A Cannabis-Focused Crypto Network?

What does the future hold for BitCanna?

Photo by Shutterstock

Cannabis cryptocurrency BitCanna recently made the change over to Cosmos, the “internet of blockchains.” The switch was mainly due to Cosmos’ low transaction fees and quicker payments.

Cosmos was created to link blockchains that were once operated as isolated individual islands. Through Cosmos, they can now communicate and trade freely amongst themselves. Cosmos aimed to bridge the gap within IBC (inter-blockchain communication), which is often deemed similar to the internet at large.

Coin Telegraph explains how the internet connects the server to users with TCP/IP, and IBC uses a related strategy to make sure all messages are delivered to their destination. This is also what sparked BitCanna’s interest to move over to Cosmos.

The BitCanna blockchain creates equal opportunities for cannabis and related industries, and the new partnership with Cosmos is definitely an advantage for BitCanna users. Their platform was also recently listed on Osmosis decentralized exchange (DEX). Now, with the new partnership, two pairings are available with ATOM/BCNA and BCNA/OSMO.

A liquidity pool was also released, which gives users the advantage of receiving a percentage of trading fees equivalent to their share in the pool, even when prices aren’t fluctuating. With the new partnership, BitCanna hopes to solve some of the inconsistencies within the industry’s high standards and the questions posed by newcomers.

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Photo by Shutterstock

BitCanna offers needed transparency that positions itself as proof that its product is legitimate, effacing any preconceived notions that it’s a shady or suspicious industry. But, the commitment to the above takes quite a while to achieve. To do so, Bitcanna recently invested 73.5 million of their 127 million total tokens to create a decentralized network throughout the legal cannabis industry.

When BitCanna’s coins are vested, they become locked and untransferable. This means the original owners holding these tokens can still delegate or vote, but they cannot move their coins, which decreases the stress of selling the coin. There are currently 53.5 million unvested BitCanna tokens, and they will be used to incentivize liquidity and expand trading on the platform.

In more news, BitCanna recently announced its partnership with Cosmostation, an end-user application developer and enterprise-level validator node operator. The partnership now brings BitCanna to listings on the Cosmostation web wallet, explorer, and mobile wallet.

This allows BCNA holders to transfer and stake assets and engage in governance practices easily. Finally, users should expect applications with a user interface and experience that enhances the accessibility of the network and hopefully spark interest in the blockchain community.

December 07, 2021
Written by BuzzMusic
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December 07, 2021
Written by BuzzMusic
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