It is no secret that both Cannabis and Cryptocurrencies are seen as a sort of social taboo in the public eye. But an ambitious new altcoin is hoping to bring both of these issues into the light by promoting wider acceptance and spreading knowledge about the benefits of cannabis and cryptocurrencies.
CannabisCoin (CANN) is a PoW (proof-of-work) peer-to-peer digital currency that enables instant payments to anyone in the world. CANN is based on the Bitcoin protocol but slightly different in that it can be efficiently mined with consumer-grade hardware since it is the “only X11 Coin that is cannabis specific,” according the CannabisCoin Dev team.
A booming new industry mushroomed virtually overnight when Colorado and Washington State legalized cannabis for recreational use back in 2012. It is estimated that marijuana sales have since topped $US 14 million in the first month of legal sales in the state of Colorado alone. With this in mind, and with 20 states in the US permitting cannabis for medical use, CannabisCoin certainly has the right name to take advantage of the boom.
The idea of a cannabis-inspired coin is nothing new, however. In fact, CoinTelegraph has reported on several such as PotCoin, DopeCoin and CannaCoin. So what makes CannabisCoin different? Well, besides the X11 algorithm, which enables less power consumption and higher hashing, the dev team explains that the coin is specifically designed to let everyone including the average person to get into ‘harvesting’ of coins to promote community involvement and growth. The dev team explains:
“No 15 minutes of fame needed, just an OPEN project for the greater good. CannabisCoin will emphasize the NEED for de-centralized currency and the need to LEGALIZE CANNABIS. Investors, Miners, Patients, and the Cannabis industry....we all win.
“No one really cares about who launched first or last, or who's winning the ‘digital currency race.’ We are all out for the same thing…a common bond to help shape crypto into something that everyone can enjoy, share, experiment, invest, trust, and have the freedom to CHOOSE what they want to do with their miners, currency, time, life, etc.”
- Algorithm = X11 / POW + KGW
- Maximum number of produced Cannabis Coins = 420,000,000 Coins
- Cannabis Coin rewards per block = 420 Coins
- Target per block = 42 Seconds
- Halving = Every 100,000 Blocks
- Wallet Addresses will start with “C” for Cannabis
- Ports: RPC Port 39347, P2P Port 39348
Cannabis payment solution ‘backed by marijuana’
CannabisCoin is presenting itself as the payment solution for Cannabis dispensaries, retailers and merchants. It is currently traded on two exchanges: Allcrypt and C-CEX and so far, it is recognized and accepted by the Herbal Wellness Center Inc. in Phoenix, Arizona where CannabisCoin is “currently implementing a simple point of sale system, working with staff to streamline the transaction process that can be used for other dispensaries,” according to the dev team.
Another important aspect of CannabisCoin is that it is essentially ‘backed’ by cannabis itself.
“CANN is currently accepted and backed by any strain at any CANN merchant right now. One predominant dispensary here in Arizona has accepted and is preparing for implementation phase while other dispensaries are in line to accept.”
The dev team also stated that they have produced two special CANN strains that are currently in alpha testing and will be available for purchase with CannabisCoin.
“Of the strains, we will choose two variants that rate the best in (CBD) Cannabidiol and the other in THC (Tetrahydrocannabinol),” the dev team explains, and “these two strains will be available for legal distribution and shared among the community as the ‘CannabisCoin’ strains.”
“Yes We CANN”
The coin’s founder is a developer only known as DeltaNine – from delta-9-tetrahydrocannabinol, the main psychoactive substance found in the cannabis plant – who describes himself as having “a diverse technology background that started from age 12 on a Commodore 64 running a full blown BBS (Bulletin Board System).” Today, DeltaNine is a self-employed serial entrepreneur and cannabis advocate.
DeltaNine, however, has no immediate plans for fame or fortune citing personal reasons for his creation:
“Personally, it helps me dedicate my time and effort into this project knowing that it's for the better good. I have learned about cases where patients need it in their everyday lives, like Charlotte Figi for instance. Her story and many others is what helped me want to do my part.”
Because of this, the CannabisCoin webpage’s donation section is dedicated to Charlotte Figi who as a result of treatment with medical marijuana was able to walk and talk after her seizures had almost completely stopped. You can donate to Charlotte’s escrow wallet here.