New And Anonymous Payment Method: BitCanna

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New And Anonymous Payment Method: BitCanna

With an influential alliance formed to support the growth and development of BitCanna, the future looks bright. This new blockchain network offers functionality for all users, from grower to consumer and everyone in between.

Aimed at supporting cannabis businesses and their consumers, BitCanna provides a solution to an ever-growing problem. This new cryptocurrency and blockchain network offers unparalleled options for retailers, while also providing customers with the tools to ensure the integrity of the cannabis products they’re buying. The best part? Due to the unique and transparent nature of network transactions, BitCanna is set to pull the cannabis industry out of the shadows and into the limelight.

WHAT IS BITCANNA?

BitCanna is a decentralised blockchain network purpose-built for the cannabis industry - a statement many cannabis advocates would've never dreamed of reading several years ago.

Cryptocurrencies cannot be physically held. Instead, they exist digitally. No matter the currency you choose, there will never be a physical coin you can take to a shop to pay with. Operating via a blockchain network, users can send each other cryptocurrency in exchange for goods, services, gifts, etc. Think of the blockchain as a giant online ledger, a shared record of transactions that anyone can access. These transactions are immediate, whereas other payment options may take hours - or even days - to be finalized.

Pivotal is adherence to the blockchain rules; each blockchain is different, but these rules act as a means to protect genuine transactions and maintain the integrity of one true ledger. Remember, if every person can access the ledger, it could be open to manipulation. Complex encryption and unique rules and requirements keep this from happening.


HOW DOES BITCANNA WORK?

BitCanna provides a digital ledger that all contributors to the cannabis industry can maintain to verify goods bought and sold. Including: customers, merchants, growers, distributors, dispensaries (both online and offline) and, most importantly, banks and credit card companies. Given the legal minefield that the cannabis industry finds itself in, most businesses operate on a cash-only basis.

The legal status of cannabis differs widely across Europe. Many countries have legalized marijuana for medicinal use. However, recreational use is still illegal in many places. To add complication, even in some countries where cannabis is illegal, small amounts held for personal use are allowed by law enforcement. No matter where you live in Europe or the subsequent legal standpoint, there is no denying the shady reputation that has been dumped upon the industry. BitCanna aims to remedy this by providing a legitimate means of processing all money generated. BitCanna cannot succeed on its own though, which is why a vast network of industry-leading businesses have already signed up to the BitCanna Alliance.

The best part about BitCanna? Zero fees for customers and merchants. Many fledgling cryptocurrencies offer reduced fees as an incentive. BitCanna has the interests of the cannabis industry at heart, encouraging the use of their blockchain network without being penalised or charged.

THE BITCANNA ALLIANCE

For any blockchain network to be a success, it needs users who will support and maintain said network. Several other cannabis crypto tokens already exist, primarily aimed at the North America and Canadian markets. However, due to the differing spectrum of laws surrounding cannabis, Europe is crying out for a purpose-built solution. BitCanna has provided the resolution to this problem by joining forces with cannabis industry giants—each one committed to supporting the blockchain network, while working to address the issues the cannabis industry faces.

Comprised of the most prominent seedbanks, online retailers, and dispensaries, the alliance will be a positive driving force behind the widespread adoption of the BitCanna network. Royal Queen Seeds, Zamnesia, Vertafort, and Boerenjongens are but a few of the companies that have signed up. Collectively, these businesses receive over 10 million unique visitors every month, with 30,000 monthly transactions between them. Increasing the user base of the BitCanna network, and thus improving the stability and strength of the BitCanna token, will ultimately be what makes this crypto a success.

The BitCanna Alliance is not limited to these companies either; any business involved in cannabis, smart shops, or the like will be able to use the services provided by BitCanna.

BUILDING TRUST

Inconsistency in cannabis laws forces companies to operate in legal grey areas. Traditional payment processors like PayPal and Visa refuse to participate in cannabis industry transactions. As such, many companies are forced to maintain creative means of processing cash, despite wanting to operate transparently. Transparency is one of the fundamental values that BitCanna is built upon. No longer will legitimate companies or their customers have to do business in these grey areas.

BitCanna will support customers by offering a means to track products back to their source, be that a supplier or grower. This way, the integrity and reputation of the best seed producers can be maintained and verified. Companies claiming they have the best products will no longer be able to hide behind fake reviews. Instead, a rating system will be introduced that any user of the network can add to, giving companies the reputation they deserve.

Regarding the cannabis supply chain, government regulators have shown an increasing interest in the production, transportation, and financial flow of money to and from businesses. The distributed ledger will offer those government regulators a clear insight into the cannabis industry, including all supply chain aspects. Building trust with customers is integral for business to succeed; building trust with government agencies will grow the industry as a whole.

BLOCKCHAIN PROGRESS SO FAR

Still in the early stages of development, blockchain progress is incredibly promising. The BitCanna network is built on the proof of stake consensus protocol. Users must stake BitCanna Coin (BCNA) to verify transactions. Staking against a valid transaction will reward them with a percentage payout based on their total stake. Those using the network have an economic stake in its success. The entire network model is built on a five-layer premise, with layers one and two already completed.

Current completion of layers 1 and 2, including their functionality, will allow for a mainnet release in Q4 of this year. Layers 3–5 include supply chain, trust and reputation, and application layer. Exciting features like mobile app support, business app support, purpose-built wallet solutions, and analytics show the true scope and potential of this project.

WHAT DOES THE FUTURE LOOK LIKE?

A bold and unprecedented step into a seamless merger between cryptocurrency and the cannabis industry. Both industries are expected to grow exponentially in the future; the pairing seems obvious when presented with the goal and vision that BitCanna has. The exciting feature list, BitCanna Alliance, loyalty program, and network incentives point to a bright future for all parties involved.