BitLand operates to address the problem of insecure land tenure, bring confidence of investment to emerging markets, and unlock land wealth stagnating due to inefficient legacy systems. Banks cannot issue mortgages on land that is unregistered, and in areas of unclear land tenure, there are weak or nonexistent real estate markets and land owners are not able to leverage the value of their land. Bitland “aim to allow individuals and organizations to survey land, manage deeds and titles, perform applicable transactions, and then record the information on the blockchain.”
Bitlands will create a virtual land registry utilizing blockchain technology, starting in Ghana. Bitland Ghana is an NGO that has been operating in Ghana for two years. To date, it has completed public out-reach, crypto-currency/blockchain seminars, and land rights informational road-shows in 28 communities in preparation for the launch of BitLand beginning its main operation.
|Instructions on participating||Funds are primarily collected through OpenLedger, an exchange and wallet service focused on bitshares. The Bitlands team has some helpful tutorials on how to get set up with OpenLedger. Users can also buy Cadastrals in BTC, ETH, doge, dash, litecoin, BKS, and nbt at the addresses listed here.|
|Coin Distribution||The announcement states that 30 million coins were created in the first block. 21 million will be sold in this ICO, and 9 million will be distributed over the next 99 years for various purposes.|
|Escrow Used||Escrow service provided by Crypto Currency Exchange Denmark (CCEDK)|
|Rate||In Phase 1, the rate is 10000 Cadastral per BTC, which at current rate works out to $.043/Cadastral. In Phase 2, the rate is 3333 Cadastral per BTC, approximately $.13/Cadastral. Phase 1 will last until May 1st or 10 million Cadastral are sold.|
|Project Valuation||At listed rates and $430/BTC, this values the ICO at approximately $1.7 million.|
|Currencies used||Bitshares, BTC, ETH, doge, dash, litecoin, BKS, nbt|
How do the coins or tokens work?
|How are they used?||Cadastral will be the entry token to utilize the Bitland application to register land titles, settle disputes, sell land, purchase property, and issue microloans for commercial development.|
|What is the market?||The Whitepaper also states that Cadastral owners will be able to “invest in the local economy and see real returns on their investment,” but it is not clear how.|
|How are they produced?||Consensus of transactions on the blockchain will be proof-of-stake, but no new tokens will be minted.|
Note: we have reached out to Bitland Global to clarify some issues regarding the ICO, but we have not yet spoken with them.
All of Smith + Crown’s announcements for ICOs should not be construed as investment advice. In addition, some of the information contained above may be changed after we posted this; we urge the reader to read all source material before investing or passing judgment. If you see anything that has become obsolete, let us know.
- April 11, 2016 @ 8:00 am
- June 1, 2016 @ 5:00 pm
- Event Category: