Cannabis Currency Review: Cannabis Coin (CANN) 5/5
CannabisCoin is a cryptocurrency launched on 4/20/2014, intended for cannabis purchases at registered dispensaries. In October of 2014 CannabisCoin started the Yes We CANN program where medical dispensaries sell a supply of cannabis at a rate of one CannabisCoin per gram.
The coin has been backed by partnerships with growers who grow CANN-registered plants to supply dispensaries who sell limited amounts at 1 CANN per gram of weed. Dispensaries can sell non-registered plants from their own inventory using the current exchange rate for CANN. The team was based in Phoenix, Arizona but went dark around 2015 until a group resurfaced to try and rehabilitate the coin.
CannabisCoin’s is currently designed to be mined with consumer grade hardware using a proof-of-work consensus algorithm that did include a premine but it looks like they’ll be switching to a proof-of-stake or hybrid algorithm eventually. Coinmarketcap shows a market cap around $2 million with the price currently at $0.0256.
If you have any experience with CannabisCoin or information to share please feel free to comment below.
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