Blockchain tech and cryptocurrencies have been making it easy for people in a lot of industries; to be honest I don’t think it leaves any business hanging high and dry. It has, in fact contributed significantly to ease up one of the most unconventional businesses, that is the cannabis industry. Remember that marijuana is still illegal at the federal level and even in some states, which proves to be challenging for anyone attempting to carry out a transaction. So the cryptoverse dedicated a few coins just for the pot sector. ‘Pot heads’, you can rejoice as you look through these pot coins.
This cryptocurrency was launched earlier in 2014 and it is based on the Proof-of-Work (PoW) algorithm. Being a peer-to-peer open source coin, it was aimed to ease transactions for medical marijuana dispensaries. Focusing on its market, CannabisCoin came with the proposition to convert cryptocurrency directly into marijuana. Under the name ‘CANNdy’ there is a line of medicines and marijuana strains grown of the specific purpose of exchange at the rate of 1 CannabisCoin to 1 gram of medication.
Similar to the CannabisCoin, the PotCoin was launched in the same year, 2014. Being amongst the earliest cryptocurrencies for the marijuana industry, it was specifically designed to solve problems pertaining to banking for people dealing in legal marijuana. The currency was looking to capitalize on Colorado’s legalization of marijuana and even installed a PotCoin ATM at a marijuana dispensary in Colorado
A press release and a video of NBA star Dennis Rodman sporting a potcoin.com shirt in North Korea gave PotCoin a shot in the arm. By funding Rodman’s trip, not only did PotCoin re-enter the media spotlight it was also up 76% in just one day, according to Coinmarketcap.com.
Thanks to my loyal sponsors from @potcoin and my team at @Prince_Mrketing , I will be flying to Singapore for the historical Summit. I'll give whatever support is needed to my friends, @realDonaldTrump and Marshall Kim Jong Un. pic.twitter.com/QGPZ8nPrBE
— Dennis Rodman (@dennisrodman) June 8, 2018
Don’t you think it’s dope *pun intended* that most of the pot cryptos were launched in 2014? That’s right! The DopeCoin too, hit the market in 2014. Founded by Adam Howell or ‘Dopey’, according to the website, it came with a mission to provide marijuana enthusiasts with an up to date and secure way of doing business. It started with a vision of creating a ‘Silk Road’ for transactions in marijuana across the world. DopeCoin supply is limited to 200 million DopeCoins. It is also a Proof-of-Stake currency, where a 5% annual interest can be earned.
At this point, you should be able to guess when was HempCoin launched. 2014! Ding ding ding… we have a winner! However it is slightly different than the rest of the pot cryptos, its focus is less on individuals using it to buy weed, and is instead designed to be used by the farming industry and medical/recreational dispensaries. HempCoin’s website claims that the currency can be used to “facilitate transactions between marijuana farmers and the local dispensary shops” as well as purchasing gear and tools used for farming marijuana. You would be surprised to know that the HempCoin is used in all areas of agriculture and not just limited to the ones involving weed.
2014. Not even gonna type the full sentence now. The CannaCoin runs on a decentralized blockchain using peer-to peer technology. It transitioned towards the Proof-of-Stake (PoS) algorithm. Cannacoin, as described by its founders is,
A group of cannabis enthusiasts working towards the future development of cryptocurrency applications related to cannabis production, seed production, extract production, glass blowing facilities, vape and dab station manufacturing, crypto development, and more