The World’s First Crypto-Currency for the Legalised Cannabis Industry Explained.
Today, with close to one thousand Blockchains in existence along with the hundreds of thousands of tokens which are issued upon some of them it is mind-boggling to learn that PotCoin (POT) was among the first twenty coins ever created. At the time of its Genesis block on 21st January 2014 the PotCoin team truly were one of the Blockchain pioneers.
As innovative as it was to be launching a crypto-currency in 2014, far more revolutionary still was the team’s aim for PotCoin to become an alternative solution for the banking problems encountered by the legalised Cannabis industry.
PotCoin launched when crypto was in its infancy, but it’s also true that the industry it was looking to serve was equally underdeveloped and misunderstood.
PotCoin has had to be at the forefront of not only encouraging people to accept to use crypto-currency but also to join the push for the legalisation of Marijuana use (whether for medical or recreational purposes) across the United States and Canada. One of the key areas for PotCoin’s development has been to ensure that it is accepted in a large number of crypto wallets as well as able to be used in a variety of payment solutions such as crypto debit cards and POS (Point of Sale) terminals.
PotCoin (POT) is a completely decentralised network, which has furthered its cause through innovative partnerships and tie-ins, drawing deeply upon a community that shares the same passionate beliefs for furthering the Cannabis industry.
Owing to the fact that in America Cannabis has been legalised on a State-by-State basis and not federally, banks have not been authorised to open accounts for legitimate business owners, additionally some owners find that their personal accounts and those of their employees have been closed in some cases.
This is the problem which PotCoin has been looking to solve. An added bonus for business owners is that, whereas In the beginning PotCoin was mined in the same way as Bitcoin it has since transitioned to a Proof-of-Stake consensus mechanism which means that holders can earn 5% per annum on their PotCoin holding just by running their desktop wallet.
The recent nationwide legalisation of Marijuana in Canada marks an important point in PotCoin’s development, and an unprecedented opportunity to cement its position as the pre-eminent crypto-currency for the Cannabis industry.
As crypto-currency use becomes more widespread, coupled with an increased global march towards legalisation of Cannabis use for either medical or recreational purposes then the sweet spot for PotCoin’s adoption is coming nearer.