With Canada and many other countries changing some archaic laws in 2018, we only hope that the war on the people will start to come to an end
Still, brave new world businesses are struggling with accepting payments and issues with banks/banking are making the transition period extremely difficult
Potcoin and the newer ones will all get a boost leading upto April 20th BUT do not suggest holding any later than 18th of April as early whales like to dump just before the date (as histroy shows)
some of the cannabis orientated coins could be a solution but which one?
Potcoin [POT] is the one of the oldest of the cannabis mem'd coins, has history of april 20th volume and past pumps/dumps - has an energy drink product i think.
Dopecoin [DOPE] has its own payment gateway and is gearing up for the coming legal changes
Hempcoin [THC] HempCoin THC was among the first 30 currencies developed in 2014 and is a highly focused digital currency for the Agriculture/Farming Industry and Marijuana/Hemp Industry
CannabisCoin [CANN] Again looking to create a payment system so medical shops can do business, not a lot of updates from CANN tho, looking the weaker of the cannabis coins personally
How to trade?
basically find the lows daily buy until 16th April or until the real pumping starts, then choose your exits, whales love to dump early on this so i would advise not holding these coins after april 20th, unless u prefer to of course
have a great April and here's a shout out to Canada for being among the first nations to stop the war on its millions of cannabis user population (yeah thats includes u Ricky)
just updated for other 'canna' coins - will do an update with the newer ones
majorlee
⋅
List of Cryptocurrencies Dealing with Marijuana
Potcoin (POT)
Potcoin is an open source peer to peer cryptocurrency that is just like Litecoin. It was introduced and release on January 21, 2014 specifically at 4:20 p.m. to keep the tradition going. The three creators went by a nickname which were Hasoshi, Mr. Jones, and Smokemon 514. An interesting fact about Potcoin is that on August 1st, 2015, at block 975,000, it moved to a hybrid setup of Proof of Work to Proof of Stake Velocity. Proof of Stake Velocity is a mixture of POW and POS, which is said to create a more secure network. Potcoin has 40 second blocks with a 5% annual interest with staking. It also produces 420 coins per block with halving happening at 280,000 blocks.
Our thoughts:
It is the first coin made to battle the $100 billion marijuana industry and so far has come the longest. Potcoins website is pretty up to date and has been pumping price recently. It was hovering around $0.07 per POT around October of 2017 then jumped up to $0.40 at the end of December 2017. However, their GitHub doesn’t show any improvements or upgrades recently. Their website is being updated constantly and their blockchain is constantly showing new transactions and blocks being produced.
CannabisCoin (CANN)
CannabisCoin is another coin that came out in 2014 when the altcoin market was just starting to bubble up. This is another coin in the marijuana space that is looking to make payment transfer from business and consumers easier. The concept is that 1 Cann, which is the currency of the crypto, would range from $10-$20. This makes it easier because a gram of weed is roughly that much, depending on where you are in the world. We’ve figured the the rate is inaccurate since Bitcoins price shot up and no one expected it. CannabisCoin used the Bitcoin protocol but with a twist. It uses the X11 algorithm which is on an asic resistant platform. Bitcoin however does use ASIC miners. The reward per block is 105 CANN.
Our thoughts:
Overall, this cryptocurrency needs to be researched more. There website lacks design and content and websites are very easy to create nowadays. If you cannot at least master that, it raises more questions about your product itself, which requires intensive coding.
DopeCoin (DOPE)
Dopecoin Gold is a bit more interesting because its hand extends out to more than just a currency with what it’s tied too. The new rebranded Dopecoin Gold is accomplishing a difficult feat which is not only to become a payment platform for cannabis stores and consumers but to also help with Smoke Exchange. We will go over that later.
Dopecoin is similar to Potcoin where it is trying to help store owners and consumers have an easier transaction. This is more to help the store owners from security and transparency. Being a dispensary owner means that you’re dealing with $100,000 in cash or more every month. This makes it hard to store, spend for business expenses, and distribute to employees. That $100,000 cash gets split up and is used to buy more store supplies and then pay employees. The left over cash will need special security companies to come out and take your marijuana money to the bank for you. This makes it secure but obviously makes it hard to sleep at night.
