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Cannabis Coin

What is Cannabis Coin?

Cannabis Coin is a decentralized and open-source cryptocurrency created in 2014. The coin was forked from Peercoin and Bitcoin by an anonymous person only referred to as DeltaNine or D9. The coin was created to provide a reliable payment solution for marijuana dispensaries, merchants, retailers, and users in the fast unfolding cannabis niche.

The coin is a proof of work cryptocurrency which means that it resembles Bitcoin and Peercoin in many aspects. For example, it operates as a decentralized network of nodes that help to govern the system. However, it differs significantly by adopting X11 hashing algorithm.

Note that though the coin was designed for the marijuana niche, it is also used for crypto-related payments just like Bitcoin or ETH. Here is a closer look at the performance of the coin in the market:

  • The Cannabis Coin trading history

When Cannabis Coin was unveiled on 5th August 2018, its value was $0.00085. The value rose significantly to $0.05 by 23rd October 2018 before dropping to $0.003 in early January 2015. Between January 2015 and May 2017, the value of the coin ranged between $0.001 and $0.0075.

From June 2017, Cannabis Coin value started rising and hit an all-time high of $0.3 in January 2018. However, the positive show was short-lived. Immediately after hitting the highest mark of $0.3, the coin took a bearish trend that culminated to $0.005 on 25th December 2018.

Though 2018 was marked by a bearish trend, the show was not peculiar to Cannabis Coin only. Others including the top coins such as Bitcoin and Ethereum were also on a downtrend. As the marijuana niche continues expanding, the demand for the coin and its value are expected to take a bullish trend.  

What is the problem that Cannabis Coin solves?

As the cannabis sector continues to expand, most of the systems appear less prepared to support its sale and related payments. Here are some of the problems that Cannabis Coin seeks to address:

  • Lack of a supportive payment system for the emerging marijuana niche

In the past, cannabis was considered one of the top narcotics, and people were advised to stay away from it at all costs. But the narrative is changing. After the medicinal value of Cannabis was discovered, countries are changing their stance about marijuana. But others are now allowing it even for recreational purposes.

Some of the countries that have legalized marijuana include Canada and Uruguay that allow consumption and sale of both recreational and medical cannabis. In the US, ten states have legalized sale and consumption of marijuana. However, it remains illegal to use cannabis federally. Other jurisdictions that allow use of Marijuana include Belgium, Bolivia, Costa Rica, and Estonia.

Because most of the old systems were designed when marijuana was illegal, they rarely support marijuana even after its legalization. This is why Cannabis Coin was created.

  • Imbalanced adoption of cryptocurrencies

Since 2009 when Satoshi Nakamoto launched Bitcoin, most of the newer coins are directed at other areas such as sending of value, gaming, and e-commerce sectors. The effect is poor adoption and use of crypto coins in emerging markets such as the marijuana niche.

The cannabis coin targets to help extend the adoption of crypto coins in the cannabis niche. It also seeks to facilitate faster growth of the cashless system in the market.

  • The high cost of sending value using the traditional financial system

If you use traditional financial organizations such as credit cards or banks, the cost of sending value is very high. The organizations are created with the primary target of helping them optimize profitability.

All the services in the traditional systems are carefully priced to ensure that the organizations make high profits. From sending value to saving funds, the services are very expensive. The managements of such organizations have to charge high transaction fees to net high return for investors and meet expenses such as wages and rent.

  • Lack of secrecy in the traditional  finance systems

Though the marijuana niche is changing, many people are yet to accept it. For example, people who want to buy cannabis for recreational use might still be profiled by the community. But the traditional payment systems do not offer the cannabis users an anonymous platform because a lot of people can easily know about the order details.

If you make payment for a cannabis order through the banking system, cashiers and bank managers can easily see the details. Some institutions could even decline to process the order because it is associated with marijuana.

Cannabis coin seeks to change this model by providing the marijuana community with a completely anonymous system for running their transactions.

  • Centralized mining

Many cryptocurrencies that were unveiled in the early years of the crypto niche used the proof of work protocol. However, the protocol emerged to be highly ineffective because of the ever-growing mining difficulty that required users to generate and use high computing power.

To make mining viable, the industry started generating Application-specific integrated circuits (ASICs) that generate very high computing power. The main issue with ASICs is the associated costs of equipment. Because only a few people can afford the equipment, it implies that mining is centralized and the native coins could fall into the hands of the elite. It also raises the danger of 51% attack.

How does Cannabis Coin solve the problem?

From people who target to use marijuana for medical purposes to others interested in its recreational use, the missing link is the lack of a reliable and secure platform for payment. Here are some of the methods used to address the issues outlined above:

  • Cannabis Coin system operates as a completely decentralized system

The main method used to address the above problems is decentralization of the payment system. When marijuana-related transaction in the Cannabis Coin system is initiated, it is picked by a system of nodes that help to confirm transactions and add new blocks into its public ledger.

