CanCoin: the Cannabis Solution

By adriaparcerisas | ICO Reviews | 29 Sep 2021

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The legal cannabis industry has developed very rapidly in recent years. However, it has not taken on the value it really has because there is a lack of harmonized legislation at the national level. In addition, because of its effects and because of what was known to date, there has been a negative stigma associated with cannabis that has limited its use.

However, we have to think that the Cannabis business is a multi-billion dollar market, especially in the European region, encompassing sectors such as health, pharmaceutical and industrial. For this reason, I want to introduce you to CanCoin (https://thecancoin.com/), a new project within the world of cryptocurrencies that aims to use blockchain technology to solve these problems.

What is CanCoin?

In more detail, CanCoin (https://thecancoin.com/) is a new blockchain-based solution for the cannabis industry that offers a new industry token with one main purpose: the fast-growing cannabis world. It not only solves the aforementioned problems, but also ensures trust and encourages faster response.

CanCoin’s main goal is to solve the current frictions between the cannabis industry and participants using blockchain technology, joint intelligence, smartphone apps and databases, and automated incentive tokens.

Why CanCoin?

CanCoin could be use for a variety of purposes and it will be useful for Cannabis industry. Below, you can see a list of the most important things that you can do with it.

Track & Trace: to fund tracking technologies from seed to shelf.
DNA storage: to fund tracking technologies and DNA software storage to enable personalization of plant-based medicines based on each individual’s DNA.
Medical use: to fund the development of a tracking application for medical cannabis patients.
Payment: to fund new payment gateway solutions for cannabis products.
New standard: for global payments and processing.
Tokenized crowdfunding “TheCanCoin”: to fund private cannabis start-ups.

Main functions and utilities

For DOS
CanCoin will use and serve Dos Network, a decentralized Oracle service that supports multiple heterogeneous blockchains. The idea is that this will carry real data, and increase computational power to smart contracts in a secure, reliable, efficient and scalable way.

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For dynamic NFTs
They also offer dynamic NFTs as non-fungible tokens that trigger a series of actions.

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Benefits with CanCoin integration

Integration of track and trace solutions to increase transparency between businesses, consumers and regulatory agencies.
Decentralized payment network
Enhanced crowdfunding capabilities
Increased security of medical ID and patient data.
Dynamic NFT
Mass adoption of tokens, which means an increase in the rate of cannabis participants.

Tokenomics

The main token of the CanCoin platform is the $CANNA, a token based on the BEP-20 protocol of the Binance Smart Chain network, with makes it very attractive not only for its use within the platform but for its low commission costs.

Symbol: CANNA
Maximum supply: 420.000.000 CANNA
Consensus model: Proof of Reputation (PoR)
Platform: Binance Smart Chain (BSC)

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Conclusion

CanCoin is one of the most interesting projects being developed with blockchain technology for the Cannabis industry. In addition, they also intend to incorporate such novel and future tools as artificial intelligence and/or smart apps, making it a very futuristic project with a prosperous path. Undoubtedly, it can revolutionize this industry and it is important to be attentive to its development.