Being able to pay in cryptocurrencies means that you can then pay your employees out in cryptos, which is so much easier. It actually is easier to transfer it to your bank. Some dispensary owners try to escape paying taxes by claiming their profits are much less but regardless as a business owner, you must pay taxes. The blockchain can make it easier just in case you get audited.
Our thoughts:
Dopecoin Gold is on the POSV3 algorithm which means it is a proof of stake, but it is a newer version which is considered to be more secure and efficient. With a total of 200,000,000 DOPE, it gives you a 5% annual staking interested and each block time is 60 seconds. It has a total of 5 members on their team. One of the good parts about the DOPE coin is that it will be used as a trading pair for the Smoke Exchange Token. This can drive the volume up. It looks pretty good overall however there isnt much adoption into this coin and the last commit on the Github was at the end of 2016.
Paragon (PRG)
Paragon Coin is a token that is going after the main issues of the cannabis space. They want to legitimize and provide transparent along with regulatory solutions. They recently finished their ICO and it was a success. They recently rolled out their doctor database which lists a directory or Medical Marijuana Doctors, which isn’t exactly a new thing. Voting is made a core part of this community driven token. Different decisions the Paragon team wants to make can be voted on by the members of the holders of the token. One of the bigger things this cryptocurrency has going for it is the supply chain tracking on its blockchain. If you’re a regular marijuana user, you would probably like to know where your marijuana came from, who the farmer was, which laboratory tested it and what the results were. Paragon is trying to do exactly this.
Our thoughts:
Paragon looks to be a pretty active cryptocurrency that has recent updates on their GitHub. They had gotten The Game, who is a popular rapper to back this crypto but the team of developers and advisors are stacked on this. This is a cryptocurrency that we recommend you do your own research before investing. A lot of red flags were discovered about the creators and the team itself.
CannaCoin (CCN)
Cannacoin is one of the many cryptocurrencies out there who are starting to feel that being tied down to a physical asset gives the digital marijuana money more stability.
Developed by the creators of the NorthWest Green Thumb project (NWGT) in 2014, Cannacoin is very similar to Bitcoin in terms of the technology used. Cannacoin is used by dispensaries, marijuana growers and patients/consumers alike as medium of exchange.
Our thoughts:
Cannacoin may not seem that successful, but it is fast becoming the preferred exchange medium for the cannabis industries. There have been news of some rivalry with other marijuana currencies, but it has been denied on all sides.
KushCoin (KUSH)
KushCoin is not exactly a payment transfer crypto like a lot of the other cannabis based ones. This one does something else and is a bit more interesting. It has its own blockchain where the begin of the process of leasing land all the way to transporting, storing, distrbiturion and everything else is pretty much recorded on the public ledger. This is a great way to make sure you know where you’re weed is coming from. This is definitely not a small project and Canopy Growth Corp (OTCMKTS: TWMJF) has teamed up with them to bring the ultimate transparency for their customers and consumers. KushCoin also uses the X11 algorithm and it is a hyrbid, both Proof-of-Stake (POS) and Proof-of-Work (POW) model. Block time for POW is 72 seconds and POS block time is 260 seconds. You need a minimum of 10 hours to start staking. It has a total of 4,872,000 coins.
The potential for what they’re building is massive. Being able to track something from the second it starts its production until it gets to you is something people did not think is possible. This isn’t something that is going to be in the multi-billion dollar marijuana industry but it can be used in other industries too like pharmacy, food, and even apparel. Some other cryptocurrencies are working on this but it can serve so many different niches.
Our thoughts:
My research on this crypto was conflicting. It is trying to do something so big yet it doesn’t have a formal website. Their website gets redirected to a bitcointalk forum thread with their formal announcement in January, 2017. However, it seems like there was recent updates on their github so maybe they’re revamping.
