The blockchain revolution is bringing new possibilities to many industries and one of them is the cannabis industry, which was basically illegal in most of the world until recent years. Today our blog is going to review a company which works in the intersection between the cannabis market and the blockchain technology. Check our review of the Tokes Platform.
What is Tokes Platform TKS?
The Tokes Platform was a blockchain company which was founded with the intent of helping to solve the problems that the cannabis industry is legally facing with banking using the new blockchain technology and cryptocurrencies.
Almost everybody knows that the cannabis industry is one of the markets in the rise in this decade. Illegal in most of the countries in the world, cannabis has slowly been legalized all over the world. Places like Uruguay and some of the US states have already legalized this market. Unfortunately, no one would be surprised to know that this industry is facing problems.
You can take the example of the Uruguayan pharmacies which were selling cannabis. This is, in fact, one of the problems that inspired the creation of this platform. Some American banking companies announced that they would not be providing banking services to these pharmacies anymore, as they were violating the American law.
These pharmacies were doing something that their own government allowed, but the banks didn’t care, so they had to stop selling marijuana to their customers. This is exactly the problem that the Tokes Platform is trying to solve. The company believes that these companies should not be coerced by foreign bank agencies into doing something that their own law permits.
How Does the Tokes Platform Work?
Basically, the Tokes Platform plans to offer an alternative to these companies. Instead of using the old banking system, they could use cryptocurrencies instead. Not only the fees would be certainly lower than the normal fees of banks, by using cryptocurrency these companies could have more control over their own products and sales.
The system is pretty simple and it looks a lot with the system used by famous cryptocurrencies like Bitcoin. A P2P network exists that makes and validates direct transactions via the pharmacies and the cannabis buyers. The system, as any blockchain system, is secure because the blockchain validates every transaction and there is no space for scams.
The Tokes Platform is currently developing a mobile app which will allow the companies and users to make transactions using its tokens. Why not just use Bitcoin? Because, unlike Bitcoin, the company states that the Tokes’ fees are lower and the company is personally focused on the cannabis issue. The transactions cost less than one whole dollar and it takes an average of 30 seconds to be complete.
How to Invest in Tokes Platform TKS?
The way to invest in this platform is by buying TKS tokens. They are based on the Waves blockchain technology. To buy them you need two things: to download a compatible wallet (the Tokes platform) and to visit a cryptocurrency exchange to buy the TKS tokens.
You can find the TKS tokens both in the Bittrex Exchange and in the WavesDEX. As the TKS tokens are already in the market, we cannot say their current price when you decide to buy them, but they averaged about $5,20 USD per token at the time of this report.
The Tokes Platform TKS Verdict
Is this company a good investment for you? Well, it can surely be, but only in specific situations. We are not talking about an Initial Coin Offering (ICO) here, so you have to know that buying the TKS tokens to sell later is not a good idea. The TKS tokens had recently lost 7% of their value at the time of this report, so we have to advise you against buying these tokens for pure speculation.
On the other hand, there are two situations in which the Tokes Platform TKS could be a good product for you: if you want to buy cannabis or you if you own a shop of pharmacy that plans to sell cannabis. As the platform was specifically made for this, it is a great choice for you.
If you are in the cannabis business, we advise you to choose this platform without doubts. Even if the traditional banks are still dealing with you, they might decide not to support your business at any time, so it would be an awful idea to continue to use their services in this industry.