What Is Cannabiscoin?
Cannabiscoin (CANN) is a peer-to-peer digital currency designed to enable instant payments to anyone, anywhere in the world. Launched in May 2014, Cannabiscoin is based on the Bitcoin protocol but is different in that it can be efficiently mined using consumer-grade hardware. In other words, mining Cannabiscoin is much easier than mining Bitcoin.
Cannabiscoin serves as a payment solution for medical marijuana dispensaries and retailers. The cryptocurrency is backed by marijuana, with the developers’ original idea being that 1 CANN should equal 1 gram of marijuana. The “CannabisCoin Marijuana Cultivators” community is supposed to produce marijuana that is sold exclusively for CANN, meaning one gram of marijuana should cost 1 CANN. With the average price per gram around $10, the cryptocurrency should also be worth $10 or more. However, at present, the price of one CANN does not exceed $1.
Cannabiscoin Details
- Launch Date: May 2014
- Algorithm: X11, ASIC-resistant
- Maximum Supply: 106,000,000 coins
- Block Reward: 105 CANN
- Official Website: cannabiscoin.net
Why Is Cannabiscoin in Demand?
Cannabiscoin aims to end the prohibition of marijuana by providing a dedicated cryptocurrency for the industry. Medical marijuana is legal in 29 U.S. states, and it is in high demand for medical purposes. Colorado and Washington have also legalized recreational use. On January 22, Vermont Governor Phil Scott signed a bill allowing recreational marijuana use, expected to take effect on July 1, 2018.
Cannabiscoin and Other Cannabis Altcoins
The term “cannabiscoin” is sometimes used not only for the CANN cryptocurrency but also for all cannabis-related altcoins—digital currencies associated with marijuana. For example, Potcoin is a popular cannabis altcoin designed to be a payment method for legal marijuana trade worldwide. Unlike Cannabiscoin, Potcoin’s value is not pegged to the price of a gram of marijuana. The creators aim to provide a payment tool for sellers and consumers of medical marijuana, considering the increasing legalization of the product in developed countries.