Using a network of nodes implies that there are no centralized organizations such as banks that are involved. Therefore the transactions are faster and cheaper. In addition, they are also anonymous because all user details are fully encrypted. This implies that no one can easily know about the history of your transactions.

When miners follow back the users to check whether they have ample funds on their accounts, they can only know the content of the public address as opposed to details of the private keys. Because cryptocurrencies are not regulated, no entity including a court of law can order for the details of your crypto related operations.   

  • The use of X11 hashing algorithm

This is a proof of work hashing algorithm that was created by Evan Duffield and first implemented in Dark Coin that was later named Dash. X11 combines 11 hash functions that include Luffa, CubeHash, SHAvite-3, SIMD, ECHO, Skein, Keccak, JH, Grøstl, Blue Midnight Wish, and Blake.

The main advantage of X11 hashing is that it is ASIC resistant and more secure than Bitcoin. This means that you can easily mine the coins with standard devices such as GPU and CPU.

  • Availability in multiple trading platforms

To make more people appreciate and adopt cryptocurrencies, Cannabis Coin development team ensured that it is available on multiple platforms. You can go for the version that supports Windows, iOS or Android platforms.

Whether you want to store or mine Cannabis Coins, it is possible to run the transactions right from your PC or GPU. Besides, you can store the coins on a mobile wallet in order to run the transactions even when away from the main computer.

What makes Cannabis Coin better than it’s competitors?

The crypto industry has become highly competitive because of the many coins joining the industry at a fast rate. Therefore, the Cannabis Coin development team had to craft a method of competing against these coins and the traditional financial organizations. Here are some of the things that make Cannabis better than competitors.

  • The crypto coin is targeted at an area that is less explored

While more cryptocurrencies target the main financial lines of sending money, games and social media, the Cannabis Coin is projected at the less explored marijuana area. Though the marijuana niche is still small, more countries are legalizing cannabis and the market is expected to grow rapidly in the coming years. This is the reason many people are buying and holding the coin.

  • The Cannabis Coin can serve all the purposes of other coins

One unique thing about Cannabis Coin is that though the primary aim is serving the marijuana niche, it can also be used for all other purposes like the common coins. For example, you can use the coin to send value just like Bitcoin or trade it in the markets such as Bittrex.

  • Cannabis Coin presents a reliable way to trade with no fear of chargebacks

If you make an order for cannabis, some financial organizations that still believe it is bad could drop it. Besides, even some traders might be tempted to drop it unless you provide additional info on authorization to have cannabis.

However, Cannabis Coin allows users to operate anonymously. This means that you can place an order and get deliveries in total anonymity.

  • Cannabis Coin allows users to mine with standard devices such as GPU and CPU

Unlike other coins such as Bitcoin that have suffered from the serious problem of centralized mining, Cannabis Coin allows users to mine with CPU and GPU. This makes it easy for more people to join the network, mine, own the native coins, and participate in the network governance.

  • The Cannabis Coin community has been  growing steadily

As a new market, the marijuana niche is expected to keep growing steadily. Both crypto experts and the community are expecting the value of Cannabis Coin to grow in the coming years. This makes it a good investment in the fast-evolving crypto niche.

It is important to note that though X11 hashing algorithm used to worked well as an ASIC resistant protocol, the technology is no longer effective. Newer ASIC miners that can mine even  X11 based coins have been released into the market.

How can Cannabis Coin be categorized?

Cannabis Coin is a creative crypto that seeks to help take the blockchain technology to the emerging marijuana niche. As more countries legalize cannabis use, the demand for an anonymous and reliable payment system will become more crucial. This means that Cannabis Coin timely coin that could ultimately emerge as a favorite for many in the niche.

What is Cannabis Coin’s vision on security?

The Cannabis Coin’s vision on security is to become the most secure payment platform for the marijuana niche. The founder and the development team used the following strategies to keep the coin and its network safe:

  • Use of X11 hashing algorithm.
  •  Advanced encryption.
  • Progressive development that looks for gaps in the core code and seals them before they become security threats.

Examples of Cannabis Coin’s use cases/ applications

To win a bigger market for a cryptocurrency, the main target is ensuring the coin can be used for many applications. The following are the main use cases of Cannabis Coin.

