BitNational Token
What is BitNational Token?
The BNL Token will allow for instant transactions on the BitNational Crypto Exchange Network, which includes an online exchange that can process nearly 1 million transactions per second. This ERC 20 token will run natively on the Ethereum blockchain and combined with CAD, BTC or ETH to form the base trading pairs of our platform. By using BNL trading pairs, traders transacting on our platform will enjoy a 50% discount on fees (as low as 0.1%).
Who is BitNational?
Founded in 2013, BitNational is a Canadian pioneer in establishing its own cryptocurrency ecosystem since installing its first ATM over 5 years ago. BitNational has organically grown its network across all of Western Canada and today has over 50 physical access points; including 3 over the counter branches.With the launch of the most advanced and easy to use online exchange in Aug 2018, BitNational is poised to become a Canadian leader in the Crypto Currency ecosystem by offering the most comprehensive, advanced, assessable, and easy to use crypto currency transaction network.
What is the value proposition
When using the BNL token with select BitNational products, users receive reduced fees when settling in or out of our ecosystem.
Milestones
Team
President & Co-Founder
Head of Marketing
Strengths
- Large, well connected and highly endorsed team. Team members have a lot of prior experience in finance and cryptocurrencies
- Token model is simple, proven to work and effective
- Roadmap is realistic and achievable considering the team and goal for funding
- Tokens allocated for BitNational and the team will be vesting for 5 years
Potential concerns
- No roadmap presented
- No funds allocation presented
- Social media communities are quite small at the time of review, but we expect these numbers to grow significantly in the future
BitNationals team consist of industry experts in finance and wealth management. One concerning point about the team is that there doesn't seem to be experienced blockchain developers.
Token model is simple and effective. Tokens can be used for reduced fees in the ecosystem, which in turn should create demand that correlates with the amount of users in the ecosystem. The hard cap which is at the time of review around $50M seems just a bit too high. Lower hard cap would be a lot more attractive for investors.
Tokens allocated for the team will be vesting for 5 years. Releasing 20% of the tokens annually. This is the longest vesting period we have seen in the industry, raising the bar once more.
There was no information regarding the use of raised funds in the ITS. Investors would like to get some insight regarding the use of funds eg. marketing.
