A lot of interesting things have been going on with CannabisCoin over the past 48 hours it seems. Most of the talk has been about a CANN ‘pre-mine’, which will be taken care of through Proof-of-Burn. We also have some reports from the “Yes We CANN” event, so sit back, relax and read on!
Let’s get the controversy out of the way first, shall we? A digital currency enthusiast discovered 14.628 million CANN which are unaccounted for, and wanted an explanation from the developers. As you’d come to expect, everyone and their dog had an opinion about where these coins came from and what this all meant.
Luckily for us, DeltaNine took the time to explain where this amount comes from and what it means exactly. He also explained who the amount seems to be distributed evenly over 25 addresses, which was another reason of concern among crypto enthusiasts.
A lot of people seem to forget CannabisCoin used to be mineable via the Scrypt algorithm when it originally launched. However, as some issues arose, the developers thought better of it and switched over to the X11 algorithm instead.
As a result of this, an entire new blockchain had to be created, on which they pre-mined a block containing all of the coins in existence on the Scrypt chain. These coins would then be distributed to their rightful owners once the switch to X11 was completed.
However, it seems a lot of people never actually claimed their coins , and as a result, we now have 14.628 million coins that are sitting in 25 different wallets. These funds haven’t been touched in over four months either.
In order to solve the issue, DeltaNine announced these 14.628 million CANN will be destroyed through Proof-of-Burn (sending the coins to an invalid address). The whole “burning” of the coins will be recorded on a GoPro camera, and there are talks about livestreaming it as well.
Note from the author : Once we receive more details about when this “burning” will take place, we will post a separate article with all the relevant information.
UPDATE : A video has been posted by DeltaNine about the coins being sent to the addresss which will be used for destroying the coins :
There will be a CannabisCoin wallet update soon, which will ensure no CANN wallet will validate a block with these specific coins in them, ensuring they are effectively destroyed. More information about the wallet update is expected in the near future.
Time for some positive news! As you are all well aware, the “Yes We CANN” event took place two days ago, and the first reports are slowly trickling in. You can find out more details , including some actual screenshots of a transaction here.
A video demonstrating the very first CannabisCoin transaction in a real-world environment has also surfaced , which you can see below :