Tuesday, November 16, 2021

Hemp, CBD, and THC

Cannabidiol (or CBD) is a constituent of the hemp plant that is associated with physical healing properties. It works on the body's endocannabinoid system as an agent of equilibrium between the various systems of our bodies. Hemp is said to be the original cultivar of the human species. It was the first plant grown on purpose by humans over 6,000 years ago. It can be used for its strong fiber for cloth, rope, and to feed livestock. My theory is that many of the strange diseases and food allergies that arose in the 20th century are due to the fact that hemp was removed from the food chain in the early 1900's during criminalization efforts. CBD is non-psychoactive unlike it's "neighbor" THC (also found in hemp but in lesser degrees) which is well known for it's psychoactive properties and sometimes can cause adverse effects in the overall experience of the ingestion of cannabis. Such effects as paranoia, anxiety, hallucination, and "time shift" among others can be lessened by the administration of CBD along with THC. You cannot overdose on either CBD or THC.

Monday, November 15, 2021

What is Proof of Stake?

The Proof of Stake (PoS) protocol dictates that the amount of coins a person holds correlates to the mining weight that they possess in validating block transactions and minting new coins. Therefore, the more coins owned by a user, the more mining power they have.

Proof of Stake (PoS) was invented as an alternative to Proof of Work (PoW), which is the original consensus algorithm in blockchain technology, used to confirm transactions and mint new coins. Proof of Work (PoW) requires enormous amounts of energy, with miners needing to sell their coins to ultimately foot the bill; Proof of Stake (PoS) gives mining power based on the percentage of coins held by a miner.

Proof of Stake (PoS) is seen as less risky in terms of the potential for miners to attack the network, as it structures compensation in a way that makes an attack less advantageous for the miner. Bitcoin, the largest cryptocurrency, runs on Proof of Work rather than Proof of Stake.

A growing number of the most popular cryptocurrencies use some variation of the PoS protocol. Here’s a partial list:

Cosmos (ATOM)

Cardano (ADA)

Polkadot (DOT)

Solana (SOL)

VeChain (VET)

Tezos (XTZ)

Proof of Stake (PoS) is a consensus mechanism used to validate crypto transactions and is meant to improve upon perceived flaws of Bitcoin’s Proof of Work (PoW). Some of the largest and fastest-growing coins have implemented this protocol.

Holders of PoS tokens can earn a “crypto dividend” on their holdings by staking their crypto and becoming network validators. Because this sometimes requires a substantial investment, exchanges have taken it upon themselves to make the process simpler and more affordable for the average user.

Understanding how PoS is key to understanding cryptocurrency and how it works. In general, it’s always better to know what you’re investing in before getting involved.

Friday, November 5, 2021

New Digital Payment System for Cannabis Businesses

Valley Bank Launches New Digital Payment App for Cannabis Industry

New mobile wallet app is the solution cannabis businesses have been waiting for

ON OCT 27, 2021

Wayne-based Valley National Bank, a subsidiary of Valley National Bancorp, is creating a new digital payment platform designed specifically for cannabis-related businesses.

Valley Pay, Valley’s new digital payment solution, will migrate cash usage to a secure, web application, easing the burden on cannabis operators who are reliant on cash transactions today. The cannabis industry remains heavily reliant on cash transactions to conduct business as major debit and credit cards are not accepted.

The application will allow cannabis-related businesses to provide their customers access to a compliant, secure and streamlined mobile wallet payment system.

“This new digital payment platform is the first of its kind servicing the critical payment needs of cannabis-related businesses,” says Stuart Cook, Valley’s chief digital product officer. “We see the reliance on cash and existing payments options as a big problem and have set out to help create a solution for our customers that is convenient and safe.”

Valley is one of the largest national banks serving multi-state cannabis-related business operators. Our dedicated team of banking professionals, including onboarding and treasury management specialists, are focused on serving the needs of cannabis-related businesses. Valley’s cannabis related business banking program is designed around the guiding principle of generating value for our customers when it comes to compliance, convenience, and cost.

The new payment platform is expected to launch with a pilot program in the coming months.

(from: https://njbmagazine.com/njb-news-now/valley-bank-launches-new-digital-payment-app-for-cannabis-industry/)

Wednesday, November 3, 2021

Cannacoin Pay Mobile and Cannacoin Pay POS

So, I've been doing some brainstorming and decided that we will call our mobile wallet Cannacoin Pay Mobile and our cash register will be called Cannacoin Pay POS. The cash register will accept the tickets from the Cannacoin kiosks for payment of goods in the store and the mobile wallet will be able to scan the tickets to absorb the change left over for transfer to a staking wallet. We may be able to figure out how to stake within the mobile wallet. We'll see.

Road Map for October 2022