PotCoin is a blockchain-based, peer-to-peer cryptocurrency which aims to provide a banking and networking solution to the $100 billion legal cannabis industry. It is the first Cryptocurrency that has been designed to empower, secure, and facilitate the transactions in the legalized marijuana industry. PotCoin comes in the form of digital coins, and it allows marijuana enthusiasts to carry out transactions. PotCoin is an open-sourced and decentralized organization which is driven by community effort. As such, each in the community takes an active role in the development and advancement of PotCoin. PotCoin uses blockchain technology to provide secure transactions for users. It allows them to interact, make transactions and communicate with each other without the need for a third party such as banks and clearinghouses. PotCoin transactions are fast, efficient and inexpensive.
PotCoin was established in the year 2014 through GitHub. The team behind PotCoin was comprised of three Canadian Entrepreneurs based in Montreal, Canada. Coincidentally, In October of 2018, cannabis was made legal in Canada when their federal government passed the Cannabis Act, which was monumental for the organization in what has become such a thriving industry. The mission of the PotCoin team was to create a cryptocurrency that would serve the legalized cannabis industry. They sought out to solve what they saw as an international banking problem and wanted to become the staple for handling the cannabis community's transactions while also removing the need for central government or central authority. PotCoin gradually gained a large community.
PotCoin saw a significant increase in price, market cap, and notoriety in February of 2014 when Chronic Star Medical announced that they'd be accepting the cryptocurrency as payment. This was a major win for both the cannabis community and the cryptocurrency community. PotCoin as such started gaining popularity, and gradually many Marijuana merchants began adopting and accepting PotCoin as payments for purchasing their products. PotCoin as such has been added to multiple cryptocurrency exchanges and has gained popularity worldwide. In 2017, PotCoin issued a press release to announce their collaboration with marijuana producer and distributor, WeedMD. PotCoin was at the pinnacle of blockchain news. In 2018, PotCoin had a circulating supply of around 230 million.
One of PotCoin's main competitors in the space is DopeCoin. PotCoin and DopeCoin both provide a decentralized digital currency for the cannabis industry.
PotCoin has become successful to the point that it even started sponsoring celebrities, including former NBA superstar, Dennis Rodman. In a press release, PotCoin announced their sponsorship of Dennis Rodman's fifth trip to North Korea to see Kim Jong Un during a historic summit with United States President, Donald Trump. Many have criticized Rodman's relationships with North Korea, which has also led many to raise eyebrows at PotCoin for endorsing Rodman. PotCoin's applications are intended for licensed producers and locations where medical and recreational marijuana is legal. PotCoin has also partnered with actor, Charlie Sheen to endorse his marijuana products.
PotCoin, just like many other Cryptocurrencies, is compatible with several types of wallets. Paper wallets, desktop wallets, mobile wallets, and hardware wallets (Ledger Nano S) can be used to store, receive and send PotCoin between users. PotCoin wallets have their own unique public address through which users can carry out transactions with ease. Transferring PotCoin between individuals is also relatively easy and can be carried out through the internet with just the click of a button. PotCoin transactions require only the two parties and do not involve a third party. Thus, transactions are secure, the transaction fees are much lower, and you can use them in any country without the risk of the account being frozen.
PotCoin stands as one of the most popular digital Cryptocurrencies for carrying out transactions in the cannabis industry. Some notable features include the following:
POT Technology: The first feature of PotCoin is known as POT Technology, which is based on Litecoin. POT Technology carries all the features of Litecoin with many improvements. Some of these include shorter time frames for generating new blocks. The halving schedule has been made aggressive, and the maximum cap for the number of coins which are available has also been increased significantly.
Proof of Stake Velocity (PoSV) Algorithm: This algorithm is also known as a PoSV algorithm in which the system rewards both the owners of the PotCoins as well as the client's activity. This algorithm is different than many other cryptocurrencies since they often us a proof-of-work algorithm. With the PoSV algorithm, the network and the process of mining for PotCoins requires a significantly less amount of power compared to other PoW systems. In PoSV, users who stake their PotCoins will be awarded an interest rate of 5 % on an annual basis, and they also contribute to enhancing the security of the blockchain.
Solely for the Marijuana Industry: PotCoin has been exclusively designed and developed with the intentions of creating a unique and functional experience for the legal cannabis community. This cryptocurrency allows Marijuana dealers and users to make transactions while purchasing marijuana-based and marijuana-related products. Many traditional financial institutions refuse to provide their services to legal marijuana businesses citing various reasons. However, PotCoin comes to the rescue and offers financial services to the cannabis industry while maintaining anonymity, security, speed, and efficiency.
Charitable Actions: What makes PotCoin stand out from the rest is the philanthropic actions which they perform. PotCoin as such is known for regularly hosting charity events, giving proceeds to the charitable foundations, and also donating PotCoins to Patients who use medical marijuana. While most places have yet to legalize recreational marijuana, PotCoin actively takes part in the fight to legalize the use and consumption of medical marijuana in the world.
Using PotCoin to make payments has a few notable benefits:
Safety: Unlike most transaction methods which use cash, PotCoin is entirely digital as well as decentralized. This means that PotCoin cannot be easily stolen, seized or frozen by any external entities. PotCoin claims to have highly secure transactions by creating various measures, such as escrow protection.
Speed: Another benefit to using PotCoin is unmatched speeds compared to other traditional forms of payments like credit and debit cards which take much time. With PotCoins transactions are completed in a couple of seconds, making it extremely fast and efficient saving a lot of your time in the process.
PotCoin can be purchased through many exchanges, and they are PotWallet, Poloniex, Bittrex, Changelly, PotCoinTrade, and CoinPayments. Though there are many exchanges and trading platforms that offer PotCoin, the procedure for purchasing them is similar throughout. The first step requires users to register on the exchange. Second, users can buy PotCoin online using digital banking accounts. Alternatively, you can buy them using cash by meeting face to face with the dealer. You will be required to go to the "Buy PotCoin" section and then select a PotCoin trader who is available in your region. You'll then be required to select your payment method. The request will be sent after clicking the "Buy" button. After the payment has been made and confirmed by the seller, the PotCoin will be released, and it will be transferred to your Digital Wallet. When redeeming your wallet contents, they are encrypted with private keys.
PotCoin has gradually gained popularity among legal marijuana dealers and has partnered with many marijuana dispensaries and businesses, allowing customers to buy legal Marijuana using PotCoin. Potcoin has a market price of $0.0221 as of October 2018.
If you are interested in detailed, real-time PotCoin price charts, the latest PotCoin news, and instructions on how to buy PotCoin, you can find information on Coins.Live. Learn where to buy and sell from proper exchanges, how to invest in PotCoin, and gain insight by reading long-term PotCoin cryptocurrency predictions. Check out informative Tweets by PotCoin by heading to their Twitter. Always be sure to consult with a professional financial advisor when seeking financial advice.
|Genesis Date||January 15, 2014 (about 4 years)|
|Hashing Algoritm||Proof of Stake Velocity|
|Block Time||0.67 Minute|
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