The global blockchain technology company that is helping cannabis companies migrate to cashless has announced that it is in the process of moving to Cosmos.
BitCanna is designed to support marijuana companies struggling to access financial services from banks, credit card companies, and online payment providers, as companies are often forced to get bogged down in high transaction fees due to lack of choice.
The current blockchain platform is working on a special version of BTC / DASH technology. While it worked well as a payment network at first, the infrastructure was first launched over a decade ago, and executives say they hope to build on the industry’s progress since then.
BitCanna says Cosmos is one of the best alternatives to emerge in recent years and has already demonstrated its strong performance in a test network environment. BitCanna hopes that Cosmos will not only offer end-to-end infrastructure improvements, but also open up a highly efficient supply chain layer and make BCNA coin transfers easier.
BitCanna says the new Cosmos-based coin will provide lower transaction fees and faster payments than the network it currently uses. Other benefits include how Cosmos allows different blockchains to interact with each other, so BitCanna can connect like Ethereum, Binance Chain, Polkadot, and Cardano. This means that the company’s team has more freedom to create new features – it opens up a number of customization possibilities and reduces development time.
The ERC-20 token will be launched alongside the original coin, both of which are powered by Cosmos. Over time, BitCanna hopes to launch large decentralized exchanges such as Uniswap and SushiSwap, which have a trading volume of $ 1 billion per day. Most importantly, this means BCNA users do not need to perform KYC checks.
More information from BITCANNA here
Current BCNA holders have been advised that they do not need to take any action at this time. In the coming months, they will have the opportunity to exchange coins for a new space-based coin. There will also be opportunities to work as an auditor or commissioner in the BitCanna network.
Change of position
While regulatory attitudes are beginning to change, BitCanna says the global cannabis industry has long been constrained by restrictions. Even in places where the medical and recreational use of marijuana has been legalized, many payment providers refuse to serve entrepreneurs because of the sector’s “suspicious” image.
BitCanna has also used its business as a driving force for change – to create an alliance designed to work with legislators and address market-disrupting challenges. Supply chain management has also been introduced, as well as a Trust and Reputation team to help create a healthy and transparent cannabis market. With the click of a button, users will be able to find out where products are coming from and select quality products.
The company’s offer is also complemented by an app for consumers – to create a one-stop hub where customers can find the nearest cannabis store, learn about the various products on offer, and organize their purchases outside the country. To help demystify this growing sector, consumers will also be able to read reliable reviews of stores and products left by others.
BitCanna mobile wallet launched on the Apple iOS Store in December 2020, so users can safely store, send and receive BCNA codes. Soon, the app will also offer exclusive offers and discount codes with the permission of the company’s partners.