  • Cannabis Coin can be used to pay for marijuana in countries that have legalized it. You can order and pay for medical or recreational marijuana using Cannabis Coin.
  • Like Bitcoin, Cannabis Coin can be traded in the markets that list it. These are exchanges that bring together crypto coins buyers and sellers in the market. Note that to trade in the crypto exchanges; you will need to start by joining the exchanges and verifying your account with government-issued documents.
  • The Cannabis Coins can be used to send value across the globe on a peer2peer basis. Note that both the sender and recipient need to be on the same network for the transaction to be completed.
  • Cannabis Coin can be used to pay for goods and services from stores that accept them. Even if a trader only accepts a different coin, it is still possible to make a purchase using the coin by first converting to the supported coin.
  • You can use the Cannabis Coin to pay for government services in states that support cryptocurrencies. For example, the Singapore government indicates that there is no difference between paying for services with fiat or cryptos.
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iDice

What is iDice?

iDice is an Ethereum based dice game that was first announced on 5th June 2017 on BitcoinTalk.org. Like other dice games, iDice allows players to bet on the outcome of the dice roll. The riskier the bet is, the higher the amount that one can win.

iDice was founded by Jordan Wong, the current CEO. Other notable members of the development team include Steve Patel (CFO), Abdul Ghafoor (CTO) and Brandon Schmitz (developer). The focus of the team was to provide gaming enthusiasts with a better experience not available in other online gaming platforms. 

When the founding team released iDice platform, they also released its native coin referred to as ICE. The coin was released through initial coin offering (ICO) that run between 16th and 30th June 2017. During its ICO, iDice raised $2.5 million.

One notable thing about iDice is that the native ICE coins are very few. Unlike Bitcoin that have 21 million or Litecoin with 84 million, iDice total supply is only two million. The primary goal for the low supply is keeping the demand and value of the coin as high as possible.

  • A closer look at the iDice price in the market

While the iDice community has been upbeat that ICE is the coin of the future, the trend shown by its value appears to negate the assertion. Since inception, the value of the coin has been on a downtrend. This implies that those who bought the coin as an investment in 2017 were counting losses by the close of 2018.

When ICE hit the market in late June 2017, the value was $2.27. This was the highest mark in its history. By the close of June 2017, the value had dropped to $0.9 before shooting up to $1.7 on 3rd July 2017. But the positive show did not last.

Starting from July, the price took a bearish trend that culminated to a low of $0.09 in mid-September. In the last five days of December 2017 and early January 2018, the value of ICE shot up to reach a peak of $0.8. But the positive show resumed the bearish trend and sunk to $0.05 when it exited the market.

The exit from the market saw many gamers who had bought the coins left wondering what to do with them. Investors can only hold onto the coins hoping that the market will resume at some point.

What is the problem that iDice solves?

Though the growth of the blockchain niche has been impressive because of the large number of digital coins entering the market, some niches are still under-served. One of these niches is gaming. iDice seeks to address this problem and others described below.

  • Poor adoption of cryptocurrencies

If you take a closer look at the rate of cryptocurrency penetration and use in the conventional setting, you will realize that many people are yet to adopt it. For example, if you have some native coins and want to pay for some services in a neighboring store, the chances are that the store will decline. Even if there are stores that support the native coins, they are only a handful.

The idea of cryptocurrencies as an alternative currency is yet to get fully accepted by people. Many stores are yet to appreciate how the coins can be used to transfer value just like the standard currencies.

iDice addresses this issue by providing a simpler and more reliable method of paying for gaming niche. It offers users efficiency and convenience that are unmatched by the fiat currencies.

  • High cost of sending value using traditional financial organizations

When you decide to pay for services such as gaming through traditional financial organizations, the cost is very high because the providers are built on profit optimization model. Financial service providers such as credit card companies have to raise optimize profit to reward the shareholders and meet their long lists of expenses.

Because of the stiff competition, the traditional financial companies set their offices in top cities where rent is very high. Besides, they also have to pay wages, maintain their technology, comply with the law, and run extensive marketing campaigns. All these expenses are catered for by raising the charges for services such as sending value.

  • Centralization of financial services

The traditional financial services are offered in a very centralized manner. This means that user data and transaction details are processed and stored in centralized vaults. But this model implies that they are easy targets for attackers.

The centralized system further results in a lot of inefficiencies because transactions are handled manually or a lot of people have to scrutinize the transactions before they are confirmed. For example, if you are paying for a gaming service, a transaction through the bank would be scrutinized by staff to ensure it does not violate anti-money laundering rules.

  • Slow  entry of cryptocurrencies into the  gaming niche

While some gaming companies had already tried to introduce crypto payments, the process was generally slower compared to other niches. For example, since the sale of SatoshiDICE in 2013, most developers had concentrated on desktop applications. iDice claims to be the first global  mobile blockchain mobile application.

How does iDice solve the problem?

The focus of iDice in the market was to provide a unique operational approach that users could rely on to get better customer experience when playing DICE game. Here are some of the methods that iDice use to solve the above problems:

  • The iDice operates as a completely decentralized coin

To play DICE on iDice, users are required to pay with the native ICE coin. The target is ensuring that operations are fully decentralized. As a completely decentralized coin, it implies that transactions are run by nodes as opposed to a centralized organization such as a bank or credit card company.

