|Creation Date||March 2014|
What is Hemp Coin? What does the platform do?
Hemp Coin aims to be a cryptocurrency for cannabis and tobacco farmers to be able to sell their harvest directly to distributors. It is not a marketplace aimed at individuals to sell small quantities. An end goal of the project is for users to also be able to buy cannabis with THC coins, but this may be a long-term goal. Hemp Coin is a relatively very old project, for crypto, and is one of the first cannabis- themed cryptos.
The goal of the project is to create a secure, near-instant, and reliable payment method for tobacco and cannabis farmers. The farmer will sell his harvest to a distributor for THC coins, anywhere in the world. It is not explained how this system will work – according to the official website, there will be two more features that will help end users to purchase cannabis from dispensaries: HempPay Card and HempPay Online. The first one is a debit card which can be topped-up with THC coins and used for purchasing cannabis. The second one will be an online platform which we assume is for buying cannabis – it is only mentioned by name and no other information is given.
Please note that none of the above products are working in the 4.5 years that Hemp Coin has been around. There are no farmers or distributors using THC coins, and no dispensaries supporting this currency. The development seems to be very slow. While the current market cap of THC coins is relativelty high, for what the project is and how little of its plans have been achieved, this seems to be the result of the general crypto fever in December 2017- January 2018 where the market went drastically up in crypto fever, and recently because of another pump.
The developer isn’t actively working on Hemp Coin and so the project may end up dead or abandoned.
Tech – Masternodes
Hemp is a hybrid (PoW/PoS) coin that uses Scrypt algorithm. You can solo-mine it or join a mining pool. There is no pre-mine, block creation time is 1 minute, and block reward is 125 THC coins. When the PoS phase starts, it will be possible to gain 5% interest for 45 days of staking. The project only has a Windows wallet by the way, so mining and staking are not possible for Linux or MacOS users.
Hemp Coin also also plans to support masternodes. It will cost 20.000 THC coins to buy a masternode. 45% of the block reward will to masternode owners, 45% to miners, and 10% to governance. Hemp Coin supports anonymous and instant transfers, as well as voting – masternode owners will be able to vote on issues that will affect the future of the project. Note that masternodes are not currently active, they are just a “planned” feature for the future.
What are THC coins used for? Is there any value to holding them?
There are no current real world active users of Help Coin. Although THC coins are designed to be used by tobacco and cannabis farmers to sell their harvest to distributors, in practice, no one has yet used them for this purpose. It is also planned that THC coins will be able to be used for purchasing cannabis from dispensaries via pre-paid cards, but this is a future plan and so may or may not materialize.
Holding & staking THC coins will give you 5% interest in 45 days – however, there are frequently issues with
The Hemp Coin Team
The founder of the project was an IT support personnel at Lockheed Martin. He was also the owner of an IT support company. Since 2013, Hemp Coin is his only project. All developers are anonymous for some reason.
While the founder has accounts on almost all of the social media platforms, he rarely posts anything. This is not an active project and the founder only seems to work on it sporadically.
|Mining||CPU & GPU|
|Block Time / Transaction Fee||60 seconds / –|
|Current Value (Total)||$ 15,650,983|
|Can Be Traded In||Bittrex|
|Can It Be Used in Real World?||No|
The project does not have a roadmap.