 Welcome to the Daily Decrypt, where the currency competition is served hot and ready. I am your host, Amanda, and today's episode is brought to you by BitShares. I've been trying to get an interview with BitNation founder Suzanne Tartowski-Templehoff for some time now, and I'm happy to report I finally caught the little nymph but a few hours ago. The setting? What she calls BitNation's Embassy, currently in Rio de Janeiro, Brazil. But what is BitNation? A blockchain-based organization was founded in 2014 with the unique mission of competing with nation-state governments. I mean, just because you're born somewhere is so arbitrary, right, where you're born. So people should have the choice of governance, you know, which government they want, as much as they should have the choice of what car or cell phone or anything else. So what does it look like to compete in the market of governance? We asked Suzanne to give us an example of a BitNation app. So you just open a chat window, you know, and then you have plenty of emoticons, you know, for like one emoticon for code of law, you know, whether you want to show real or British common law or whatever else. You choose your own arbitrator based on the ID and reputation system. You know, you sign up with your pseudonymous identity and you can bring witnesses into the chat. You can bring, you know, several arbitrators if you feel like that. And everything is just done product, you know, product, not free but, you know, very cheap chat platform on your cell phone. So with dispute resolution as a planned native offering of BitNation, what about governance options not initially offered by BitNation, but that its users or some of its users might want to see deployed? Let's say you want to create an education initiative, for instance. Then you just, you know, run the code and you just say, okay, so I want to create a new Holland. Holland is like a part of the whole, right? And I want to do this education program and I, you know, I think it's going to cost this much and it's going to generate this much. Currently, BitNation lives on the Bitcoin blockchain and its tokens are issued via the counterparty protocol. That will soon change, however, as Suzanne has decided that the smart contract capabilities of the Ethereum blockchain are more suited to her project's goals. We're going to burn the counterparty tokens and then people who have tokens that can swap them at a one-to-one body with the new Watson. Okay, so it will be a complete move, a blockchain hop. That's right, yep. All right, a block hop, very good. And once living on the Ethereum blockchain, will BitNation again issue its own tokens like it did with counterparty on Bitcoin, or will it simply use Ether? Actually, we haven't really decided on that yet, I think. That kind of remains that open issue. I think we will end up using our own token as well, you know, we'll probably use both. In tandem with the migration to Ethereum, a BitNation constitution is set to be enshrined in code this Monday, February 15th in Rio de Janeiro. The constitutional code itself will be written in person by Ethereum developer Alexander Vandesand. So BitNation's governance is being called a holocracy. But what does that mean? A holocracy is defined as a form of governance in which individuals or holons are simultaneously part of the general whole and autonomous. The holocratic system just means that instead of voting on an issue, you just say, you know, here's a proposal, I want to do this and then people can fund it for the tokens. And what would Suzanne have to say to those who are attracted to the idea of competing with nation-state governments, but aren't particularly attracted to BitNation's holocratic constitution? Yeah, now a really important aspect of it is to just communicate the notion that people are not stuck with our own governments, that there is an easy way for everybody to create their own nation. And it doesn't have to be complicated, you know, I'm not a developer and even I can do it. It would seem that competition indeed begets competition. If you would like to watch the live broadcast of the coding of BitNation's new Ethereum based constitution, you can follow the necessary updates at BitNation's Facebook page linked below. Today's episode has been brought to you by BitShares, a currency which features usernames in place of long alphanumeric addresses to make sending and receiving payments easier. The next release of the BitShares software will also offer the ability to make confidential transactions, increasing the privacy of BitShares users. You can download the smart-looking desktop wallet at bithares.org or simply try out the web-based version at openledger.info. And I would like to extend a hearty invitation to you, lads and ladies, to check out our new subreddit. Yes, that's right, you can now eat your daily decrypt at reddit.com slash r slash the daily decrypt. Enjoy!