For example, when you initiate a payment transaction on the iDice system, the process is picked by miners who follow back on the public address to ensure you have ample coins and there is no double spending. This implies that the transactions are completed faster for more impressive user experience.

  • It operates a mobile  gaming app

Though the advantages of using blockchain technology are appreciated in the gaming community, few had ventured into the mobile niche. Extending the technology to mobile phones was considered complicated because of limited storage and memory. However, iDice team was able to conquer the challenges and crafted a winning mobile application for DICE   gaming enthusiasts.

The mobile app implies that gamers can now play their favorite   DICE games even when away from the main computers. The application is light and easy to use when masking payment using ICE and playing DICE.

  •  The coin can be used for gaming and other purposes too

To make it easy for more people to join the crypto niche and use the coins for direct payments, iDice coin is not restricted to iDice. Rather, you can also use the coin to pay for other games in the industry. Now, traders are also accepting ICE for payment of services and goods in their stores.

What makes iDice better than it’s competitors?

The entry of iDice into the market in 2017 found a niche that was already experiencing stiff competition. Both old and new crypto networks had to fight for space to win a bigger market share. Here are some of the things that make iDice better than competitors:

  • iDice supports both desktop platforms and mobile platforms  

While other blockchain based networks are mainly targeted at the desktop platforms, iDice went a mile ahead to focus on the mobile platforms. This model has helped to ensure that it reaches more users and provides them with an opportunity to game even when away from the computers.

  • The coin has a limited supply that helps to keep its demand and value high

Unlike other coins such as Bitcoin and Litecoin that have more than 20 million coins, the total token supply for the iDice platform is only two million.  The low supply was designed to help the coin demand and price remain as high as possible.

However, the effectiveness of this model is debatable because the value of the ICE coin has been on a downward trend since its release into the market.

  • The ICE coin allows users to become part of the network owners

Like other coins such as Bitcoin and Ripple, iDice coin allows users to participate in its governance. When you acquire the native ICE coins and join the network, you become part of its governance system. This implies that you can be called to vote or even suggest new features that should be added to improve the network. 

  • It targets a rich gaming  field

The iDice development team’s focus on the rich gaming field has given it an edge over others because of the fast-growing community. Many people have been seeking ways to get the casino experience into their homes, workplace and even on holiday.

As a mobile app, iDice helps to take the DICE game to where people are without requiring them to visit the conventional casinos. You only need to have a smartphone and some ICE coins to start playing DICE on the mobile phone.

It is important to note that the coins can also be used to pay for other games in the online gambling niche. This helps to reduce reliance on fiat currencies and providing users with a platform for paying anonymously.

How can iDice be categorized?

iDice is an ambitious project that targets to enhance user experience in the gaming niche. The development team demonstrated that though the blockchain technology is still at infancy, the emerging challenges can be addressed through creativity and innovation.

The iDice team provides a mobile DICE gaming platform at a time when it appeared almost impossible. Thoughts of the heavy blockchain and memory requirements made most developers opt for the simpler desktop versions. After iDice demonstrated that the blockchain platforms can also run on the mobile platforms, more developers are now focusing on creating more advanced platforms.

What is iDice’s vision on security?

The security vision of iDice is to become the most secure and reliable DICE gaming platform in the gaming niche. The development team wanted to guarantee gamers that the platform would not compromise their smartphones or the stored content. Here are some of the methods used to keep the platform secure:

  • The platform and its native coin operate as a decentralized system. This implies that there is no single point of failure that can be targeted by attackers.
  • The development team at iDice evaluates the network regularly to identify gaps and further seals them before attackers can take advantage.
  • The user details on the iDice system are completely encrypted to make it hard for attackers to gain access to user details.

Examples of iDice’s use cases/ applications

When a cryptocurrency is introduced into the market, developers target to optimize the applications for greater acceptance. Though iDice is targeted at the gaming community, it can also be used in the following applications:

  • You can use iDice to access and play DICE game on the mobile phone. This means that you do not have to visit a casino or restrict playing to the desktop alone. Note that players are required to pay for the service using ICE coin.
  • iDice coin can be traded in the market just like other coins. You only need to identify an exchange that lists the coin and register for a trading account. Then, pair ICE with another coin such as Ripple before placing your orders. 
  • The iDice coin can be used as a store of value. If you are entering the crypto niche or want to invest, iDice coin is a good option. The low supply of only two million implies that the chances of the coin’s value rising in the coming years are very high.
  • Like other coins such as Bitcoin, iDice can also be used to send value across the globe. Note that the recipient and sender must be on the same platform.
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