The whitepaper has the real details. It's quite a lot to take in, so we will provide some case use examples.
- Opens up the possibility for corporations and decentralized autonomous organizations and anonymous partnerships to make contractual agreements in a court outside of every other court on the planet. The enforcement of these contracts is simply the reputation of both parties. Groups/individuals that break contracts or who have a short record of partnerships are simply not trusted nearly as much as groups/individuals that have a long record of keeping agreements with numerous other parties.
This system also comes with a form of arbitration, so there is a clear universal understanding of what actually happened in the literal execution of the digital contract.
This allows for the creation of court systems and other systems of law within the blockchain, effectivley creating a jurisdiction.
Forming a jurisdiction is an critical part of forming a country, which is the larger part of what Bitnation is here to do, facilitate the development of consensual based governance that takes proper care of all people.
Does that make more sense?
It clears up some points yes.
So basically, anyone can become a judge then? And the more successful cases you do, the more trusty you get?
When they say, create your own “nation” what do they mean?
Check the whitepaper for details on the implementation of the Arbitration system.
A digital nation is a group, a network, or a business that is choosing to see itself from the most empowered perspective. We prefer the terminology Decentralized Autonomous Organization(DAO), however, the same meaning of a DAO can be applied to "Digital Nation".