The cannabis and crypto industries share many similar qualities. Both are practically brand new, both are extremely controversial, both shine with the potential to change the world, and both are consistently being held down by â€śThe Man.â€ť As banks, credit card companies, and PayPal all continue to deny working with Bitcoin and Cannabis, new ICO BitCanna has come up with a solution for the Cannabis industry. Use crypto to bypass the bank, and use their own distributed ledger to track all the products from seed to sale to help legitimize the industry
â€śAt BitCanna, we are looking to change the way cannabis does business. For too long have things been in a grey area, both retailers and users acting with uncertainty. BitCanna changes this, offering an easy way to establish trust back into the market and give regulators an avenue to regulateâ€ť
Starting in Europe, BitCanna will provide a decentralized payment network, with masternodes and POS rewards, for the legal cannabis industry. Customers can use BCNA tokens to make instant purchases in online and brick & mortar dispensaries.
BitCanna will be created in 3 phases, taking around 3 years.
Phase 1: Global Payment Solution (Q1 2017 â€“ Q4 2019)
Phase 2:Â Supply Chain (Q1 2020- Q4 2020)
Phase 3: Trust and Reputation (Q1 2021 â€“ Q2 2021)
What it looks like, 5 layers to the tech.
BCNA token will be used for all transactions on the blockchain. It will be a POS coin with masternodes.
In order to allow for almost instant transactions, they will have 60-second block times. Block reward distribution will be 50% Masternodes, 40% Proof of Stake and 10% Project proposals.
The token will inflate by 10%, decreasing over time until it hits 0%, at which time the system will slowly transition into a transaction-fee-only model.
Use of Funds:
This is one of the largest teams reviewed. There are 19 members listed in the whitepaper, most from the Netherlands, but then they have 13 blockchain engineer/developers living in Ukraine.
Boy Ramsaha i- Founder. Popular guy in the Euro Cannabis culture. Organized several international fairs around the world. 1991, founded High Life and Soft Secrets, 2 popular Cannabis magazines. Founder of Royal Queen Seeds, one of the biggest cannabis seed banks in the world, with 7 brand stores. Also owns a CBD lab in Switzerland. Has over â€ś250 people on the payrollâ€ť of his different companies.
Jan Scheele â€“ CEO. Has spent 7 years as Partner/Director at Strabico, an event services company with 2-10 employees, in Amsterdam. 17 years as Director at Caesus, a web development site with 11-50 employees. TedTalk Netherlands host.
Jack Janssen â€“ CFO.Â Current Business Controller at 4 different companies. Royal Queen Seeds, cannabis seed/oil producing company. Yuqo (30 employees), Cibdol AG (8 employees), and International Blockchain Solutions (parent company of BitCanna?)
Paulo Ramos (CTO), Is the leader of the development team.
Four law advisors round out the team.
There isnâ€™t too much hype around this yet, but itâ€™s still very early. They have a lot of business and media partnerships
In order to get this project running, the team decided to create a network of allies/partners called BitCanna Alliance.
BitCanna Alliance is a strategic initiative formed by leaders in the European cannabis industry. Itâ€™s currently made up of some of the most prominent seed banks and cannabis dispensary firms in Europe, serving more than 10 million unique visitors every month. There are over 20 businesses already signed on including some big players; Cibdol (a leading online CBD shop),Â Zamnesia (biggest online smart and seed shop in Europe), andÂ Royal Queen Seeds (one of the biggest global seed brands.)
The cannabis blockchain competition is not very tough yet. If BitCanna has a successful ICO and mainnet launch, they will probably be the best canna crypto on the market. However, the 30% discount for getting in 8 months early is most definitely not worth the risk. If interested, check on them sometime June 2019. 5.5/10
All unsold tokens will be burned
Featured image courtesy of Shutterstock.