CannabisCoin

CannabisCoin (CANN) is a peer-to-peer digital currency designed specifically for the Cannabis Community. It operates on the principles of the Bitcoin protocol but is distinct in its ability to be efficiently mined using consumer-grade hardware. The primary objective of CannabisCoin is to simplify transactions for Marijuana dispensaries, retailers, and merchants. It intends to facilitate transactions where it is accepted, aiming to streamline operations within the cannabis industry.

CannabisCoin operates on a decentralized network, allowing users to generate CANN through the process of mining. It uses the X11 algorithm, a proof-of-work system, which is known for its efficiency when mined with consumer-grade hardware. The target time per block is 42 seconds, and the reward per block was initially set at 420 coins. However, due to an inflation model, the reward has been reduced. A hard fork at block 2,282,000 changed the reward to 70 coins. The maximum number of CannabisCoins that can be produced is capped at 420,000,000 coins, maintaining a balance between supply and demand.

CannabisCoin aims to serve as the payment solution for Marijuana dispensaries, retailers, and merchants. It seeks to simplify transactions within the cannabis industry, making it easier for businesses and consumers to exchange goods and services. Furthermore, CannabisCoin is part of a movement towards ending Cannabis/Marijuana prohibition, advocating for freedom of choice and personal privacy. As more states and countries move towards the legalization of cannabis for medical and recreational purposes, the potential use cases for CannabisCoin could expand significantly.

CannabisCoin was created in 2014 with the goal of becoming the payment solution for the cannabis industry. It was developed as a peer-to-peer cryptocurrency, based on the Bitcoin protocol but with modifications to allow efficient mining with consumer-grade hardware. Over the years, the developers have made several updates to the CannabisCoin network, including a hard fork at block 2,282,000 that changed the block reward to 70 coins. The project has also faced challenges, such as a 51% attack that led to the loss of coins. However, the developers have implemented measures to mitigate future attacks and are working on the performance and user experience of the CannabisCoin wallet.