PotCoin Review or the Legalization of Marijuana Using Tokens


The market of cryptocurrencies contains a big number of various coins and tokens. The vast majority of people, even those who stepped their game up, are unaware of the existence of many coins that are designed for narrow sectors of the economy. One of these will be discussed in our today’s article. Have you heard about PotCoin?

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  1. What is Potcoin?
  2. Advantages and principle of work
  3. How to use Potcoin?
  4. Conclusion

1. What is Potcoin?

This cryptocurrency is not actually a pioneer in the market, it was launched in 2014. The main purpose of the coin is to facilitate transactions in the industry of legalized cannabis (marijuana). In fact, PotCoin is a means of payment, with its help you can easily transfer money anywhere in the world. The project has its own decentralized payment network.

As the developers assure, the use of PotCoin simplifies scalability, enhances security and creates significant cash savings for companies that use it.

At the moment, the coin price is $0.0515, the total capitalization is $11.3 million, and it ranks 410 in the global rating of Coinmarketcap.

2. Advantages and principle of work

Considering the abovementioned, let’s take a closer look at the advantages and disadvantages of the PotCoin cryptocurrency:

  • very fast, almost instant transactions;
  • safe and transparent platform;
  • small commissions and tariffs;
  • the possibility of simple scalability.

If we touch on the technical part a bit, it is worth noting that this coin is built on the algorithm of mono nodes. The project has an open source code that was released using the MIT license.

If you look back and look at this coin at the very beginning of its path, it will be very difficult to notice the differences from Litecoin. In fact, the project was Litecoin’s hard fork in the sphere of cannabis, only the changes in the source code were minimal in the beginning, and they consisted in reducing the time spent on generating blocks. Initially, a reward for the miners was established at 420 coins for the found block, but after a while, this value was reduced by half. Now the average time for generating a new block is 40 seconds, and for a reward for it will be 210 coins.

More global changes in the code of cryptocurrency occurred in late summer of 2015, then the development team introduced a new PoSV proof algorithm, which the network operates on to this day.

3. How to use Potcoin?

This cryptocurrency can be used by any person who has access to the Internet. But initially it was designed specifically for companies that are specialized in the production and marketing of cannabis. Potcoin is designed to work with the B2B segment, therefore, there are separate advantages of use for business. For example, any licensed company in this field can receive and send PotCoins through the “trading gate” of the system. This significantly reduces commission costs, the time of transaction and increases overall security.

You can store these digital tokens both on the specialized PotWallet wallet and on third-party electronic wallets. A specialized wallet is quite simple to use, and an average person can understand it in a matter of seconds.

Potcoin can be bought at a dozen major exchanges, including Poloniex, Bittrex, etc. You can earn these coins simply by owning them, since the algorithm which the system works on is built on Proof of Stake Velocity. The interest rate from it is about 5% per annum.

4. Conclusion

The Potcoin cryptocurrency was launched in 2014. Initially, it was a copy of Litecoin, as it was its hard fork. One of the main advantages of the system is the implementation of the PoSV ownership proof algorithm.

Anyone can use the coin, but it is meant for working with companies that manufacture and sell cannabis. It significantly reduces costs for business and also increases the level of security of transactions. As for the forecasts, we should not expect huge growth, since this cryptocurrency is strictly narrow-aimed.

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