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CannabisCoin: 1:1 Cannabis Cryptocurrency

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As blockchain continues to disrupt processes across industries, niche coins — with hyper-specific purposes — have been grabbing their own little pieces of the crypto market. This trend of niche-specific ICOs is perfectly reflected in CannabisCoin (CANN), a blockchain cannabis solution. The CannabisCoin team aims to decentralize marijuana delivery for medical (and legal) marijuana users across the world.

The primary driver of CannabisCoin is the crypto elements, which looks to service the cannabis industry. This proof-of-work coin uses the same infrastructure as Bitcoin, which was a popular method for early blockchain adopters. This means that the coin halves, has a set reward-per-block, and uses Bitcoins original algorithm structure (POW + KGW.) It’s important to note that CannabisCoin has been established for four years now, which makes it one of the older coins on the market.

One of the tweaks that the Arizona based crypto-startup made on the original Bitcoin infrastructure was to reduce the hardware requirements (i.e., processing power) to mine the coins (X11 algorithm.) Currently, consumer-grade mining equipment can solve the coin equations, with an average mine rate of 42 seconds. Of course, CannabisCoin shares the same core features as Bitcoin (i.e. decentralized, gamified, mined, etc.)

Initially, the founder (known as Ty) started a movement — Yes We CANN! — which sought to get growers onboard with the decentralized currency to boost usage. The movement started with a ratio of 1 gram: 1 CANN, which has now changed to 1 gram: CANN ratio (being the equivalent coins-to-dollar.) Marijuana sold through this effort is called CANNdy.

CannabisCoin specifics:

The Current State of CannabisCoin

CannabisCoin is sold on four markets currently — Yobit, Cryptopia, CoinExchange, and Bittrex.

As usual, exchanges allow you to buy CannabisCoin using any of the other coins (Bitcoin, LITE, Ripple, etc.)

Currently (December 2018,) there are 77.23 million CANN in circulation with a total market cap of $400,783. The future status of CannabisCoin (like all cryptos) is difficult to ascertain. At launch (Aug 2014) CANN was $0.0003 per coin and stands at $0.005 today. The market high was $0.359, which makes the coin volatile.

This volatility proves some inconsistencies in the original model, which was aimed at offering a 1:1 ratio per gram of marijuana. But, with prices situation at half-a-penny a coin, that ideology hasn’t come to fruition. This makes CannabisCoin a primarily traded coin — as utilization was initially tested but has since halted. In 2018, there are no known dispensaries that accept CANN.

The Model of CannabisCoin

The original CannabisCoin structure had a unique value proposition. It’s important to note that CANN was one of the first three coins (PotCoin, DopeCoin, and CannaCoin) to attempt to align coin values with real products — namely, marijuana.

Despite the initial burst popularity of CANN, the external infrastructure couldn’t handle the original intent of the product. There were few dispensaries (1 initially confirmed, which no longer accepts CANN) and no external growers to support the internal infrastructure, which is still running smoothly.

While there are no current applications for CannabisCoin, the model that CannabisCoin helped derive — coins for physical products — is still a strong offering in the blockchain community.

CannabisCoin’s unique infrastructure and 1:1 ratio model are both incredibly exciting offerings from a blockchain startup. Unfortunately, there are no current adaptors of “Yes We CANN” rendering the coin virtually useless for transactional purposes. This is a coin that will continue to be traded until it ultimately dies away unless it’s resurrected during upcoming legalization talks.

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Source: https://blockchainhealthcarereview.com/cannabiscoin-11-cannabis-cryptocurrency/

Blockchain

Top DeFi Coins Finally Make Recovery: Aave, Ren, Chainlink Surge 10%

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Earlier this week, all eyes were on Bitcoin, not DeFi. The leading cryptocurrency shot a handful of percent higher while altcoins actually began to move lower against the dollar, sometimes by 5-10%. Some DeFi coins actually dropped 15% on the day that Bitcoin shot 2-3%.

This trend did not persist, though. Altcoins have begun to recover against the leading cryptocurrency over the past day, with some actually managing to outpace the previously-dominant Bitcoin.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

DeFi Coins Bump Higher Amid Bitcoin Surge

CoinGecko data shows that DeFi coins are bumping higher amid the Bitcoin surge that took place on Wednesday, which brought prices higher by over 8%. While Ethereum is still underperforming BTC, top DeFi coins are surging higher.

Ren Network’s REN token, Ampleforth (AMPL), Aave’s AAVE, Chainlink (LINK), and many other coins have gained around 10% in the past 24 hours. For context, again, BTC is up 8% while ETH has gained 6%.

This recovery comes shortly after analysts said that Bitcoin is likely going to outperform the average

“$BTC going up swiftly is not only not bullish for alts but it’s bearish. reasons for this are myriad but boil down to the fact that money is a coordination game and Bitcoin is the Schelling point; this is independent of how you feel about it, community is literally irrelevant.”

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

ETH & DeFi Fundamentals Remain Strong

DeFi and Ethereum fundamentals are strong.

Crypto-asset analyst Qiao Wang said that he thinks an institutional influence has landed in the DeFi space:

“It seems that Silicon Valley finally discovered DeFi. Relatively to crypto natives, they are characteristically late. They were late with BTC, ETH, and this time DeFi. But if history is any indication, they’ll hype it up and create a huge bubble out of it in the coming years.”

We’re seeing the institutional influence with the introduction of large crypto institutions and venture capital companies into DeFi through investments, comments in media, and so on. 

