PotCoin is a secure digital cryptocurrency aimed at the cannabis industry. Find out how PotCoin aims to work today in our review.
What Is PotCoin?
PotCoin (POT), found online at PotCoin.com, is a digital currency designed to facilitate transactions within the legal cannabis industry. Like other digital tokens, you can send PotCoins via the internet in a frictionless way.
Today, PotCoins are available on many major bitcoin exchanges, including Poloniex and Bittrex. You can hold PotCoins in your “PotWalllet” digital wallet. As of October 2017, one PotCoin is worth about $0.06 USD. The currency has a market cap of $14.02 million.
The currency was first introduced in January 2014.
In addition to functioning as a wallet for consumers, PotCoin has decentralized banking infrastructure and a payment solution.
“Using PotCoins,” explains the official website, “industry members will realize significant cost savings, scalability, and unparalleled enterprise security.”
With that in mind, let’s take a look at what kind of benefits you can enjoy with PotCoin.
How Does PotCoin Work?
PotCoin, like other digital tokens, is a peer-to-peer cryptocurrency. It’s an open source software project released under the MIT/X11 license. Initially, the currency was virtually identical to Litecoin – it was basically a marijuana-themed version of Litecoin, built as a fork of Litecoin-QT. The main improvements over Litecoin were a shorter block generation time, a quicker halving schedule, and an increased maximum number of coins.
Funnily enough, the initial block reward was set at 420 PotCoins, although that number would later be cut in half.
PotCoin became more unique in August 2015 when PotCoin changed to POSV (just like Reddcoin). Today, PotCoin continues to use the POSV proof of stake system. It has a block time of 40 seconds and a block reward of 210 PotCoins.
There’s a total maximum supply of 420 million PotCoins.
Today, PotCoin isn’t managed by any central authority. The core development team continues to add to the project, and is actively seeking out partnerships in Canada (the developers’ home nation) and internationally.
PotCoin Features And Benefits
PotCoin offers all of the following features and benefits:
- Instant transfers, allowing you to complete transactions instantly over the internet
- Proof of stake blockchain technology built on a secure, global, and transparent platform
- Low fees, including reduced processing and security costs and increased growth/scalability
- No chargebacks for merchants
How To Use PotCoin
It’s easy to use PotCoin. Here’s the basic process:
Step 1) Pick a wallet. We mentioned PotWallet up above, although other wallets are available. It’s free to create a wallet, and it can be setup in minutes. Visit PotCoin.com for a full list of wallets for Android and desktop operating systems. Currently, PotWallet is available for Android, Windows, Mac OS X, and Linux.
Step 2) Get PotCoin through an exchange, or by selling goods or services online.
Step 3) Spend, stake, or store PotCoin. PotCoin uses a proof of stake mechanism, which means you can earn money by holding onto PotCoin in your wallet.
By staking your PotCoins, you can earn an annual interest rate of about 5%. When you stake your PotCoins, your computer becomes an active node on the network. You receive a reward in the form of additional PotCoins.
Legal cannabis-based businesses can accept PotCoins through the PotCoin merchant gateway. The merchant gateway is targeted towards licensed producers, dispensaries, or anyone who sells cannabis-related products. Of course, any merchant can accept PotCoins regardless of their industry.
Some of the perks of PotCoin, in addition to using a frictionless currency with low fees, include a map listing on PotCoin.com’s map. PotCoin.com will eventually feature a map of all businesses that accept PotCoin, although similar maps have already been made by third parties online.
PotCoin was released in 2014. The developers created PotCoin with the mission “to empower, secure and facilitate the legal cannabis community’s transactions by creating a unique crypto currency.”
They describe the project as “a community run effort, by community members for community members.”
In addition to leading the development of PotCoin, the organization has benevolent goals in mind. They have a PotCoin Donation Fund where they give back to marijuana-related organizations and charities. So far, initiatives have included the Snoop Youth Football League, the Cannabis Health Service, and the FRAXA Research Foundation.
PotCoin was launched in January 2014 by three entrepreneurs from Montreal. The currency was launched at exactly 4:20pm on January 21. The three developers go by the online pseudonyms Hasoshi, Mr. Jones, and Smokemom 514, although two of the developers later revealed their identities as Joel Yaffe and Nick Iversen (both listed as co-founders and developers).
In June 2017, PotCoin made headlines after ex-NBA star Dennis Rodman made a trip to North Korea where he was photographed wearing PotCoin logos.
PotCoin is a digital currency catered towards the marijuana industry. It initially launched as a fork of Litecoin-QT, but has since implemented POSV, among other improvements. Today, merchants around the world accept PotCoins in exchange for products or services. The currency is one of several currencies popular within the legalized cannabis community.
To learn more about PotCoin or purchase PotCoins from an exchange today, visit online at PotCoin.com.