including Coinbase, Bitfinex, Bittrex, Bitstamp, Binance and others.

If you have purchased ETH from an exchange, send it to the wallet you created/chose in Step 1.

Do not send ETH to the ICO from an exchange!

Step 3. Send ETH to the PAT Token Sale

Go to the top of this page and confirm that you have read the documentation and that you are not a US resident or citizen.

Once you have completed this, you will be shown the official Contract Address. People will try to scam you by posting a different address belonging to them on different media sites. Always come to the official Bitnation website at https://tse.bitnation.co to get the correct contract address.

Select the entire string of the Contract Address and copy it (Ctrl + c / Command + c). Don't copy it by hand.

Step 4. Purchase PAT

From the wallet you chose/created in Step 1, click on 'Send Ether & Tokens'.

Paste (Ctrl + v / Command + v) the target address you copied in Step 3 into the ‘To Address’ field.

Enter the amount of ETH you want to invest.

Sign and send the transaction.

Additional information

How Will the Sale Operate?

The sale is a reverse auction model - this means that the price is high at the beginning of the sale and reduces at a set rate as the sale continues.

Participants will send ETH to the sale address when the price reaches the price they are willing to pay.

There are bonuses available depending on how early you send ETH to the contract: 1st hour = 15%; 1st day = 10%; 1st week = 5%.

The sale ends when the hard-cap is reached or after 30-days.

All participants pay the price reached when the sale ends.

Through this model, the market sets the price of the PAT tokens.

The hard cap is denominated in US Dollars (USD), and the USD/ETH exchange rate will be fixed immediately before the sale begins. If you send an amount of ETH equal to 1% of the hard-cap, you will receive 1% of the tokens issued during the sale.

Token Distribution and Exchanges

PAT tokens will be distributed automatically when the auction finishes to the ETH address supplied by the purchaser.

After the ICO, PAT tokens will be listed on 0x, Bancor and Cryptocompare. We have applied for listing on ShapeShift, Binance, Bittrex and OKex exchanges after the sale and will list on other exchanges in due course.

If you own XBNX tokens, they will be exchanged at value for PAT during a burn event after the ICO. We will provide more information for XBNX holders in our Telegram channel.

The Reverse Auction Model

The token price is set by the market using a reverse auction with a variable price for the token.

One of the effects of this model is that we do not know how many tokens will be sold during the auction. The higher the market-set price of PAT, the fewer tokens will be issued in order to reach the hard-cap.

The price starts at a maximum and declines at a predefined rate during the sale.

Graph of PAT price vs. time in days

Every contributor purchases PAT at the same price (the price is denominated in Ether).

The price of PAT is fixed at the time that the sale cap is reached, or at the end of the sale if the cap is not reached.

Auction participants place their bids by sending Ether to the contract address at the time that the price of PAT decreases to the maximum price they are willing to pay.

If the sale continues after an investor has sent Ether, (because the hard-cap is not yet reached and it is not yet April 25th 4pm CET), the price of PAT continues to decline and the participant will receive PAT at a cheaper rate than they were willing to accept.

If an investor waits too long and the sale cap is reached before they send Ether to the sale address, the investor loses the opportunity to participate

All Ether sent to the contract is used to purchase PAT.

All participants pay the same price per token (excluding bonuses). The price of PAT is fixed when the sale ends.

Getting Further Information