What Is PotCoin (POT)?
PotCoin is a platform that offers payment and ecosystem solutions built on blockchain technology to influence the cannabis industry. The whitepaper mentions that the PotCoin platform focuses on developing traders’ relations, marketing, and building business associations.
With consistent transformation and development of blockchain technology, the PotCoin aims to remain updated with current consensus, security, and technological enhancements. The team seeks to improve the adoption of PotCoin with the implementation of incentives, rewards, and various interesting new services. PotCoin plans to include smart contracts, point of sale technology, cannabis tracking solutions, tokenization of seeds, and more.
The PotCoin platform allows its user to get paid easily through the electronic system from any part of the world. The network links the users to partners who can assist them in accepting and making an electronic payment. The seed bank of PotCoin is an easy method for users to transform their PotCoins into actual cannabis seeds. Users are required to join the seed bank and stake their tokens, generating seed tokens on the basis of the number of seeds present in the bank.
POT is the cryptocurrency of the PotCoin ecosystem and solutions. POT is a global and decentralized token. No bank or firm is eligible to print more POT tokens or alter the terms of use. POT token works on a proof-of-workconsensus mechanism.
POT token lets the users be their own bank. Users can control their own funds using their wallets involving no intermediaries. Users only require an internet connection along with a wallet to avail POT tokens. It implies that they do not have to access any bank account for accepting payments.
History of PotCoin (POT)
The first block of PotCoin got mined on January 15, 2014. There were three experts involved in creating PotCoin with the online pseudonyms Mr. Jones, Hasoshi, and Smokemon 514. Later, their names got revealed as Nick Iversen and Joel Yaffe, the two developers located in Montreal. The initial plan of PotCoin was to establish a decentralized and open-source network to promote the evolution of the cannabis industry into the digital era.
