The Two “Sides” of Drug Coins
Two fresh altcoins have arrived at the scene. While being related in wider terms, PotCoin and DopeCoin are different technologically and, what is more important, ideologically.
The PotCoin is designed to be used as trading medium for legal marijuana. Be it recreational or medical, as long as it is not in direct violation of the law, PotCoin is the way to go.
The developers of this coin are really ambitious about what they are doing as they anticipate it will be accepted not only in the US, where 20 states have legalized cannabis for medical use (Washington and Colorado legalized recreational use as well), but also in places like Amsterdam, which is famous for its coffeeshops.
For PotCoin to be transparent enough to discourage people from using it to buy or sell illegal drugs, developers are making a database for the community of cannabis sellers to allow tying buyers to accounts. This should lower the anonymity of the customer and therefore deny them opportunity to use PotCoin for shady dealings.
However, the creators of the “legal” drug coin do not have any illusions regarding the possible use of their cryptocurrency but in case of misuse, their cooperation (in their own words) will be swift.
Now this particular digital coin holds no preference over either legal or illegal sides of drug trade. This position puts DopeCoin above its competitors oriented on the legal pot market, as believed by it developer, who is known only as “Dopey."
The most interesting thing about DopeCoin is coin mixing technology that would allow users to automatically mix coins with other users, making the blockchain impossible to comprehend and therefore track a single wallet.
This opens new doors for money laundering and not just for marijuana. Any kind of illegal stuff can be bought with DopeCoin. I bet Silk Road owner wished the thing like this existed before his business got under the scope of Federals.
“We’re the bad boys of cryptocurrency,” Dopey claimed in an interview. Although DopeCoin seems to be designed for illegal use, the developer says that he would never advocate any illegal activity concerning his coin.
Big Market, Big Consequence
Overall, both currencies are interesting in a way that they will be covering a gigantic market. Especially DopeCoin with its specialization in privacy and disregard for the possibility of violating the law. Well, whatever the outcome will be, let’s just hope that both coins will not lead their developers towards the same fate that Ross Ulbricht suffered.