cannacoin was deployed on march 28, 2014 with proudly no ICO and 0.00% pre-mine under a fair distribution strategy. cannacoin is cryptocurrency for the cannabis community, worldwide.
since our inception we have operated as an alternative to cash in cannabis transactions where a cash-only business model is mandated by the government due to cannabis prohibition on a federal level. this makes banks unable to open accounts for cannabis companies. plus, handling all that cash is very dangerous indeed.
cryptocurrency is an evolution of distributed computing and the bittorrent protocol. in december of 2014, cannacoin transitioned to a proof of stake protocol for environmental awareness, carbon offset, and scalability. proof of stake is a model where the amount of cannacoin that an individual holds determines their network weight or mining weight and in turn dictates their contribution to the verification of transactions whereby new coins are minted on the network. this means that users earn new coins based on the amount of coins they hold. this amount is essentially 2% annually of their net holdings.
cannacoin can be exchanged on a peer to peer level with our mobile wallet (coming soon to android) and we also have a point of sale solution for merchants. we want to install cannacoin kiosks at participating cannabis retailers and build an online exchange. we are currently in the stage of upgrading and working to expand our utility and technology.
more to come.
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