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
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Price tags: lendusd, lendbtc, aaveusd, aavebtc, aaveeth, renbtc, reneth, renusd, linkusd, linkbtc
Charts from TradingView.com
Top DeFi Coins Finally Make Recovery: Aave, Ren, Chainlink Surge 10%

Source: https://www.newsbtc.com/analysis/defi-coins/top-defi-coins-finally-make-recovery-aave-ren-chainlink-surge-10/

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Analysis: Current Bitcoin Rise Due To New Money Entering Crypto (And Not Altcoins Sell Off)

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Bitcoin is enjoying several consecutive bullish days, resulting in a break above $12,000. The movement may surprise some. A few days ago, news broke that the popular cryptocurrency exchange OKEx had suspended withdrawals after reports emerged that its founder was taken away by the police.

In early October, the owners of another large platform, namely BitMEX, were charged by the US CFTC with illegally operating a derivatives exchange.

Similar developments typically lead to adverse consequences for the cryptocurrency market. Although Bitcoin’s price indeed dipped briefly, the asset recovered swiftly. Moreover, it actually started accelerating.

On October 2nd, when the BitMEX news came out, BTC slumped to $10,400. With its price set above $12,200, this represents a 17% increase in less than three weeks. Since last Friday alone, when the OKEx events transpired, Bitcoin has gained about $1,000 of value.

Apart from building optimism within the community that a new 2020 high of above $12,500 is coming, BTC’s impressive performance raised questions about the nature of the funds going into Bitcoin.

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New Capital Enters

Popular cryptocurrency commentator Alex Saunders published a graphic on the matter called “Crypto Market Cycle Capital Flows.”

Crypto Market Cycle Capital Flows. Source: Twitter
Crypto Market Cycle Capital Flows. Source: Twitter

Saunders specified that the blue represented the entire cryptocurrency market cap, the black – BTC’s market cap, and the orange was the cumulative market cap of all alternative coins.

He outlined several periods when Bitcoin’s performance contrasted altcoins. This implies that when BTC was heading up, investors were swapping their altcoin positions for more significant exposure to Bitcoin and vice-versa.

However, the latest price increase for the primary cryptocurrency doesn’t fall under the same category. Saunders concluded that the data he collected “suggests the capital entering Bitcoin is new money rather than a rotation from Altcoins.”

Alternative Coins Stay Still

By examining the price performance of the altcoin market, one could see merit in his words. Although some alts have lost value lately, most have remained relatively stable.

On a weekly scale, Ethereum has lost less than 1%, while Ripple has dropped by about 2%, according to data from CoinMarketCap.

The altcoin market cap hovered around $148 billion a week ago and is slightly down to $147 billion now. The monthly scale even sees an increase from about $135 billion.

Altcoin Market Cap. Source: CoinMarketCap
Altcoin Market Cap. Source: CoinMarketCap
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Source: https://cryptopotato.com/analysis-current-bitcoin-rise-due-to-new-money-entering-crypto-and-not-altcoins-sell-off/

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Bitcoin Price Moons to New 2020 Highs on PayPal News

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Newfound bullish momentum is omnipresent with Bitcoin’s price throughout the last few days. The cryptocurrency has increased by more than $2,000 since October 6th, and it shows no signs of slowing down.

Bitcoin Price Breaks 2020 Highs on PayPal News

Throughout the entire month of September, Bitcoin’s price was somewhat stagnant, with a few minor exceptions. This became a cause for increasing worries among cryptocurrency analysts and traders, many of whom were worried that the price would head lower and fill the (still) unfilled CME gap down at $9,600.

All of this changed on October 6th when BTC started its ascend. Since then, the price has increased by more than $2,000, with the momentum culminating today on some major news coming from PayPal.

The world’s largest online payment processor announced that it would enable its customers to buy, sell, and store Bitcoin and other cryptocurrencies as soon as the “coming weeks” for US-based accounts and the first half of 2021 for other countries.

Naturally, the market reacted in a positive way. Today, Bitcoin’s price has surged from a low of around $11,910 to a high of $12,888 on Binance Futures, before retracing to where it’s currently trading at $11,750. With this sudden move, Bitcoin broke the previous 2020 high marked on August 17th when the price reached almost $12,500.

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btcusd_Chart
BTC/USD. Source: TradingView

The Rest of the Market Stalls Against BTC

Somewhat expectedly, altcoins are bleeding heavily against Bitcoin. The market dominance of the world’s leading cryptocurrency is increasing aggressively over the past few days, as it’s now sitting at 61.%, up about 3% in the last month.

BTC_dominance_chart-min
Bitcoin Dominance. Source: CoinMarketCap

As CryptoPotato reported yesterday, BTC’s market dominance is sitting on a 2-month high, while altcoins are already feeling the pressure.

Moreover, a recent analysis indicated that the latest increase in the price of Bitcoin comes from fresh capital, and it’s not a rotation of funds from alts. This shows that the new money entering the space goes into Bitcoin, rather than alternative cryptocurrencies.

On an entirely positive note, it’s worth mentioning that this seems to be a news-driven event. The fact is, however, that PayPal still hasn’t allowed its users to buy Bitcoin, meaning that there might be more positive developments once the feature is rolled into the platform’s services. Moreover, the company has also stated that it will push for the adoption of using digital assets with its vast merchant network in the following year.

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Source: https://cryptopotato.com/bitcoin-price-skyrockets-to-new-2020-highs-on-paypal-news/

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