A global blockchain technology company that helps cannabis companies to go cashless has announced that it is upgrading to Cosmos.
BitCanna was built to support marijuana businesses that struggle to access financial services from banks, credit card companies and online payment providers — with firms often having to stump up excessively high transaction fees because of a lack of choice.
The platform’s current blockchain operates on a custom-built version of BTC/DASH technology. Although this initially worked well as a payment network, the infrastructure was first released over a decade ago — and executives say they are hoping to capitalize on the progress that’s been made in the industry since.
BitCanna says Cosmos is among the better alternatives that have emerged in recent years, and it has already been shown to perform strongly in a testnet environment. As well as offering sweeping improvements to its infrastructure, BitCanna hopes that Cosmos will open the door to a highly efficient supply chain layer and make the transfer of BCNA coins more seamless.
BitCanna says its new Cosmos-based coin will deliver lower transaction fees and faster payments than the network that’s currently used. Other advantages include how Cosmos enables different blockchains to communicate with one another — enabling BitCanna to make connections with the likes of Ethereum, Binance Chain, Polkadot and Cardano. This means the company’s team will have much greater freedom as they build new features — unlocking a range of customization possibilities and reducing development time.
An ERC-20 token is going to be launched alongside its native coin, with both running on Cosmos. In time, BitCanna hopes to launch on major decentralized exchanges such as Uniswap and SushiSwap, which have a trading volume of up to $1 billion a day. Crucially, this means that BCNA users won’t need to complete Know Your Customer checks.
Current BCNA holders are being told that they don’t need to take any action right now. In the coming months, they’ll be given the opportunity to swap their coins for the new currency that’s based on Cosmos. Opportunities will also arise to serve as a validator or delegator of the BitCanna network.
Although regulatory attitudes are starting to shift, BitCanna says the global cannabis industry has long been impeded by restrictions. Even in places where the medical and recreational use of marijuana has been legalized, many payment providers refuse to service entrepreneurs because of the sector’s “shady” image.
BitCanna has also been using its business as a force for change — setting up an alliance that is designed to work with legislators and resolve the issues that are blighting the market. Supply chain management, alongside a trust and reputation layer, are also offered to help create a healthy and transparent cannabis market. At the tap of a button, users will be able to find out about where products have originated from – enabling them to select quality items.
The company’s offering is also reinforced by a consumer application — creating an all-in-one hub where shoppers can find their nearest cannabis outlet, learn about the different products on offer, and arrange their purchases remotely. To help demystify this burgeoning sector, consumers will also be able to read trusted views of shops and products left by others.
BitCanna’s mobile wallet launched on Apple’s iOS store in December 2020 — enabling users to safely store, send and receive their BCNA tokens. Soon, the app will also offer exclusive offers and discount codes courtesy of the company’s partners.
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