HempCoin (THC) Review
The crypto market has grown to be vast and filled with over 2,100 cryptocurrencies. However, while most of them are new, created in the past two years — there are still some older projects that are somewhat late bloomers, and HempCoin is one of them.
What is HempCoin?
HempCoin is a digital currency that operates on a fast, decentralized, immutable blockchain called PIVX Chain, which forked from DASH. This is among the oldest coins today, currently the 533rd largest coin by market cap, and it was developed back in 2014 when there was still less than 30 cryptocurrencies in existence. The coin’s focus is on agriculture, particularly in the areas of tobacco, hemp, and legal cannabis.
The cannabis revolution is relatively new, and the entire industry is still trying to fight its way to being a fully legal and accepted industry. This is one of the reasons why HempCoin’s success lies in the future, and not in the past, like that of most other cryptos.
The coin is currently on a mission to achieve mass adoption within the agriculture sector, and it plans to do this by offering new solutions in the cross-border payment area. This is still a problem even for fully-recognized industries, and it would be a big step up if a cannabis-related coin could provide such solutions. It would certainly allow the industry to bypass banking services, which are still difficult to obtain for industrial hemp and legal cannabis businesses.
To achieve this, HempCoin is offering HempPay, with three different methods — Mobile, Card, and Online. The coin itself will also be integrated into e-commerce apps like OpenCart, Magento, OSCommerce, WooCommerce, and PrestaShop, to allow its customers to pay with crypto.
HempCoin’s upcoming migration
It is not often that coins migrate from one blockchain to another, but it does happen on occasion when new, significantly better opportunities arrive. With that in mind, THC will migrate from PIVX chain to KMD Chain this June, as soon as Komodo (KMD) Asset Chain finishes the update of its Notary Nodes.
The migration will be 1:1 swap, and it will bring several new benefits to the project, such as upstream update capabilities, the optional use of zk-Snarks for additional privacy, and notary nodes as an extra layer of security and consensus.
The current users of THC will most likely have to transfer their keys or passphrases to the new environment, but the exchanges will take care of moving the coins themselves. All of the exchanges that can support the airdrop function will be able to help with the migration, so make sure to keep an eye on potential announcements.
At the moment, THC is being traded on several exchanges, including Bittrex, CryptoBridge, Indacoin, Coinswitch, and Xchange. The community will be notified as soon as new information becomes available, but you can always research komodoplatform.com or HempCoin’s discord for additional info now.
The platform offers Bitcoin-level security through dynamic checkpoint notarizations, and it will allow any coin — including THC — to scale without limits.
Best of all, every blockchain in the Komodo system supports atomic swaps and cross-chain smart contracts, making a massive network of chains. Finally, Komodo’s technology is fully modular and future-proofed with continuous updates to the ecosystem. It uses delayed-Proof-of-Work (dPoW) which protects the entire ecosystem, and to compromise protected chains, attackers would have to overpower the native KMD network, as well as the BTC network — simultaneously. This is pretty much impossible, which is what makes Komodo’s 3-layer network one of the best security systems in the industry.
~The Center Branch