HempCoin (THC)
hempcoin thc
HempCoin was one of the first altcoins to be created in the 2014 altcoin boom. It is an open source cryptocurrency that is very focused on the agriculture and farming side of the hemp industry along with the cannabis space. Hemp farmers have started using the coin to be paid for their crops by dispensary shop owners. Growing marijuana and hemp is a trillion dollar business and they can be the first movers here. The agriculture side of things is very big and people don’t realize this. Many new gadgets and technologies have come out recently that makes things easier but this means more money being traded between people. One of the biggest reasons this seems to be catching on is because of their easy to use wallet. The wallet is available on windows and as a paper wallet.
This marijuana Bitcoin is actually trying to be different. Instead of just focusing on marijuana on the THC aspect, it is also looking to serve the hemp community. It currently has a list of dispensaries that currently use this coin for what it is used for. Bittrex has currently listed this coin which is surprising because Bittrex doesn’t have many weed cryptocurrencies listed.
Our thoughts:
HempCoin is on the Scrypt algorithm and it is also a hybrid so it is POS and POW. This helps keep the security of the coin at a maximum because it won’t cause people to sell their coins, since they get interest on it. After 45 days, your coins will reach maturity which can then stake at 5% interest per year. There are a total of 250,000,000 HempCoins whcih each block time at 60 seconds and 125 coins per block. The halving is at the 500,000 block. Their github seems to be the most active with a few commits just in 2018.
GanjaCoin (MRJA)
Ganjacoin is more of a loaded coin compared to most of the other coins or tokens were going over. It wants to be the main currency used in dispensaries like most of these cannabis coins however this one has some more features. To become a VIP member, you pay a one time $50 for lifetime access. As a VIP user, you can exchange 1 GanjaCoin fof 1 feminized weed seed. GanjaCoin recently did a fork in their blockchain and went from their 420G (old blockchain) to the current one called MRJA 2.
Every GanjaCoin address starts with an i. It is on the X11 Algorithm but it is a hybrid. You can mine it using your CPU or GPU and keep it in your wallet for staking. The reward per block is 100 coins with a total of 42 million coins. For Proof Of Stake, your staking interest is 25% per year which is a lot. Much more than any other coin we’ve reviewed. Being a masternode has a yearly return on investment of 300%-1000% which really pays off.
Our thoughts:
On their website, you can sign up and get daily login rewards, a special VIP online mall, 5 hour faucets where you get free coins or even a dice game. They originally started by growing marijuana plants and built up enough to go to a warehouse with 50+ plants. The developers seem to work separate and then add their feature or bug fix alone. With all this said, unfortunately the team has not updated their Github since October 20, 2014. It is unfortunate because this seemed like a good idea in its own small niche.
Cannation (CNNC)
Cannation aims at a larger project called the Cannation Project. Instead of just trying to make it easier for consumers and businesses transact because of the banks. Cannation is looking to help the whole aspect of marijuana from cultivation to marketing to consumption and pruchases. Of course, Cannation still focuses on peer to peer payment transactions because central authorities like the banks are not allowing that still. One of the interesting aspects about this coin is that you can send and receive but all transactions are private.
Our thoughts:
Cannation, just like HempCoin, is also on the Scrypt algorithm and is a hybrid running Proof on Stake and Proof of Work. All address’s start with a C. The block reward is 55 coins. Each transaction need 5 blocks to be confirmed. It looks like there is a wallet for Max, Windows and Linux which is good to see. One thing that seemed confusing is on their website, they list that you will get a 10%-100% interest stake per every 10,000 blocks. This seems to be all over the place and isn’t good. For someone looking to make some money then it’s understandable but as far as a working model, it’s not good.
Smoke Exchange (SMX)
Smoke Exchange is not actually a payment transfer between two parties but actually where marijuana advertisers will be coming together. Just like how payments are regulated and not accepted by the banking industry, advertising falls into the same trap. Since the marijuana space is a gray area, big corporations like Google and Facebook do not want to accept them. Smoke Exchange is going to be a platform to let advertisers and publishers to buy and sell ad space on a real time. Not only is this transparent but it will bring ad prices down. Since the market is so tight with very little competition, the publishers charge what they want. The Smoke Exchange token will be used to buy advertising credits on the exchange and will be the only token used internally. You can purchase the token with BTC, ETH or DOPE from Dopecoin. The creator of SMX is also the creator of Dopecoin.
