130-proof bud, straight up. – Mr Lahey
Information + Resources
PotCoin, first released 2014, is a peer-to-peer cryptocurrency from Canada that aims to be the private and decentralized currency for the legal cannabis industry, a pot-themed blockchain bank owned by nobody. This is to give a safe and secure payment platform for cannabis investment, trade, and consumption.
Originally a fork of Litecoin, the development team is working on migrating the platform to Ethereum, Counterparty or Rootstock to take advantage of blockchain 2.0 tech including blockchain applications and better security. Potcoin is developing its marketing platform and outreach as well, as a lot of things have to go right for currency adoption – especially for a heavily regulated industry in most parts of the world. As other blockchain platforms become household names, though, Potcoin will likely have the infrastructure to see mass adoption, especially if they’re migrating to the top blockchains.
As of June 22, 2017, Potcoin has over 23 million dollars in investment and are developing a number of products like a seed bank and a buyer rewards program to grow the platform and distribute Potcoins. There are also two similar newer coins with less backing called CannabisCoin and HempCoin, both targeting roughly similar markets. I appreciate projects like these as they are helping improve the atmosphere around cannabis, one of the safest recreational drugs which is still a highly regulated and under-researched plant with obvious medical benefits for those who’ve found it.
Cannabis was only made illegal by racist lawmakers taking advantage of prohibition-era hysteria in the United States, which spread to the world from there. Marijuana offenses now account for 1-in-8 of the some 2.2 million prisoners (plus about ~5 million in parole and probation programs) in the United States, something legalization of the plant will help curtail immensely. Some private prison, pharmaceutical, and alcohol lobbies would like to prevent that, however, something that can only be fought with legal representation – which takes a bit of money in the United States these days.
Definitely stay tuned on this if you’re an enthusiast for the cannabis industry. With a growing financial backing Potcoin could become an important voice in the industry, or just super rich if that’s the angle.
// Written June 22, ’17. Price at the time: $0.12 / POT
// Edited Sept 27, ’17. Price at the time: $0.08 / POT