It’s time to get back into action and write some informative articles for the cryptocurrency community. A lot of people have asked me to look at CannabisCoin and give you my thoughts about it. I will try to keep it objective though, here we go!
Allow me to start this article by saying that I am really not a fan of altcoins naming themselves after (semi) illegal goods. That does not mean they can’t be successful in their own right though, so take my concern with a grain of salt.
As CannabisCoin wants to label itself as the payment method for marijuana dispensaries, retailers and merchants, it is clear the team is going after a very specific niche. Not a bad thing if you ask me, but can it succeed?
In order to get some controversy out of the way, the CannabisCoin developers clearly state :
“CannabisCoin is backed by Marijuana where it is accepted. The Cannabis Coin represents REAL medical marijuana specifically designed and grown by “CannabisCoin Marijuana Cultivators“. These specific Marijuana STRAINS are to be bought and sold exclusively with CannabisCoins.”
A few articles have been written about CannabisCoin already, including the one by the Cannabis Financial Network (yes, that is a legit thing!) and International Business Times UK News. It’s always a good thing seeing altcoins getting more media coverage wherever possible.
CannabisCoin has evolved ever since its original launch on 4/20 (get it?). Even though CANN was originally using the Scrypt mining algorithm, which was later changed to X11 and Kimoto’s Gravity Well for difficulty retargeting. Even though we see a few coins changing their mining algorithm after a while, I still think it shows great awareness by the developers.
When it comes to creating or using a wallet for CannabisCoin, you have quite a few options available. The standard wallet, a dark theme wallet, an online wallet and a paper wallet are all at your disposal. You can find out more information about the CANN wallets here.
While all of the above sounds fine, CannabisCoin doesn’t show any real incentive to be used over fiat currency. This is where I can try and prove you wrong, as it definitely has some benefits over fiat currency payments (quoting the CANN developers) :
“- Patient can BUY ANY strains from dispensary with CannabisCoin not just medicine slated for the coin.
– Patient can also EXCHANGE fiat to CANN within the dispensary if they want to buy medicine labeled for CANN.
– CannabisCoin medicine will be a SET price per GRAM
– CannabisCoin will not be relying on BTC price fluctuations”
– CannabisCoin medicine will be at significantly lower price than ‘house’ medicine as incentive for patients.
You may have noticed the term “medical marijuana” showing up several times in this article so far. In order to make CannabisCoin a success, the CANNdy strain was created, in order to bring safe, affordable and medical grade cannabis to patients and the community.
Over the past weekend, DeltaNine, part of the CannabisCoin development team, had some meetings with potentially interested parties in Arizona. Preliminary scenarios with CANNdy were run as well. As of this writing, there is no official update in regards to either undertaking but I will keep an eye out for more information.
Let’s take a look at CannabisCoin’s current technical specifications :
Algorithm – X11 – Currently ASIC proof and much more efficient than older SCRYPT.
• POW + KGW
• Confirmations – Confirmations come in at an average of every 42 seconds.
• Reward – 210 CANN Rewards per Block
• Maximum coins – 420,000,000 coins
• Halving – Every 100k blocks (3X)
As far as exchange go, CannabisCoin can be traded on BitTrex, C-Cex, AllCrypt and BleuTrade.
I did mention at the very beginning how I’m not a big fan of these coin names. However, CannabisCoin does show you can’t judge this book by its cover, as they seem to be pushing hard to get things done. It’s an interesting altcoin to keep your eye on, and that’s exactly what we at CryptoArticles will be doing.
To find out more about CannabisCoin, you can use the following sources :
Website : http://cannabiscoin.net/
BitcoinTalk : https://bitcointalk.org/index.php?topic=661885.0
Twitter : https://twitter.com/CannabisCoins
Facebook : https://www.facebook.com/MMJCOIN