Our thoughts:
The Smoke Exchange token is an Ethereum based ERC20 token. The team is doing two ICO’s which is not really common. The platform is said to feature real time bidding and stats, advanced targeting, native ads, mobile and desktop friendly along with bi-weekly payouts to publishers. More cannabis based altcoins will be used later on. This seems to be one of the more unique projects related to the marijuana market.
Growers International (GRWI)growers international cannabis cryptocurrency
Growers International is more than a cryptocurrency, it is a blockchain enabled tool for legal marijuana growers and businesses involved in it. However, instead of being focused only on payment transactions between dispensary owners and consumers, this is a bit different, aiming at marijuana growers. The featured tools are Seed-2-Sell, Strain Chain, an investment platform, grow store, grow contracts and a custom designed software suite.
What they do:
Seed-2-Sell: This helps legal growers and vendors track and stay organized all with one tool. You can return to the blockchain and see where your weed came from and all the transparency that comes with it.
Strain Chain: This is a blockchain based depository where signed up users can register their strains genomic data. This gives the seeds ancestry so you can continue with the same strain or try to make it more potent.
Investment Platform: This platform will help offer tools to people around the world to invest in different cannabis niches.
Grow Contracts: This is nothing new to cryptos. A smart contract will be customized for growers to be able to make clear and transparent deals while tracking the products. In the contract, you can put details such as nutrient usage, soil quantities, labor costs, electricity costs and total return on investment.
Grow Store: This ecommerce business is set up and features over 12,000 grow supply products people can buy.
Membership Club: Being a member of this platform gives you the freedom to find other like-minded individual and share skills or knowledge that one of you might have.
It is no secret that the marijuana prohibition is coming to an end almost world wide. With this in mind, we need to be able to slowly start getting our ducks in order and I truly think Growers International is helping with one part of it. Growing cannabis is something that doesn’t get talked about as much but is a very big part of Cannabis.
Our thoughts:
One thing we didn’t like about this Growers International is that we could not find any technical information unless we did more digging. As people become more aware of this coin and want to learn more about the tech, it will draw them away from it without having anything up front. I did find their “greenpaper” through other sources. It is a POS that produces a 5% interest stake after having your coins in your wallet for at least 8 hours. The block time is 60 seconds.
It seems like overall, GRWI is trying to make money from everywhere. They are going to have advertising on their website along with in-wallet ad space. The extra revenue is good but your customers must come first. The only people who will download the wallet are customers to begin with.
Tokes (TKS)
Tokes, like many of the other weed cryptocurrencies started off to solve a real problem in a huge industry. Since banks are not willing to work with dispensaries since it is federally illegal, cannabis store owners have to look for another route for payment transfers besides cash. Cash is king like they say, but when you are starting to move more than $50,000 or even $100,000 worth of cash around, it becomes risky. The Tokes Platform created an efficient payment processing system which can be used through cryptocurrencies rather than cash. The Tokes Platform soon realized that the market is getting saturated with weed cryptos so they decided to become creative. They started a supply chain management as well because they realized with legalization comes very strict compliance. This gave them the idea for store owners to be able to work with cultivators and vendors who use the blockchain as a transparent tool for their business. This makes it easier so you can finally track everything from the seed all the way to the final packaging.
Tokes is running on the Waves blockchain and it has proven itself with its transaction speeds which are less than a minute. The platform is used for business to business and consumer to business. They made it easier for this to happen because they created a merchant gateway which is a software protocol that allows the point of sale and online transactions. This is a good use case for Request Network because you can use the gateway merchant to invoice customers and have them pay for their legal herbs however they want.
Our Thoughts:
Unfortunately Tokes is one of the last ones to join the cryptocurrency world in the cannabis side of things. I think they have real competition with Growers International on the supply chain aspect. I like how TKS is tracking and storing information about genetic strains, testing data, and harvests. They also don’t show the technical aspect of the coin so we have no idea what the total supply is, block time, whether it’s a POS or POW, and much more.