CannabisCoin price is $0.00385719
The price of CannabisCoin (CANN) is currently $ 0.00385719. Given the volatile nature of cryptocurrencies, this value may have increased in the past 24 hours.
CannabisCoin (CANN) is a digital currency aimed at simplifying the transactions between marijuana dispensaries, retailers, merchants, and consumers. Launched on April 20, 2014, it's designed to represent real medical marijuana strains exclusively grown by "CannabisCoin Marijuana Cultivators". The central idea is to establish a one-to-one relationship between a single unit of the cryptocurrency and a gram of weed, effectively making CannabisCoin the payment solution for the marijuana industry where it is accepted.
CannabisCoin, like many cryptocurrencies, was developed by a team of dedicated programmers passionate about cryptocurrency's potential impact on the marijuana industry. However, to date, the identities of these developers remain undisclosed, which is not uncommon in the somewhat anonymous world of cryptocurrency.
CannabisCoin operates on a decentralized, peer-to-peer network like Bitcoin and many other cryptocurrencies. Initial coins were mined using the Scrypt hashing algorithm until the development team decided to switch to X11 with Kimoto Gravity Well (KGW) for its better security, lower power consumption, and cooler mining machines.
In an interesting twist, a hard fork was implemented, and a premined first block on X11 was created. This switch not only introduced a buyback program to convert Scrypt mined coins to the new X11 algorithm but also made the network more secure.
What sets CannabisCoin apart from most cryptocurrencies is its ties to the marijuana industry. It is backed by real medical marijuana, which can only be bought and sold using CannabisCoins, at participating providers. This unique approach not only offers an innovative payment solution to marijuana dispensaries but also provides a level of price stability, with each CannabisCoin tied to a specific amount of marijuana.
Currently, there are about CANN in circulation, with a total supply cap of 106.0M. Knowing these metrics is essential as they can impact the coin's overall market value and price.
You can buy CannabisCoin (CANN) on a variety of YoBit. Remember, it's always crucial to conduct thorough research and employ robust security measures when dealing with cryptocurrencies due to their highly volatile nature and the risk of cyber theft.
Keeping your CannabisCoins safe is of utmost importance. To do this, always use secure and reputable crypto wallets, enable two-factor authentication whenever possible for enhanced security, and never share your private keys with anyone. Be sure to keep your software updated and consider using hardware wallets which are generally more secure than their online counterparts.
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