|Creation Date||January 2014|
Introduction to PotCoin
PotCoin claims to be the “world’s first cannabis crypto-currency”. Given that the project started in January 2014, that may actually be the case. PotCoin can actually be used for purchasing cannabis online. PotCoin doesn’t have its own sales platform, but rather was developed for other platforms to use for buying & selling marijuana – legal or not.
It has an open API, which means that any online cannabis merchant can integrate PotCoin into its website and start accepting POT as a method of payment. For a merchant to start accepting PotCoin, the process is simple, one can just download the necessary files and scripts from the official website, integrate them into an online store, and start accepting payments in POT.
However, so far, only 4 online merchants in the world support to PotCoin, which is disappointing for the project, given that almost 4.5 years have passed since the it started. You can see the full list of these merchants here: http://potcoinlotto.com/where-is-potcoin-accepted
As of June 2018, the project hasn’t been updated for a year and it seems all development has ended. We cannot say PotCoin is abandoned, since the developers are still active on social media. However, it seems no new features are set to be added to the project, at least for the foreseeable future. PotCoin, for now though, still seems to be one of the more legitimate and respected cannabis themed cryptos.
PotCoin was a PoW crypto-currency that uses Scrypt algorithm. Which means it was possible to mine POT coins. In fact, the block award was 420 coins. However, it switched to a PoS algorithm a couple years ago and now it is only possible to stake it. To stake POT coins, you need to install a wallet and keep it connected to the internet as long as possible. Staking generates an annual interest rate of about 5%. By staking PotCoin, your computer becomes an active node on the network, which in turn rewards you with additional POT coins.
What are POT coins used for? Is there any value to holding them?
They are used to buy legal/illegal cannabis from online merchants. Any merchant can start to offer POT payments on its online store. PotCoin is anonymous and transactions cannot be tracked. In addition, staking POT coins give a 5% interest rate per year.
The PotCoin Team
The developer is anonymous and we do not know who he is. His nickname is “PotCoin” on BitcoinTalk.
The developer is pretty active on Twitter and Bitcoin Talk. PotCoin has partnered with celebrities such as Charlie Sheen and Dennis Rodman, for promotion, such as when they famusly sponsored Dennis Rodman to go to North Korea in June 2017, with their spokesperson claiming the sponsorship was ‘because we believe in Dennis Rodman's mission to bring peace to the world’. PotCoin even partnered with Canadian licensed producer WeedMD at some point. There is no new development but the developer keeps promoting the PotCoin on social media.
|Mining||None (staking only)|
|Block Time / Transaction Fee||– / –|
|Current Value (Total)||$ 19,150,849|
|Can Be Traded In||Bittrex, Poloniex, Trade by Trade, Cryptopia, Tux Exchange, BeluTrade, Coin Exchange|
|Can It Be Used in Real World?||Yes|
Note that these targets have no specific dates, they are just listed as “future goals”.
- Developing mobile application (Android, iOS)
- Potwallet v3 release
- PotCoin integration with major Canadian marijuana growers
- PotCoin integration with legal marijuana dispensaries
- Get free PotCoin for your marijuana purchases (prescription verification required)
- PotCoin reward system software (for dispensaries)
- PotCoin donation fund, giving back to marijuana-related organizations and charities