Decentralized blockchain, payment system, supply chain, and applications for the Cannabis industry.
About the BitCanna
The global cannabis industry has been inhibited by regulatory restrictions for most of recent history, but the legal market has emerged rapidly as more governments legalize medical and recreational use. However, due to the ‘shady’ image of the business, most banks, credit card companies, and payment providers won’t handle the money generated by the cannabis industry, even in places where it is completely legal. This leads to inefficient and costly solutions such as high bank fees and cash transactions, which only add to the shady image of the industry.
To address this problem, BitCanna will provide a decentralized payment network for the legal cannabis industry, by means of the BitCanna Coin (BCNA).
BitCanna has already set up agreements with major companies in the European cannabis market, forming the BitCanna Alliance. The BitCanna Alliance works with legislators to solve the current paradox in the market. By implementing supply chain management, along with a trust & reputation layer, BitCanna aides legislators in creating a healthy and transparent cannabis market.
Breakdown of BitCanna Benefits
BitCanna's blockchain implementation provides a solution for the Cannabis industry by implementing the following applications;
- Decentralized Payment Network
- Decentralized Digital Supply Network
- Decentralized Product Rating System
- Decentralized Business Smart Contracts
- Applications for Consumers (mobile app)
Globally, the legal cannabis market is predicted to grow by over 1000% in the next 10 years — according to Bryan, Garnier & Co.4 This EU-based investment bank estimates that the global market could reach over $140 billion by 2027.
Decentralized Payment Network
The first phase of the BitCanna project is to create a decentralized payment network to solely serve the cannabis industry. The main goal is to provide an alternative payment solution for legal businesses that is more cost-efficient than the current payment options. This payment system will be built around the BitCanna Coin (BCNA) which is a digital currency that acts as a means of exchange and the unit of account in this system.
Since blockchain ledger records are immutable, their transparency would, therefore, be perfect for financial institutions looking to audit cannabis companies, as well as government institutions looking to properly tax marijuana businesses and regulate the industry.
Decentralized Digital Supply Network
BitCanna will create more transparency by adding supply chain monitoring functionalities to the blockchain. BitCanna aims to create an instrumental tool that allows businesses to optimize their supply chain network and simultaneously build more trust. This will create a new level of transparency within the cannabis industry.
A dedicated supply chain layer is incorporated into the BitCanna blockchain. Within this layer, digital identities are created for all physical goods involved in the supply chain as well as for the various actors in the chain such as growers, processors, distributors, merchants, laboratories, etc.
The immutable nature of the blockchain enables BitCann to record the complete chain of custody for every item that is logged to the blockchain from its origin to the point of sale. This chain of custody gives increased confidence and assurance of the authenticity and quality of goods that leads to better sourcing decisions.
Decentralized Product Rating System
BitCanna will create a system of trust on the blockchain, by adding a rating system for all partakers in the BitCanna network. This way, all links throughout the supply chain, from farmer to end-consumer, can build the reputation they deserve.
In practice, the blockchain will allow for transparent reviews. For example, it will be possible to add a rating to an address, so you will always be able to verify whether you are dealing with a trusted party. Based on several parameters, built-in checks and balances will ensure that ratings will be handled fairly.
Decentralized Business Smart Contracts
The market is being closely monitored with growing interest by government regulators. BitCanna will contribute to the creation of a trustworthy market, for which transparency is of the utmost importance. The distributed ledger will provide all users with a clear insight into the production, transportation, and financial flow of the market.
This technology will be relevant for a variety of entities including producers, distributors, shippers, government agencies, and consumers. A transparent supply chain will foster more trust and commitment, meaning that it is likely to have a competitive advantage over comparable supply chains within the same industry. This will incentivize more businesses in the cannabis industry to join the BitCanna Alliance.
Applications For Consumers
A transparent supply chain will also be instrumental for consumers with regard to the oversight of quality. BitCanna will provide an easy-to-use mobile application allowing consumers to access detailed information about their desired product through the use of QR codes. For example, a cannabis seed could be checked for its point of origin, third-party quality testing, timestamps, locations, customer reviews, etc.
The BCNA Token
BitCanna's primary token is the BCNA. While BitCanna has been around since 2018, it just recently moved from an Ethereum ERC20 token to its own sovereign Cosmos-based network. Thus opening up a new earnings opportunity via delegating/staking BCNA with a BitCanna Validator. (read more details)
BCNA coins are created each time a new block is discovered. The blocks are discovered at a rate of approximately 6 seconds. A difficulty retargeting algorithm is in place to keep the block time steady. The number of BCNA coins generated per block is set to decrease linearly, with a reduction of 10% versus the first block reward (block height 1) every 525600 blocks until it reaches zero. In time, the system will slowly transit into a transaction-fee-only model.
The BCNA is BitCanna's primary token and secures the network's valuable interchain services. If you hold BCNA, you can temporarily lock them up to contribute to the security of the BitCanna Network using a mechanism called Staking. In exchange for locking your BCNA, you receive rewards in the newly minted BCNA and a share of the transaction fees that are collected by the blockchain.
By staking BCNA, you are able to vote in BitCanna network governance decisions.
For delegators (stakers), on the ValidatorNode BitCanna Validator, we have a low 5% commission rate. Our commission charge covers the cost of operating and maintaining our validator node thus ensuring maximum uptime and security for our staking customers.
To understand the Cannabis market and the potential growth of BitCanna we suggest you reference the past performance chart below;
The following links are provided for additional information about BitCanna and our BitCanna Validator Node;
BitCanna Explorer Link
BitCanna Informational Links
Here are a few links providing additional information regarding the Sentinel Network;
Validator Node for BitCanna
Our BitCanna Validator Node allows individuals and companies the ability to participate in the ecosystem of BitCanna by delegating BitCanna Tokens (bcna) to our validator node.
We've tried to make it as easy as possible to delegate your BCNA with ValidatorNode. Anyone can now delegate their BCNA right from our Explorer page.
Click the image below (Explorer opens in a new tab) and get started today!
For those that don't want to use a Keplr wallet or do not have a LedgerUSB wallet. You can still delegate tokens to ValidatorNode, and start earning income from your delegations, just delegate your BCNA to our ValidatorNode BitCanna validator address below (click address to copy to clipboard);
BCNA delegated to our BitCanna Validator Node will begin earning income immediately. Payouts are automatic and can be monitored via any of the above explorers.
Network Specific FAQ's (BITCANNA)
The following are some of the Frequently asked questions about staking BITCANNA ($BCNA) with ValidatorNode.
Becoming a delegator to start Staking with ValidatorNode is easy.
The first step is to buy native tokens of a POS (Proof Of Stake) network supported on the platform; for example, BITCANNA ($BCNA). You can refer to this detailed guide – How to purchase BITCANNA ($bcna).
Once you have your purchased tokens safely in your wallet (Keplr, Cosmostation, or CLI) you can then delegate your $BCNA to our BitCanna ValidatorNode.
We have provided a complete series of articles to get you started here.
Ideally, considering you’re Staking on the BitCanna Network, we recommend starting with as much $BCNA as you can afford. BitCanna is currently paying out in excess of 30% and earning larger returns with regular re-investing. But, you can start with any number of tokens, to begin with.
At ValidatorNode, we do not deliberately put a minimum/maximum filter as a prerequisite to get you onboard. You can start generating a proportionate passive income staking as little or as much as you want. The amount that you delegate is completely up to you!